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BestMoney.com
Rocket Loans Review
Reviews 4,676
Rocket Loans
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Rocket Loans
Rocket Loans
Excellent
Reviews 4,676
Michael Graw
Jan. 13, 2023
2 min read
Michael Graw
Rocket Loans summary
Rocket Loans is a division of Rocket Companies, a publicly traded company that includes Rocket Mortgage. Rocket Loans offers personal loans ranging from $2,000 to $45,000 with options for same-day funding. You can qualify with a minimum credit score of 640 and there is no minimum income requirement. Only terms of 36 or 60 months are available, but there are no prepayment penalties. All loans include an origination fee.
Pros
  • Fully online application process
  • Same-day funding available
  • Relatively low credit and income requirements
Cons
  • 1%-6% origination fee for all loans
  • Does not allow co-signers

Rocket Loans Rocket Loans Visit Rocket Loans

Suitable For?

Rocket Loans is suitable for individuals who need a personal loan and have good credit. Rocket Loans’ qualification requirements are relatively lax compared to peers. Applicants need a minimum credit score of 640 and there is no annual income requirement.

Rocket Loans also offers small loans of just $2,000. This can make it a good option for individuals who need to borrow money for smaller expenses as opposed to massive home renovations or large medical bills. The maximum amount you can borrow is $45,000.

Individuals who need money fast may also want to consider Rocket Loans. You can apply online in minutes and get approved instantly. In some cases, Rocket Loans can send money to your bank account on the same day you apply.

Loan Features

While Rocket Companies has several divisions under its umbrella which offer other loan products, Rocket Loans is a direct lender that only offers personal loans. Common uses of personal loans include funding home renovations or repairs, paying medical bills, or consolidating credit card debt. You cannot use a personal loan from Rocket Loans as a student loan. 

Here are the key features of Rocket Loans personal loans.

  • Borrow $2,000-$45,000
  • Repayment terms of 36 or 60 months
  • No prepayment penalties or hidden fees
  • Get funds as soon as the same day you apply

Application Process

You can apply for a personal loan from Rocket Loans online.

To prequalify, enter your name, email address, phone number, home address, Social Security number, employment status, and the amount you want to borrow. Rocket Loans will run a soft credit check, which doesn’t impact your credit score, to see if you qualify and determine your rates.

You can then view your loan options, complete with repayment terms, interest rates, and fees. If you find a loan you like, you can complete the application process online. Rocket Loans requires your bank account information and a copy of your pay stub. Your information can typically be verified instantly, but it may take up to several days in some cases.

Once your application is approved, Rocket Loans will send funds to your bank account within hours to days. In most cases, funds arrive in your bank account the same day you apply.

Requirements

Rocket Loans requires applicants to have a minimum credit score of 640 and there is no annual income requirement. You cannot have a co-signer on your loan. You can apply to see if you qualify without impacting your credit score.

This lender only works with US citizens who are at least 18 years old and have a Social Security number. 

Loan Terms

Rocket Loans offers personal loan amounts from $2,000 to $45,000.

Interest rates range from 7.16% to 29.99% APR with a discount available for enabling autopay. All loans carry an origination fee, which ranges from 1% to 6%. You can see your rate and fees during prequalification.

Repayment Terms

Rocket Loans only offers two repayment terms: 36 months or 60 months. You can choose your repayment term in most cases, although different terms may offer different loan amounts and rates. There is no prepayment penalty if you pay off your loan early.

Privacy & Security

All personal loans from Rocket Loans are made through Cross River Bank, a New-Jersey-state chartered bank and FDIC member. Rocket Loans uses Secure Sockets Layer (SSL) encryption to protect application information.

Rocket Loans has a 4.9-star rating on Trustpilot after more than 4,500 reviews. The company is accredited with the Better Business Bureau and has an A+ rating.

Help & Support

Rocket Loans offers customer support by phone and email from  9am-7pm Monday to Friday and 9am-6pm Saturday. You cannot apply over the phone, but you can get help with the online application process.

Phone: (800) 333-7625

Email: Support@RocketLoans.com

How Rocket Loans Compares


Rocket LoansCredibleLightStream
APR7.16%-29.99%5.40%-35.99%5.99%-23.99%
Minimum credit score640660660
Loan amounts$2,000-$45,000$600-$100,000$5,000-$100,000
Loan term36 or 60 months12-84 months24-84 months
Suitable forBorrowers with good creditComparing loan optionsBorrowers with excellent credit

Rocket Loans is a great option for borrowers with good credit. It accepts individuals with credit scores as low as 640, whereas the minimum credit score for competitors like Credible and LightStream is 660.

However, Rocket Loans offers a much lower maximum loan amount. The most you can borrow from Rocket Loans is $45,000, whereas Credible and Lightstream each offer up to $100,000 for borrowers with strong credit.

Rocket Loans stands out for offering same-day funding, which is not available at either Credible or Lightstream. This makes Rocket Loans a good option for borrowers who need money quickly.

FAQs

What can I use a personal loan for?

Personal loans from Rocket Loans can be used for almost anything you want. You can use your loan to fund a vacation, renovate your home, pay down other debts, or even buy an engagement ring. The only restriction is that you cannot use your personal loan as a student loan.

Can I apply without impacting my credit score?

Rocket Loans prequalifies applicants using a soft credit check. So, you can see if you qualify for a loan without taking a hit to your credit score.

Does Rocket Loans charge origination fees?

Yes, all Rocket Loans personal loans come with an origination fee of 1%-6%. You can see your fee before applying. The origination fee is taken out before money is transferred to your account.

Can I pay off my Rocket Loans loan early?

Yes, you can pay off your personal loan from Rocket Loans early with no fees. The company never charges prepayment penalties.

Summary

Rocket Loans offers personal loans from $2,000 to $45,000 with repayment terms of 36 or 60 months. You can qualify with a minimum credit score of 640 and there is no annual income requirement. Rocket Loans does charge an origination fee, but there are no prepayment penalties if you pay off your loan early. The company offers phone and email support and has a 4.9-star rating from customers on Trustpilot.

Physical Address

Rocket Loans, 1274 Library Street, 2nd Floor, Detroit, MI 48226

Rocket Loans Rocket Loans Visit Rocket Loans

Methodology

This review was created with information from the Rocket Loans website and reviews on Trustpilot.


Michael Graw
Written by
Michael Graw
Michael Graw is a Bellingham, Washington-based writer focusing on finance, tech, and science. His work has been featured in print magazines and high-impact websites. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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See what some costumers are saying about Rocket Loans
Rocket Loans
Excellent
Reviews 4,676
on
Excellent
91%
Great
5%
Average
1%
Poor
1%
Bad
2%
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darryn
6 hours ago
I use Rocket for all my financial needs
I use Rocket for all my financial needs
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alison churchill
13 hours ago
The loan was great
The loan was great. Helped me out when I was in a bind. Very easy to apply and loved the auto payments.
C
carlos
a day ago
The process is clear and accurate
The process is clear and accurate The other reason is everything is quick
J
j.reyes
2 days ago
I applied for a personal loan 1/31 & I…
I applied for a personal loan 1/31 & I received it 2/1.
J
janice
2 days ago
Process very easy to use
Process very easy to use. Very user friendly
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michelle ekross
3 days ago
Funds came quickly!
I got the funds almost the same day, but it took a while for it to post. However, I was able to use it right away once it posted.
M
mary
4 days ago
Fast and easy
Fast and easy
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brittani kerns
6 days ago
Literally done in a few hours
Literally done in a few hours. Applied online, approved online and funded almost immediately. Highly recommend!
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bianca hernandez
6 days ago
Quick and easy
Quick and easy! It said money would take 1-3 business days to be deposited but I got it the same day. I couldn’t believe how easy it was. This company really saved me haha!
J
jackie
7 days ago
So easy to work with!
So easy to work with!
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christian
7 days ago
Needed help fast,got it!
Needed help fast,got it!
L
larry w ashley
8 days ago
As simple as it gets
The site is so simple to navigate, and I had in answer in just a few minutes. I have my home loan with Rocket as well and by far the best lending company I have dealt with.
J
jennifer
8 days ago
The loan process was clear and easy
The loan process was clear and easy and transparent. We have a Rocket Mortgage and have refinanced with Rocket and every time the process has been smooth and simple.
S
sharon
9 days ago
Very professional account services…
Very professional account services Dalny! Offered great advice. The loan process was quick and easy. Thank you!
C
chase williams
10 days ago
Excellent Experience!!
The loan I received was very quick and easy! I'm a customer for life! Thank you Rocket Loans!
S
shirley
10 days ago
Rocket Loans was quick and easy to do
Rocket Loans was quick and easy to do. When I needed help getting them some items they wanted, they walked me through the process making it easy to do. Customer Service was friendly.
A
anita clark
10 days ago
Fast and easy
Fast and easy. Thank you Rocket loans for consolidating my debt!
D
dwight
10 days ago
This was the easiest loan process I…
This was the easiest loan process I have ever experienced! Thank you Rocket Loans!
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thomas
10 days ago
Ease of you use Online.
Ease of you use Online.
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tamera farmer
11 days ago
Loan companies profile and dont help the ones that really need it.....…
Well you can start by helping the people that need your help instead of just helping the rich people they already have money and I have a crib I designed and have already filed for a patent license and the Davison corporation has already done a patent search and was ready to move forward buy I can't get anyone to help me they want $16.475.00 to build my crib and get it out to the public and into other corporations for me. But all of you loan companies want to profile people based on a stupid credit score and keep us little people at the bottom of the totem pole. The only reason my credit score is low is because of my ex husband I got the money for him on a promise that he would pay it back but he didn't and now I can't get the help that I desperately need. With a loan I could get my life on track and be able to buy myself a home and not have to struggle every day working my ass off just to get the bills and rent paid but since all of you loan companies do nothing to help the people that really need it then I'll never be able to have a normal happy life. And I can just imagine how many more people there are that you turn down every single day not knowing or even caring about their situation. Your money is insured and you get it back no matter what. But you don't give a damn about us. You have a nice day ill be moving on to the next one to be turned down and writing another review. Maybe one of you will wake the duck up
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wallyv
11 days ago
The borrowing process was easy
The borrowing process was easy, efficient and professional.
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david
12 days ago
Ease of application
Ease of application, the only thing that I was not satisfied with was the amount of the loan. If I did not think that I could handle the payment I would not have asked for the loan amount. Otherwise the experience was good.
J
joann
12 days ago
Fast and informational. Thorough!
You made the whole experience quick and painless.
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elio
12 days ago
Great Experience Applying for Loan
The application process was simple. Proof of identity was easy. Clear and all steps in instructions on what to do for the loan application to be approved.
J
jautaunne walker
12 days ago
I absolutely enjoyed my Rocket loan…
I absolutely enjoyed my Rocket loan Experience. It was quick and simple to apply and to make your payments was just as simplistic. I was late on payments sometimes, but they did not make you feel uncomfortable in anyway.
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rebecca teising
12 days ago
It was quick and easy to get the money…
It was quick and easy to get the money I needed to pay off a high interest credit card.
H
hayllens liera
13 days ago
I saved 10% off credit card interest AND lower monthly "Credit Card" bill!
The application process was so easy! Took me an hour from start to finish. I gave them my information and in less than a minute I was able to see my options for my personal loans. This saved me 10% of credit card interest AND lowered my minimum monthly credit card payment so I can give more to the principal if I want to! I am so excited to pay off my debt sooner!
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larry houghton
13 days ago
Alex Haub was very help
Alex Haub was very help. In the special help Megan was so helpful and patience
C
cheryl k
13 days ago
Michael Greene was my initial contact…
Michael Greene was my initial contact person. He was very friendly, and supportive throughout the process. The whole process took only minutes and the money was in account the same day.
A
anna
15 days ago
Easy application process. Very fast serice.
The application process is very easy and fast. Super convenient loan obtained from the comfort of your home.
A
alan
16 days ago
Very simple process
Very simple process. Fast response and delivery of funds. Would highly recommend.
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edgar cobian ramos
16 days ago
Quickest and easiest loan process ever…
Quickest and easiest loan process ever done. Thank you Rocket Loans for making this experience great.
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david
16 days ago
speed of transaction
speed of transaction, and loan specialist.
K
kay lacey
16 days ago
Great exceptionally fast service
Great exceptionally fast service. Will definitely recommend.
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christopher
16 days ago
Great Experience
I had issue with using plaid, but your customer service was able to fix it quick.
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cheryl melick
16 days ago
Easy application and quick response
Easy application and quick response
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robbie
17 days ago
Clear instructions
Clear instructions
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arthur
17 days ago
The process was fast
The process was fast, easy and the connections to other web sites was perfect.
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eleanor
17 days ago
Great experience!
Quick and painless. No problems at all!
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teresa stanfield
17 days ago
Soooo easy
Soooo easy. Thank you USAA!!
M
mary oakden
18 days ago
A Wonderful Accommodating Agent
My husband and I called Rocket Mortgage on Thursday, January 12th to inquire about getting a small loan for some Veterinary bills we had recently encountered. Our call was answered by Christina. We are so very grateful for this young lady. She proceeded to direct us to the most advantageous product to best meet our needs. Christina went far and above in every aspect of customer service. We will never forget this experience because she was so very sensitive to our situation. We have been with Rocket Mortgage for a long time and it is because of agents like her that makes us want to tell all our friends just how wonderful you people are. In addition, we were approved and funded the same day. So, please give Christina a golden plaque award because she deserves it!!
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ronald
18 days ago
everyone I spoke with
everyone I spoke with, made it easy to complete my loan. I give Rocket an A++++
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denise nolan
18 days ago
The people are wonderful
The people are wonderful! The on line process was ok!
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wanda
18 days ago
Exceptional Service
This is my second personal loan through Rocket loans. The process is effortless. You get a decision within minutes and they will deposit your money in 1-2 business days. So easy!!!
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maria
18 days ago
Excellent !!!
Excellent !!!
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sonia
19 days ago
Quick & Easy
The experience was great.
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daniel
19 days ago
Easy to use
Process is simple and easy to follow.
A
alan
20 days ago
Very easy process.
Very easy process.
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edgar
20 days ago
Very helpful and easy to work with
Very helpful and easy to work with, overall a pleasant experience.
B
bob zajac
21 days ago
My home mortgage is with Rocket Loans
My home mortgage is with Rocket Loans. I wanted to consolidate 2 credit card debts into one payment with a decent rate of interest. I called Rocket and was told I could apply for a personal loan for the amount I needed. I did so, and was very happy with the ease of application, and to all the agents that helped me get the loan accepted and dispersed. Very good Company to work with as well as knowledgeable about their products. I highly recommend Rocket Mortgage!
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glories
22 days ago
Everyone I talk to was very Friendly…
Everyone I talk to was very Friendly and willing to help. with anything I needed or did not understand or needed help with. The process was very quick.
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m stewart
22 days ago
Hassle-free Loan
The process of getting a loan at Rocket was hassle free. It was exactly what I needed to pay off high interest credit card debt at a lower rate.
A
anna caldwell
22 days ago
Process was easy and and quick
The loan process was very easy.They give you options on how long you want the loan for and in three day it was in the bank.Paying down some debt and doing somethings for my house.I feel better so the burden of paying multiple bills. I just have this one and of course the mortgage.But now I can save and even will try to pay it off sooner.Thank you Rocket Mortgage.
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shay hovell
22 days ago
I rarely give 5 stars but in 10 minutes…
I rarely give 5 stars but in 10 minutes I had a loan approved and processed---no endless requests for paperwork etc......this is so easy--will definately use again
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charles
22 days ago
Simple and straightforward 8-)
Simple and straightforward 8-)
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edgar
22 days ago
easy application process and quick…
easy application process and quick approval
K
keith s.
22 days ago
Easy and painless
Easy and painless
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deb halverson
23 days ago
We came back
This is the second loan we have gotten from Rocket. First loan was simple and experienced no negative issues at all. So while we did do some other checking for options, Rocket was by far the simplest and fastest option to start saving interest on other bills. Will be completely debt free in 36 months and that is a very good feeling. Also saving thousands in the process. YEA
C
cynthia
23 days ago
Qucik and easy!
Qucik and easy!
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notsosilentbob z
24 days ago
You saved my ass
You saved my ass! I had zero money, no family to help out and I was panicking! Thannk You!
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erika
24 days ago
Very Simple
Very Simple, No Hassel, the BEST experience I have had by far with any loan company!!
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herman g arango
24 days ago
It was Great
It was Great, fast and simple with no hassles.
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gerrianne davis
25 days ago
If you have an emergency -Rocket Does Not Care
I am a Rocket Mortgage holder with excellent track record . My home heater broke and I called for a home equity line which was way too high . Agent siad I qualified recommended Rocket Loans and the computer turned me down for debt to income ration which was not technically correct. Called a rep who tried to help and was turned down without anyone to talk to. No heat in my house ! Thanks to Rocket -NOT
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tia
25 days ago
Very fast experience
Very fast experience
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ronald
a month ago
my experience with Rocket Loan great
my experience with Rocket Loan great. They have great service, and are fast with getting your loan done. Thank You Rocket loan.
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wayne
a month ago
This was truly the easiest and quickest…
This was truly the easiest and quickest loan process ever and I really appreciate that! Highly recommend and would use them again.
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glenda
a month ago
Super easy process and safe
Super easy process and safe
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carolyn
a month ago
Everyone I have dealt with at Rocket…
Everyone I have dealt with at Rocket Loans has been very professional, knowledgeable and helpful. I would especially like to thank Azjanae. She stayed with me thru the process and called back twice to walk me thru some final steps that I had technical difficulty with on my end. I also want to thank Matthew Ross who was prompt in contacting me and providing all his contact information. I recently came back to VA to my home that needs improvement. I highly recommend Rocket Loans.
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ronald
a month ago
The people that works at Rocket loan…
The people that works at Rocket loan makes it easy to apply for a loan. Great job Rocket Loan and thank you.
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william m
a month ago
Hands only
Process was simple, and easy.
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dona
a month ago
Extremely quick and easy
Extremely quick and easy! I got my personal loan so fast that I was surprised, which is great because I need to remodel my bathroom ASAP.
M
mike
a month ago
Thank you
The online process was fast and simple. Only issue encountered was the picture taking of the license. No matter how many clear pictures I saw it said declined. Other than that it was very simple and eazy to do.
M
mnh
a month ago
Easy and fast!
Easy, secure, and extremely fast.
M
michael
a month ago
Quick and painless
Quick and painless - just what we needed. Thank you!!
J
jorge
a month ago
Good Service
Excellent service and easy to complete
K
kenneth branscum
a month ago
Surprisingly easy
Surprisingly easy. Consolidated my debt with a significantly lower interest rate.
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deborah
a month ago
Everything explained.
Everything explained.
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erick
a month ago
Extremely Fast!!!
Extremely Fast!!!
F
flavia medina
a month ago
very easy process from start to finish
very easy process from start to finish
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dona
a month ago
It was very easy and fast!
It was very easy!
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n. crawford
a month ago
Easy Access to a Personal Loan
Application process was easy. Instructions and guidance were clear. Easy access to support was provided, if needed.
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deborah
a month ago
The process was very quick and easy 😊
The process was very quick and easy 😊
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douglas
a month ago
Simple process
Friendly, cooperative people. Easy solution to my temporary need.
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michael
a month ago
Personal loan
Fast, easy, convenient.
A
anthony palangi
a month ago
This is the second time with Rocket and…
This is the second time with Rocket and it was even more streamlined the second time. Great customer service from Dan and the whole team.
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grace
a month ago
The process was smooth and simple
The process was smooth and simple. I was approved the same day
M
michael mcgonegal
a month ago
Rocket loans came in handy when credit…
Rocket loans came in handy when credit card debt was too much to handle.approval was easy and simple and i was able to get the amount that i needed.funds were available the very next day.
J
joe
a month ago
Know what you can do with good credit !
This experience took no more than 10 minutes to complete and i am very sat
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the browns
a month ago
The service specialist referred me over…
The service specialist referred me over to Rocket Loans and sent an email with a link. It was fast, easy, and just what I needed to consolidate. Thank you.
M
mrs.enger
a month ago
Fast approvals they have different…
Fast approvals they have different types of loans and always helpful the applications are simple
J
jt pushak
a month ago
Had to replace my heat pump/furnace in…
Had to replace my heat pump/furnace in a hurry in the middle of winter. An added expense that was never anticipated. Rocket Loans assisted me all the way with a personal loan and the money was deposited in my account within a few days after approval of a simple application. Great and fast service and assistance!
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rhonda
a month ago
Peace of mind.
Convenience
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gary reed
a month ago
I would like to recommend Bob M
I would like to recommend Bob M for any of your home mortgage needs. He was more than helpful with arranging a cash out equity loan for us. He communicated in a most timely fashion by email, text, and phone as was most convenient for me at the time (My schedule was constantly in flux.) He helped us keep on track with all the necessary steps in the loan process and assisted us whenever we needed it. He was knowledgeable about his products and process and if he didn't know off-hand the answer to one of our questions, he found out right away. He did everything he could to streamline the process. Thanks Bob!
M
michael
a month ago
woohoo
quick and easy and people wer very helpful when I called with a question
B
b trigo
a month ago
Loan application was simple
Loan application was simple, quick and convenient. Good interest rate.
B
brian
a month ago
Very fast and easy process
Very fast and easy process. Competitive rates
D
dolores
a month ago
Awesome
Awesome, fast, honest answers and service describes my request.
C
chaddie
2 months ago
Ease of use and several options…
Ease of use and several options available at my fingertips. Being able to do this online worked great with my busy schedule. No waiting on hold on a phone. The options were better than my local lender. No hassles or stipulations.
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dave wilkerson
2 months ago
Azjanae was very,very helpful and…
Azjanae was very,very helpful and experienced I would have never been able to get this Loan without her help on line from start to finish and I'm getting the loan Kuddos!! For Azjanae.
J
jeffrey
2 months ago
Quick and easy
Quick and easy to apply