Loans

Rocket Loans Personal Loans Review 2022

Rocket Loans Personal Loans Review 2022
Written by Publishing Team

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, such as American Express, but our reports and recommendations are always independent and objective. Terms apply to the offers listed on this page. Read our editorial standards.

Personal Loan Amounts and Interest Rates Rocket Loans

Rocket loan loan amounts range from $2000 to $45,000The company accepts loan applications from residents of 47 states and Washington, DC. You will not be able to get a loan in Iowa, Nevada, or West Virginia.

Depending on your credit score and other financial factors, your APR will range from 5.97% to 29.99%, which is in the middle of the pack compared to the APR ranges of some of the other major competitors. For example, Marcus rates range from 6.99% to 19.99%, while APRs for Upstart loans range from 5.55% to 35.99%.

Read on to find more options for personal loans online.

Pros and Cons of Personal Rocket Loans

Who is the best Rocket Loans software?

Rocket loans may be a good option for borrowers who are looking for quick financing and don’t mind choosing between only two payment term options. You can also borrow less than $2,000 from a lender, so it might be a great option if you only need a small loan amount.

How do Rocket Loans compare

Rocket loans are average compared to the competition. Here’s how Rocket Loans stack up against Marcus and Upstart:

Both Rocket Loans and Upstart have set-up fees. Rocket loans range from 1% to 6% of the total loan amount, while Upstart may charge you up to 8%. Marcus has absolutely no fees.

Debutante may be the best option for borrowers who are looking for a very small amount of money; You can get under $1000 with a lender. However, Rocket Loans are not far behind, boasting a minimum of $2,000. Marcus has a higher minimum of $3,500.

If you need a larger amount of money, Upstart allows you to borrow up to $50,000, which is the highest of the three. Rocket Loans offers up to $45,000, while Marcus offers up to $40,000.

None of the three lenders allow you to add a cosigner to your loan, so if you need one, you’ll have to look elsewhere.

How do Rocket Loans work

Rocket Loans offers unsecured personal loans to US citizens or permanent residents who are 18 years of age or older (19 or older in Nebraska and Alabama). Unsecured personal loans are loans that do not require collateral to obtain, such as a house or car on mortgages or auto loans. You cannot get a loan if you are a resident of Nevada, Iowa, or West Virginia.

Rocket Loans personal loan applications are available online, and you can complete one of them within several minutes. You will choose between 36 months or 60 months. The company does not allow you to apply with a cosigner.

You can use an unsecured personal loan for a variety of purposes, including but not limited to debt consolidation, home improvements, and vacations. To qualify for the best Rocket Loans rates, you must have an excellent credit score, choose AutoPay (which comes with a price discount), and meet other criteria.

You will pay an origination fee of 1% to 6% when your loan is funded, which will be deducted from the total loan proceeds. Additionally, you’ll pay a $15 fee for any payments not made within 10 days of the due date and a $15 returned check fee.

Depending on your bank and Rocket Loans’ ability to verify your information electronically, same-day funding is available for your personal loan if you sign the loan agreement before 1:00 PM ET on that business day.

If your application is denied, you can reapply once your circumstances change. For example, you may have raised your credit score or lowered your debt-to-income ratio.

To contact customer support, contact Rocket Loans between 9:00 AM and 7:00 PM ET Monday through Friday, or 9:00 AM to 6:00 PM ET on Saturday. You can also email the company for any assistance you may need.

Rocket Loans does not currently have a mobile app.

Are Rocket Loans Trustworthy?

Rocket Loans have an A+ rating from the Better Business Bureau, a non-profit organization focused on consumer protection and trust. The company is also a BBB certified company. The BBB looks at companies by evaluating companies’ responses to consumer complaints, honesty in advertising, and clarity about business practices.

While its sister company Rocket Mortgage was embroiled in a 2019 mortgage fraud scandal, Rocket Mortgage is nothing like Rocket Loans – a common misconception. They both have the same parent organization, the Rocket Companies. Rocket Loans have not been involved in any recent controversies.

You may decide that you are comfortable getting a personal loan from Rocket Loans due to its clean history and great BBB score.

About the author

Publishing Team

Leave a Comment