Loans » Personal Loan Lender Reviews » RocketLoans Personal Loan Review 2021
Advertiser Disclosure

This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

RocketLoans Personal Loan Review 2021

RocketLoans is best for borrowers with strong credit histories and cash flows that need cash quickly. RocketLoans has one of the easiest online applications and is one of the fastest personal loan providers.
Share on facebook
Share on twitter
Share on linkedin
Share on email

Some products that appear here are from companies from which this website receives compensation. This may impact how and where products appear on this site (including, for example, the order in which they appear). This compensation allows us to maintain a full-time, unbiased editorial staff. Our opinions are our own.

In this Review..

RocketLoans is great for borrowers with strong credit histories and cash flows that need cash quickly. RocketLoans has one of the easiest online applications and is one of the fastest personal loan providers.

If you need access to money quickly, RocketLoans may be the way to go. They offer a soft pull so borrowers can check their options. RocketLoans has origination fees which can greatly increase the cost of your loan. There are other providers that do not charge origination fees, so use the soft pull to compare your costs to other personal loan providers.

RocketLoans was established in 2016 by the mortgage behemoth Quicken Loans. Quicken Loans has been around for over 30 years. They created an online provider called Rocket Mortgage that allows borrowers to do their mortgage all online.

RocketLoans follows the same idea: a quick, painless, online process for applying for a personal loan.

RocketLoans is great for borrowers with strong credit histories and cash flows that need cash quickly.

APR

7.161%-29.99%

Loan Amount

$2,000 -$35,000

Term

36-60 months

Min score

640

RocketLoans Loan Pros & Cons

As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:

Pros

Cons

Loan Details

Here are the basic specifications & requirements of RocketLoans Personal Loan :

Loan Amount Range
$2,000 -$35,000
Interest Rate Range
7.161%-29.99%
Term
36-60 months
Origination Fee
1% to 6%
Late Payment Fee
$15
Returned Payment Fee
$15
Check Processing Fee
$5
Prepayment Fee
None
Minimum Credit Score
640
Minimum Annual Income
$24,000
Funding
As soon as the same day

What Can a RocketLoans Personal Loan Be Used For?

RocketLoans personal loans can be used for many different reasons including debt consolidation, home improvements, medical expenses, auto financing, business use, or “other”. RocketLoans cannot be used for any postsecondary education or any illegal activities.

RocketLoans can be used for home improvement. You can use the funds for a variety of projects and repairs. 

The advantage of using a RocketLoans personal loan is that you do not have to use your home as collateral and you get funds much quicker with less documentation. If you have a repair that needs immediate attention, RocketLoans can get you the funds quickly.

RocketLoans can help with business expenses. RocketLoans is one of the very few personal loan providers that allows their loans to be used for business purposes. 

This can help cover some expenses in your small business. Please keep in mind that you (not your business) are responsible to pay back the loan.

RocketLoans can be used for medical expenses. RocketLoans can help borrowers manage large unexpected medical costs.

RocketLoans can be used for debt consolidation, which is paying off one or more prior unsecured loans with the new personal loan. Instead of multiple payments to multiple lenders you can create one payment to one lender. 

The idea is that you can take a high revolving interest credit card and save money by replacing it with a low rate fixed installment. RocketLoans will not pay off creditors but will deposit the funds into your account directly.

RocketLoans can be used for auto expenses. This includes buying a new or used car, paying off your current auto loan, or for car repairs.

RocketLoans has a large umbrella for “other” uses. This can include unexpected expenses, traveling, or the purchase of large items.

Application Process

The RocketLoans application is one of the quickest in the marketplace. The process usually takes less than 10 minutes, and the funds are usually in your account within 24 hours. The RocketLoans application has a one-page form that borrowers can fill out to explore their loan options. 

Rocket Loans

The required information on the form includes loan amount, use, homeownership status, address, email, setting up a password, date of birth, social security number, and income information. RocketLoans will then do a soft pull to see if you qualify for a personal loan and will give you a list of loan options for which you may qualify. After you choose a loan, RocketLoans will do some verification.

Rocket Loans

Most of the time, this will verify your banking information but sometimes additional information will be needed such as ID, paystubs, or address verification.

Rocket Loans

 

 You then sign loan documents online and RocketLoans funds your account. Borrowers will need to be US citizens, with at least 2 years credit history, a valid bank account, annual income of at least $24,000 and be at least 18 years of age.

Rocket Loans

RocketLoans is great for borrowers with strong credit histories and cash flows that need cash quickly.

APR

7.161%-29.99%

Loan Amount

$2,000 -$35,000

Term

36-60 months

Min score

640

Alternatives Lenders For Consideration

Here are our 3 choices of lenders which can use as a great alternative to Rocketloans personal loan: 

Earnest is a subsidiary of Navient and has been around since 2013. This company offers loans to “financially responsible” applicants. The company offers competitive rates from 5.99% with no fees. You can use your Earnest personal loan for any purpose.

You can take out an Earnest personal loan for amounts between $5,000 and $75,000. However, if you’re a resident in California, the minimum loan amount is $10,000. Earnest offers fixed rates that ranges from 5.99% to 17.24% APR. However, Earnest offers no additional discounts.

Earnest offers loan terms of three, four and five years. There are some qualification requirements for an Earnest personal loan. This includes:

  • A minimum credit score of 680
  • Proof of consistent income
  • History of payments made on time
  • No open collections accounts
  • No bankruptcy declarations in the last three years.

Upgrade is an online direct lender established in 2017. The company offers both personal loans and lines of credit called “Upgrade Card”. To date, 8 million people have applied for an Upgrade personal loan or Upgrade Card.

According to representatives, Upgrade looks for a credit score of at least 620. However, the company may consider other factors to establish your creditworthiness.

One issue to be aware of is the Upgrade fees. While there is no prepayment fee, Upgrade charges an origination fee of 2.9 to 8% on personal loans. There is also a $10 late payment fee, which applies after a 15 day grace period.

As its name suggests, Payoff Loans offers debt consolidation for borrowers with good credit. This is solely to repay existing debt, including credit cards.

Although Payoff does not force you to pay your credit card debt, they make this recommendation to keep your finance on track. This includes quizzes to assess your financial abilities and resources to help you reach your financial goals.

According to Payoff, this insight empowers borrowers to continue making smart financial decisions.

Compare Rates

Loan Amount

$0$100,000

Credit Score

Goal

The Smart Investor Logo

Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.