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
- Soft Pull Inquiry – RocketLoans does an initial soft pull inquiry so the borrower can get an idea of the options for which they may qualify
- Competitive Interest Rates –RocketLoans has very competitive rates for strong borrowers.
- Same day funding - RocketLoans has a fast turnaround time, one of the fastest in the industry.
- Business Loan – RocketLoans is one of the few personal loan providers that allows borrowers to use the funds for business purposes.
Cons
- No Joint Borrowers – RocketLoans currently does not allow for joint borrowers.
- Limited Terms – RocketLoans only offers 36 and 60 month terms, which may not fit your needs.
- Origination Fee – RocketLoans deducts a one-time origination fee of 1% to 6% of your loan amount directly from your loan funds. This should be considered in the pricing of your loan when you apply.
- Restrictions on Use – OneMain has more restrictions than other personal loan providers.
- Origination Fee – RocketLoans deducts a one-time origination fee of 1% to 6% of your loan amount directly from your loan funds. This should be considered in the pricing of your loan when you apply.
- Late Fees and Check Processing Fee – RocketLoans has late fees. There are other providers without late fees. Also,if you want to pay your loan by check, there is a fee.
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.
- Home Improvement
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.
- Business Use
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.
- Medical Expenses
RocketLoans can be used for medical expenses. RocketLoans can help borrowers manage large unexpected medical costs.
- Debt Consolidation
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.
- Auto Refinancing
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.
- Other
RocketLoans has a large umbrella for “other” uses. This can include unexpected expenses, traveling, or the purchase of large items.
Application Process
- 1.
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.
- 2.
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.
- 3.
Most of the time, this will verify your banking information but sometimes additional information will be needed such as ID, paystubs, or address verification.
- 4.
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.
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 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 Personal Loan
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.
- Payoff Personal Loan
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.
