RocketLoans Personal Loan Review 2019
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RocketLoans – About The Lender
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 Personal Loan Specification
- Loan amount range$2,000 -$35,000
- Interest rate rage 5.98%-28.99%
- Terms36-60 months
- Origination fee1% to 6%
- Late payment fee$15
- Returned fee$15
- Check processing fee$5
- Prepayment feeNone
- Minimum credit score640
- Minimum annual income $24,000
- Funding As soon as same day
- Personal information (including address, phone number, email, and SSN)
- Proof of Monthly income
- 1 to 2 days
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.
Autopay Discount- RocketLoans allows for a .50% discount if you sign up for autopay.
Business Loan- RocketLoans has a fast turnaround time, one of the fastest in the industry.
Rewards Program – RocketLoans is one of the few personal loan providers that allows borrowers to use the funds for business purposes.
Cons
strong>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.
Strong Borrowers –If you do not have the best credit history, you may not be able to get a loan through RocketLoans. Borrowers usually need good to excellent credit histories and very strong cash flows.
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.
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.
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.
Home Improvement Loan
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.
Medical Expenses
RocketLoans can be used for medical expenses. RocketLoans can help borrowers manage large unexpected medical costs.
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.
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.
RocketLoans 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.
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.
Most of the time, this will verify your banking information but sometimes additional information will be needed such as ID, paystubs, or address verification. 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 Loan is Best for..
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.
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.