Rocket Loans Personal Loans Review 2022

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Rocket Loans Personal Loan Amounts and Interest Rates

The loan amounts of rocket loans range from $ 2,000 to $ 45,000, and the company accepts loan applications from residents of 47 states and Washington, DC. You won’t be able to get a loan in Iowa, Nevada, or West Virginia.

Depending on your creditworthiness and other financial factors, your APR will range from 5.97% to 29.99%, which is in the middle of the range when compared to the APR of some other major competitors. For example, Marcus’s interest rates range from 6.99% to 19.99%, while Upstart’s loans range from 5.55% to 35.99% APR.

Read on to find more online personal loan options.

Advantages and Disadvantages of Rocket Loans Personal Loans

Who Are Rocket Loans Best For?

Rocket loans could be a good option for borrowers looking for quick funding and unable to choose between two repayment deadline options. You can also borrow as little as $ 2,000 from the lender so it might be a good choice if you only need a small amount of credit.

How To Compare Rocket Loans Personal Loans

Rocket Loans is average when compared to the competition. Here’s how Rocket Loans fares against Marcus and Upstart:

Both Rocket Loans and Upstart have an issuing fee. Rocket Loans is between 1% and 6% of the total loan amount, while Upstart can charge you up to 8%. Marcus doesn’t have any fees.

Upstart can be the best option for borrowers looking for a very small amount of money. You can take out as little as $ 1,000 with the lender. However, Rocket Loans is not far behind as it has a minimum of $ 2,000. Marcus has a higher minimum of $ 3,500.

If you need a larger amount of money, Upstart lets you borrow up to $ 50,000, 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 co-signer to your loan. So if you need one, you’ll have to look elsewhere.

How Rocket Loans Personal Loans Work

Rocket Loans offers unsecured personal loans to US residents or residents 18 years of age or older (19 years of age or older in Nebraska and Alabama). Unsecured personal loans are loans that do not require collateral to be obtained, such as: B. a home or a car on mortgage or car loans. You can’t get a loan if you live in Nevada, Iowa, or West Virginia.

Rocket Loans personal loan applications are available online and you can fill them out in minutes. You can choose between a term of 36 months or 60 months. The company does not allow you to apply with a co-signer.

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

When you finance your loan, you pay a commitment fee of between 1% and 6%, which is deducted from your total loan proceeds. Additionally, you will pay a fee of $ 15 for payments not made within 10 days of the due date and a fee of $ 15 for a returned check.

Depending on your bank and Rocket Loans’ ability to electronically verify your information, same day finance for your personal loan will be available if you sign your loan agreement before 1:00 p.m. ET that business day.

If your application is rejected, you can reapply as soon as your circumstances change. For example, you may have increased your credit score or decreased your debt-to-income ratio.

To contact customer support, call Rocket Loans Monday through Friday between 9:00 am and 7:00 pm ET or Saturdays between 9:00 am and 6:00 pm ET. You can also contact the company by email if you need assistance.

Rocket Loans does not currently have a mobile app.

Is Rocket Loans Trustworthy?

Rocket Loans has an A + rating from the Better Business Bureau, a non-profit organization focused on consumer protection and trust. The company is also a BBB accredited company. The BBB researches businesses by assessing business responses to consumer complaints, honesty in advertising, and clarity about business practices.

While its sister company Rocket Mortgage was embroiled in a suspected mortgage fraud scandal in 2019, Rocket Mortgage is not the same as Rocket Loans – a common misconception. Both have the same parent company, Rocket Companies. Rocket Loans has not been involved in any of the recent controversies.

You might decide that the clean history and excellent BBB score make you comfortable taking out a personal loan from Rocket Loans.

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