Rocket Loans 2022 Personal Loan Review

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Rocket Loans personal loan amounts and interest rates

Rocket Loans amounts 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 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 other major competitors. For example, Marcus’ rates range from 6.99% to 19.99%, while Upstart loans have APRs between 5.55% and 35.99%.

Read on to find more options for personal loans online.

Pros and Cons of Rocket Loans Personal Loans

Who Are Rocket Loans Best For?

Rocket loans can be a good option for borrowers who are looking for quick financing and are not afraid to choose between only two repayment term options. You can also borrow as little as $ 2,000 from the lender, so this could be a great choice if you only need a small loan amount.

How Rocket Loans Personal Loans Compare

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

Both Rocket and Upstart loans have origination fees. Rocket Loans is between 1% and 6% of the total loan amount, while Upstart may charge you up to 8%. Marcus has no fees.

Upstart may be the best option for borrowers looking for a very small amount of money; you can withdraw as little as $ 1,000 from the lender. However, Rocket Loans is not far behind, as it claims a minimum of $ 2,000. Marcus has a higher minimum of $ 3,500.

If you need more money, Upstart allows you to borrow up to $ 50,000, the higher of the three. Rocket Loans is offering up to $ 45,000, while Marcus is offering 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 U.S. citizens or permanent residents who are 18 years of age or older (19 years or older in Nebraska and Alabama). Unsecured personal loans are loans that do not require collateral to receive, such as a house or a car on mortgage or auto loans. You cannot get a loan if you live in Nevada, Iowa, or West Virginia.

Rocket Loans personal loan applications are available online and you can complete one in minutes. You will have the choice between a duration of 36 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 get the best Rocket Loans rates, you need to have an excellent credit rating, choose AutoPay (which comes with a rate reduction), and meet other criteria.

Once your loan is funded, you will pay an origination fee of between 1% and 6%, which will be deducted from the overall proceeds of your loan. In addition, you will pay a fee of $ 15 for any payment 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 verify your information electronically, same day financing for your personal loan is available if you sign your loan agreement by 1:00 p.m. ET on that business day.

If your request is denied, you can reapply once your situation changes. For example, you may have increased your credit score or reduced your debt-to-income ratio.

To contact customer service, call Rocket Loans between 9:00 a.m. and 7:00 p.m. ET Monday through Friday, or between 9:00 a.m. and 6:00 p.m. ET on Saturday. You can also email the company for any help you might need.

Rocket Loans does not currently have a mobile app.

Rocket Loans trustworthy?

Rocket Loans is rated A + by the Better Business Bureau, a nonprofit focused on consumer protection and trust. The company is also a BBB accredited company. The BBB examines businesses by assessing business responses to consumer complaints, honesty of advertising, and clarity of business practices.

While its sister company Rocket Mortgage was embroiled in a 2019 scandal for alleged mortgage fraud, Rocket Mortgage is not the same as Rocket Loans – a common misconception. They both have the same parent organization, Rocket Companies. Rocket Loans has not been involved in any recent controversy.

You might decide that you are comfortable taking out a personal loan from Rocket Loans because of their clean history and excellent BBB score.


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