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Rocket Loans Personal Loans Review in 2025
If you have a steady income but a fair credit score, Rocket Loans may be a good lender choice for you. The service has a minimum credit score requirement of 640 and offers financial products at reasonable rates. Still, some extra fees may apply. Here’s a closer look at Rocket Loans personal loans and who they may suit.
Rocket Loans Personal Loan Features
Pros
- Low annual percentage rate
- No prepayment penalties
- Wide range of available loan amounts
- Same-day funding in some circumstances
- Accessible for fair credit borrowers
Cons
- High origination fee (up to 9%)
- Hard credit checks when you select your loan to move forward
- No cosigners are allowed for joint loans
- It is not available in all states
- Limited repayment options set at either 36 or 60 months
What You Need to Know about a Rocket Loans Personal Loan?
Rocket Loans is a financial company that offers personal loans for different purposes, including major purchases, medical bills, and home improvements. To find out more about Rocket Loans, check its features:
- Limited loan repayment options. When you borrow personal loans from Rocket loans, you can only repay the loan within 36 or 60 months.
- Reasonable APRs. Borrowers with good credit can expect to get loans with low interest rates through Rocket Loans. This results in less overpayment over the loan life.
- Soft credit inquiry when prequalifying. When you prequalify for Rocket Loans personal loans, they won’t perform a hard credit check through major credit bureaus. However, if you decide to move forward, a hard pull will be made.
- Fair credit is accepted. The lender’s minimum credit score requirement is 640, so you don’t need good credit to qualify.
- Quick funding. Customers may receive their Rocket Loans personal loans within 24 hours of approval. In some cases, they can get the funds by the end of the same day.
- No prepayment penalties. If you decide to repay the personal loan earlier, you won’t be charged a fee.
- Available in 48 states. Rocket Loans is currently licensed to operate in 48 US states, except for Iowa and Nevada.
Who Is a Personal Loan from Rocket Loans Good for?
Rocket Loans personal loans may be ideal for you if you have fair credit and need up to $45,000 quickly. The company makes it possible to get the funds on the same day you apply if you complete the loan process and sign the Promissory Note by 1:00 p.m. ET on a business day. A soft credit check during the prequalification process allows you to rapidly learn about your potential loan terms in minutes.
Rocket Loans products may not suit people with bad credit. Additionally, borrowers with excellent credit scores may find cheaper loan offers.
How Do You Qualify for Rocket Loans?
To get approved for Rocket Loans personal loans, you must meet the following eligibility criteria:
How to Apply with Rocket Loans?
Here are simple steps to take to apply for a personal loan from Rocket Loans:
- Click on the “Apply now” button at the company’s website and complete the application form. You need to specify your loan purpose, current housing situation, income and employment details, personal and contact information, ID, and SSN.
- Evaluate your options. You might be offered multiple loan amounts, terms, and rates so you can choose an option that works best for you.
- Choose an offer. Pick a loan option that suits you most and complete the final application by submitting supporting documents.
- Wait for the loan approval decision. It usually takes 1-3 business days. Rocket Loans runs a hard credit check at this point, so your credit score may temporarily drop by a few points.
- E-sign a loan contract. If approved, check the terms once again to ensure they meet your expectations. Then, e-sign the documents to receive the funds.
- Get funded. Receive your money on the same or next business day, depending on your approval times.
Rocket Loans vs. Other Lenders
Don’t want to deal with Rocket Loans? BadCredify prepared three alternative options you may get when you need a quick loan.
| Rocket Loans | Rise Credit | OneMain Financial | Upgrade | |
|---|---|---|---|---|
| Our Rating | 4.0 | 4.0 | 4.5 | 4.5 |
| APRs | 8.99% – 29.99% | 58.90% – 299.00% | 18% – 35.99% | 9.99% – 35.99% |
| Fees | Origination fees of up to 9%Late and NSF fees of $15 | No fees for loan processing, late payments, and early repayment | Origination fees of 1% to 10% | Origination fees of 1.85% to 9.99%Late and NSF fees of $10 |
| Minimum Credit Score | 640 | None | None | Not Specified |
| Loan Amounts | $2,000 – $45,000 | $300 – $5,000 | $1,500 – $20,000 | $1,000 – $50,000 |
| Repayment Terms | 36 to 60 months | 7 to 36 months | 24 to 60 months | 24 to 84 months |
| Funding Times | Next or same business day | Next business day | Within 1 business day of approval via a direct deposit or within several hours for transfers to a debit card | One business day after clearing verification |
| Who It Suits for? | Fair credit borrowers who need to cover various personal needs | Poor credit borrowers who can’t qualify for traditional personal loans | Borrowers with credit issues who want to avoid predatory lenders | Fair-credit borrowers who need the money quickly |
Methodology
BadCredify examines loan providers based on the following factors:
Accessibility: We check whether lenders accept borrowers with less-than-perfect credit scores and offer a convenient and fast loan process. We also look at whether the lender allows a soft credit check at the prequalification stage.
Rates and repayment terms: Our experts review the rates, terms, loan amounts, and origination fees charged by lenders to ensure they are not only transparent but also competitive. Then, they also assess the repayment flexibility.
Customer care: We based this category on lenders’ reputation, customer service availability, and unique advantages it offers to its clients. This way, we contact the company’s representatives and talk to them as real clients to assess their professionalism and quality of the services provided.
Frequently Asked Questions
Is Rocket Loans a legit company?
Rocket Loans is a legit company headquartered in Detroit. They don’t sell your personal information to third parties. The company is licensed to operate in 48 states, except for Iowa and Nevada.
When will I receive a loan approval decision for personal loans from Rocket Loans?
Rocket Loans will provide you with the loan approval decision within around 1 business day, depending on their workload.
Is it possible to refinance a personal loan from Rocket Loans?
Rocket Loans has no prepayment penalties, so you can refinance your personal loan at any moment.
What credit score do I need to apply with Rocket Loans?
You need at least a 640 credit score to get a loan from Rocket Loans.
