Review of Rocket Loans Personal Loans 2022
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Rocket Loans personal loan amounts and interest rates
Rocket Loans loan amounts range from $2,000 to $45,000, and the company is accepting 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 for?
Rocket Loans could 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, which could be a great option if you only need a small loan amount.
Rocket Loans Personal Loan Comparison
Rocket Loans is average compared to the competition. Here’s how Rocket Loans compares to Marcus and Upstart:
Both Rocket Loans and Upstart have origination fees. Rocket Loans is between 1% and 6% of the total loan amount, while Upstart can 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 a larger sum of money, Upstart lets you borrow up to $50,000, the highest amount 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 citizens or permanent residents age 18 or older (19 or older in Nebraska and Alabama). Unsecured personal loans are loans that do not require collateral to receive, such as a house or car on mortgages 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 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 renovations, and vacations. To qualify for the best Rocket Loans rates, you must have a great credit score, choose AutoPay (which comes with a rate reduction), and meet other criteria.
You will pay an origination fee between 1% and 6% when your loan is funded, which will be deducted from your overall loan proceeds. In addition, you will pay a $15 fee for any payment made within 10 days of the due date and a $15 fee for a returned check.
Depending on your bank and Rocket Loans’ ability to electronically verify your information, same-day financing for your personal loan is available if you sign your loan agreement by 1:00 p.m. ET that business day.
If your application is denied, you can reapply once your circumstances have changed. For example, you may have increased your credit score or reduced your debt ratio.
To contact customer support, call Rocket Loans between 9:00 a.m. and 7:00 p.m. ET Monday through Friday, or 9:00 a.m. and 6:00 p.m. ET on Saturday. You can also email the company for any help you may need.
Rocket Loans currently does not 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 business. The BBB reviews companies by evaluating companies’ responses to consumer complaints, honesty in advertising and clarity of business practices.
While its sister company Rocket Mortgage was embroiled in a scandal in 2019 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’re comfortable taking out a personal loan from Rocket Loans because of its clean track record and excellent BBB rating.