Rocket Loans Personal Loan Review

Learn if Rocket Loans personal loan rates are right for you

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Rocket Loans

Rocket Loans

overall rating

Borrowers with a variety of credit scores may find Rocket Loans to be a good option. However, Rocket Loans might not be the best choice if you have excellent credit, as you may be able to find better rates elsewhere. Also, no matter how good your credit score is, Rocket Loans charges origination fees, late fees, and returned ACH transfer or check fees. While these fees can be major drawbacks, the lender’s fast, convenient borrowing solutions could make them worthwhile for some people.

  • Product Specifications
  • Pros and Cons
  • Fees
  • Company Overview
Product Specifications
  • APR Range 5.97% to 29.99%
  • Loan Amounts $2,000 to $45,000
  • Loan Terms Three or five years
  • Recommended Minimum Credit Score 580
Pros and Cons
  • Prequalification option

  • Same-day funding possible

  • No prepayment penalty

  • Low borrowing minimum

  • Available to borrowers with fair credit scores

  • Charges origination and late fees

  • Limited repayment terms

  • Potentially high rates

  • Doesn’t allow a co-signer

  • Origination fee: 1% to 6% of loan amount
  • Late fee: $15
  • Returned ACH or check fee: $15
Company Overview

Rocket Loans is a sister company of Rocket Mortgage by Quicken Loans, the largest mortgage lender in America. It’s headquartered in Detroit and strives to offer “the most simple, rocket fast personal loan process.” Essentially, it’s an online marketplace for unsecured loans made by Cross River Bank, for which Rocket Loans acts as the servicer,

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Pros of Rocket Loans

  • Prequalification option: You can prequalify and check for potential interest rates, terms, and origination fees with a soft inquiry, which won’t affect your credit score. 
  • Same-day funding: Rocket Loans may deposit your funds into your bank account the same day you apply and get approved for a personal loan if you apply before 1 p.m. Eastern time on a business day. However, the funding timeline also depends on your bank. 
  • No prepayment penalty: Since Rocket Loans doesn’t charge a prepayment penalty, you can pay off your loan early and save on interest. 
  • Available to borrowers with fair credit: While you don’t need a perfect credit score to take out a Rocket Loans personal loan, if your score is lower, you may end up paying a higher interest rate.
  • Low borrowing minimum: If you only need to borrow a small amount of money, Rocket Loans can lend you as little as $2,000. 

Cons of Rocket Loans

  • Charges fees: If you take out a Rocket Loans personal loan, you’ll have to pay an origination fee ranging from 1% to 6% of your loan amount (the exact fee is based on your personal financial information). You’ll also pay a $15 late fee if you’re late on a payment or don’t have enough money in your account. And there’s also a returned ACH transfer or check fee of $15. Some lenders don’t charge one or more of these fees, so it pays to look around before you borrow.
  • Limited repayment terms: Repayment terms aren’t as flexible as other lenders. You must choose one of two options—36 or 60 months. 
  • Potentially high rates: If you have good credit, you may be able to lock in Rocket Loans’ lowest rate of 5.97%. While this may seem like a good interest rate, it’s not as low as those offered by some other lenders. And if you have less-than-stellar credit, you may pay up to 29.99%. Considering many other lenders cap their maximum rates around 19.99%, you may want to consider other options.
  • Doesn’t allow a co-signer: A co-signer can sometimes help you qualify for a lower interest rate. However, Rocket Loans does not permit co-signers for personal loans, so if you’re interested in this option, you’ll need to go with a different lender.

Rocket Loans Personal Loan Rates & Terms

Interest rates for Rocket Loans personal loans are fixed. Rates range from 5.97% (with an autopay discount) to 29.99% APR (without it). You’ll enjoy the autopay discount if you agree to make your monthly payments through automatic bill pay. Your final APR will be based on your credit history.

Rocket Loans only offers two loan terms: 36 months or 60 months. So you won’t be able to take out a shorter- or longer-term loan if you need or want to.

How Much Can You Borrow With Rocket Loans?

You can borrow between $2,000 and $45,000 with a Rocket Loans personal loan. The amount you’ll be offered will depend on the state you live in, as well as Rocket Loans' determination of your ability to repay the loan, incorporating your income, credit profile, and debt-to-income ratio. Unless you have good or excellent credit, you might not get the full amount you ask for.

Rocket Loans Personal Loan Fees

  • Origination fee: Rocket Loans charges an origination fee of 1% to 6% of the amount you borrow, based on your financial information. So, if you borrow $10,000, you’ll pay between $100 and $600 just to borrow. This amount will be deducted from your loan amount before you receive the funds, so you should incorporate it into the amount you ask for so you wind up borrowing the total amount you need. 
  • Late fee: You’ll also have to pay a late fee if you’re late on a payment or don’t have enough funds in your account to make one.
  • Returned ACH or check fee: $15

Fortunately, there are no prepayment fees, so you can aim to pay off your loan early and save on interest.

How to Get a Personal Loan From Rocket Loans

To apply for a Rocket Loans personal loan, prequalify online by providing some basic information like your employment status and annual income. Once you submit it, you’ll get one or more offers with potential rates and terms. 

If you want to move forward with an offer, you’ll need to register as a user on the Rocket Loans website and complete the entire application online. This will result in a “hard pull” of your credit and will impact your score as a credit inquiry. 

Final Verdict

If you qualify for a low rate and favorable terms, a Rocket Loans personal loan can give you the money you need to consolidate debt, fix up your home, repair your car, or do just about anything. It’s a particularly good option if you prefer a fast, hassle-free application process online and qualify for same-day funding—but even if you don’t, you should have a good chance of receiving cash quickly, depending on your bank.

Keep in mind, however, that if you have solid credit and don’t need the funds right away, it’s probably a good idea to explore alternatives to Rocket Loans personal loans. There’s a good chance you’ll find a personal loan with another lender that comes with a lower interest rate and lower fees, or no fees at all.

Since rates go up to 29.99% APR, you may want to avoid a Rocket Loans personal loan if you have a low credit score, poor credit history, or high debt-to-income ratio. A high APR paired with origination and late fees can steer you toward a cycle of debt. Plus, Rocket Loans’s inflexible repayment periods can be problematic if you want to repay your loan on a different timetable. 


We look at 40 data points from dozens of financial institutions to evaluate lenders for our personal loan reviews. Because a loan’s APR can dramatically impact the total cost you pay, we weigh that feature the heaviest. But since a great APR usually requires at least a good credit score, we also give points to lenders who may have a higher potential APR but offer loans to people with less-than-perfect credit scores. 

Along those lines, we favor lenders who allow you to see if you prequalify before applying for a loan, so you won’t harm your credit score just by applying. Origination, prepayment, and late fees all get counted in our assessment. And lastly, we deduct points from the ratings of lenders with restricted access—for instance, those who require you to first have another type of account with them or to join a nonprofit organization.