RocketLoans Personal Loan Review

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

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What is RocketLoans?

Quicken Loans, which is the largest home lender in America, launched two sister sites in 2015. In November of that year, RocketMortgage appeared on the scene. The online platform allows potential borrowers to apply for a mortgage quickly in the comfort of their own home. Quicken Loans partially attributes its status as the largest home lender in the country to the launch of this platform.

But earlier in 2015, Quicken Loans launched RocketLoans, an online-only platform that allows borrowers to apply for personal loans from home, sometimes receiving funding as soon as the day of application. RocketLoans claims to be the “most convenient and efficient personal loan experience in the industry,” catering to consumers’ desire for a simple and transparent loan process.

Let’s delve in and see how this streamlined process holds up to personal loans offered by competitors.

RocketLoans personal loan highlights

  • Low APRs for excellent credit scores; higher APRs for average credit scores: RocketLoans accepts those with a credit score as low as 640. At first glance, this would appear to be a good thing, until you realize that those with a score at the bottom of that range are likely to end up closer to the max APR. However, if you have excellent credit, you may qualify for some of RocketLoans’ best rates, which outshine much of the competition.
  • Origination fee: You will have to pay an origination fee of 1.00% - 6.00% with RocketLoans, though this fee is already accounted for in the advertised APR.
  • Same-day funding: If you are borrowing $25,000 or less, you may be able to get same-day funding for your personal loan.
  • APR range: 5.98%–29.99%*
  • Minimum credit requirement: 640
  • Terms: 36 or 60 months
RocketLoans Personal Loan Details
Fees and Penalties
  • Term lengths: 36 or 60 months
  • APR range: 5.98%–29.99%*
  • Loan amounts: $2,000–$45,000
  • Time to funding: Same day or up to two business days, depending on your bank and how much you borrow.
  • Credit check: Soft Pull credit check to get your initial rate offerings; hard check will be done should you decide to officially apply for a loan.
  • Origination fee: 1.00% - 6.00%
  • Prepayment fee: None
  • Late payment fee: $15 if you do not pay within 10 days of your scheduled due date.
  • ACH return and returned check fees: $15 if your ACH or check payment are denied due to lack of funds.

*This rate only applies after discount for using AutoPay.

RocketLoans product details

One of the most attractive things about RocketLoans personal loans is that you may be able to get same-day funding. In order for this to be a possibility for you, you will have to apply for your loan by 1 p.m. EST on a regular business day. Loan amounts over $25,000 are not eligible for same-day funding, but should be fulfilled within two business days.

It is important to note that just because you qualify for same-day funding doesn’t mean you’ll receive it. There is always a possibility that your financial institution’s ACH policies will hold up the process.

Eligibility requirements

  • Minimum credit score: 640
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: Not specified

In order to qualify for RocketLoans, you must be a U.S. citizen or resident. You must also live in a state where RocketLoans offers its services, which currently excludes Iowa, Nevada and West Virginia. In addition to the other 47 states, RocketLoans personal loans are available in Washington, D.C.

Residency in and of itself isn’t enough. You must also be at least 18 years of age, or 19 years of age if you’re a resident of Alabama or Nebraska. While RocketLoans does not explicitly require employment as a qualifying factor for loan approval, you do have to have some sort of income totalling at least $24,000/year in order to be considered an eligible applicant.

Applying for a personal loan from RocketLoans

To begin the application process, you will fill out an exploratory form on RocketLoans’ site. You will be asked for information such as your name, address, income, birthdate and Social Security number. RocketLoans will perform a Soft Pull on your credit, which does not affect your score, to generate a quote including how much you can borrow and a potential APR offering.

If you find these terms to be satisfactory, you can officially apply and verify your information. Part of this process is a hard pull on your credit, which does carry the potential to ding your credit score. This is a normal part of the application process for any personal loan lender. You may also have to scan and submit any supporting documentation requested.

If your loan is approved, you will then submit your banking information. If you have applied before 1 p.m. EST for a loan of $25,000 or less and your bank’s ACH process is accommodating, you could see the funds deposited into your account as soon as the same day. Those borrowing larger amounts and those with banks who have a less accommodating ACH process should see their funds in their account within two business days.

Pros and Cons of a RocketLoans Personal Loan
  • Lower minimum credit score requirement: RocketLoans’ minimum credit score requirement is lower than some of the competition, though it’s important to note that those with a lower credit score are likely to end up with an APR at the higher end of RocketLoans’ given range.
  • Low minimum loan size: A minimum loan of $2,000 is relatively small for a lender of RocketLoans’ size. If you need to borrow even less, you may want to search credit unions.
  • Low APR for those with great credit: If you do have great credit and means by which to service your debt, RocketLoans offers some of the lowest interest rates around.
  • Quick turnaround: Those borrowing $25,000 or less may be able to get their loan funded as soon as the same day as they are approved.
  • Higher APR for those with average credit: If your credit history is good enough to accept, but not outstandingly great, you may qualify toward the higher end of the APR range.
  • Origination fee: The fact that RocketLoans charges an origination fee at all should put it behind a good portion of its competition. However, the origination fee is already included in its APR. This means that even with an origination fee, RocketLoans offers an APR lower than much of that same competition.
  • No-frill loans: You won’t get unemployment protection or free access to your credit score with this lender. What you trade in frills is made up for in the wider range of borrowers RocketLoans accepts, and the lower APR for those with excellent credit. Those with lower credit scores could end up with uncompetitive rates.

Who’s the best fit for a RocketLoans personal loan?

If you have an excellent credit history, there are very few lenders who can beat RocketLoans’ lowest APR. However, if you have a score closer to the 640 minimum, a high debt-to-income ratio or otherwise less desirable aspects to your credit history, you could end up at the upper end of RocketLoans’ APR range. That means that those who will most benefit from RocketLoans’ offer are those with a great credit history.

You may also be attracted to RocketLoans’ product if you need your money in a hurry and prefer that the entire application process take place online. If you prefer to apply in person, this is not the product for you. You also need to remember that while loans up to $25,000 may be funded the same day, there is no guarantee. If you are approved, you may end up waiting for up to two business days.

Finally, RocketLoans offers a relatively small minimum loan amount, allowing you to borrow only what you need. If you need to borrow even less than the $2,000 minimum, turn to credit unions, where you can find personal loans in amounts as low as $500.

Alternative personal loan options

RocketLoans is far from the only lender in the personal loans game. The following lenders offer comparable products, each with their own pros and cons.


  • APR: 5.99%–24.99%
  • Credit requirements: 640
  • Terms: 24 to 60 months
  • Origination fee: 0.00% - 5.00%

Payoff offers a similar product to RocketLoans. Credit requirements and the starting APR are almost identical, though Payoff does offer a lower max APR and potentially lower origination fees. It also provides more and shorter terms should you want to pay off your debt at a faster clip. It is important to note that Payoff personal loans are made almost exclusively for the purposes of paying down credit card debt, so if you need your personal loan for another reason, this may not be the lender for you.


  • APR: 5.99%–29.99%
  • Credit requirements: 600
  • Terms: 36 or 60 months
  • Origination fee: 1.00% - 5.00%

Peerform has nearly identical terms on its personal loans when compared to RocketLoans. Term length, origination fees and APR are consistent, though Peerform differs in that it may approve those with lower credit scores. If you have a good or excellent score and have gotten a quote from RocketLoans, it’s more than worth checking Peerform to see if it offers you a better APR. Bear in mind that shorter terms tend to yield a lower APR offer.


  • APR: 3.99%–16.99%
  • Credit requirements: 660
  • Terms: 24 to 144 months
  • Origination fee: No origination fee

If you do have good credit, you may want to consider applying for your personal loan with LightStream. While APR offerings vary depending on the purpose of your loan, LightStream offers an APR match program in which it will match any offer from a competitor should it offer you a better rate. The challenge with this is that you’ll have to consider only 36 or 60 months terms in order for these rates to be comparable with what RocketLoans is offering you.

Interested in a personal loan?

Here are the top personal loan lenders of 2019!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 16.990% APR (with AutoPay). Variable rates from 5.74% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.72% APR assumes current 1-month LIBOR rate of 2.49% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (

2 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

3 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 9.99% APR to a high of 35.99% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.

†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at

**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.

7 Important Disclosures for Earnest.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.

** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33

* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

5.74% – 16.99%1$5,000 - $100,000

Visit SoFi

7.54% – 35.99%$1,000 - $50,000

Visit Upstart

7.99% – 35.89%*$1,000 - $50,000

Visit Upgrade

5.99% – 24.99%2$5,000 - $35,000

Visit Payoff

5.99% – 29.99%3$7,500 - $40,000

Visit FreedomPlus

6.79% – 20.89%4$5,000 - $50,000

Visit Citizens

9.99% – 35.99%5$2,000 - $25,000

Visit LendingPoint

6.95% – 35.89%6$1,000 - $40,000

Visit LendingClub

6.99% – 18.24%7$5,000 - $75,000

Visit Earnest

9.95% – 35.99%8$2,000 - $35,000

Visit Avant

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

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