Review: What You Need to Know About Getting a Personal Loan From RocketLoans

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You might have seen the popular commercials for Quicken Loans and its Rocket Mortgage, where you can apply to buy or refinance a home online. Well, the sister company RocketLoans provides borrowers with the same quick and remote application process to take out personal loans.

With RocketLoans personal loans, you can apply online in minutes for an unsecured loan. The cash you borrow can then be used to make a big purchase, make home improvements, or consolidate your credit card debt.

RocketLoans has a customer satisfaction rate of over 90%, but is it the best lender for you? Here’s everything you need to know before borrowing from RocketLoans.

RocketLoans personal loans

With RocketLoans personal loans, you can apply for a personal loan and get offers within seconds. But, you’ll want to consider some pros and cons first.

Pros of RocketLoans personal loans

Having a lightning-speed application process available any time of day is one of the many upsides to RocketLoans. Here are some more:

  • Get your funds quickly: You could get up to $35,000 by as early as the next business day.

  • Lower interest rates: While your rate is determined by factors such as your credit score, RocketLoans could offer you a lower rate compared to a credit card or other personal loan companies. RocketLoans APRs range from 5.983% to 29.99%, as of May 1, 2018. But be sure to check the RocketLoans website for the latest rates. Comparatively, the average credit card APR in November 2017 was 16.15%, according to CreditCards.com. Personal loan rates in 2018 range from 10.30% to 32.00%, according to ValuePenguin.

  • Debt refinancing and consolidation: Since RocketLoans could offer you a lower interest rate than your current credit card, you could consolidate or refinance your debt with a personal loan.

  • Simplified repayment: You make a single fixed monthly payment over a set period. That means you’ll know how much you owe each month and when your debt will be paid off.

  • No prepayment penalties or hidden fees: You can pay your loans off faster without incurring fees. All other fees are clearly explained before you sign your loan agreement.

  • Browsing won’t affect your credit score: RocketLoans performs a soft credit inquiry when you’re viewing rate offers, so your credit score won’t be impacted. It’s only once you decide to move forward that the lender performs a hard inquiry.

Cons of RocketLoans personal loans

Yes, there are many positives to RocketLoans’ offering, but there are some downsides as well.

  • Fees: RocketLoans is transparent about its fee structure. You’ll have to pay an origination fee of 1% to 6%, which is determined by the loan amount and your financial background. You could also incur a charge of $15 each time your payment is late by 10 days or more, plus for each time your payment bounces.

  • You could have a higher interest rate: Although a good credit score could help you get a lower rate with RocketLoans, it’s important to comparison shop. Getting a personal loan through RocketLoans with a less-than-stellar credit score could land you a rate that’s close to 30.00%. Another company could offer you something better.

  • Quoted rates and terms could change: You could get an attractive offer with a lower interest rate and favorable terms when doing your initial application, but those rates and terms can change at any point without notice. Be sure to double-check everything before signing an agreement.

How you can use RocketLoans personal loans

RocketLoans personal loans can be used for a variety of reasons. And you don’t need to offer up collateral to get one. The lender website suggests a number of ways you can put your borrowed money to use. Here are some ideas:

  • Medical expenses: Getting sick or hurt unexpectedly is already a stressful situation, so you don’t have to add financial stress on top of that. RocketLoans will get you the money you need fast to cover medical bills and pay for any procedures.

  • Home improvements and repairs: You could use a personal loan to pay for a new kitchen, get some new living room furniture, or fix a leaky roof. This can be particularly helpful if you’re looking to sell your home soon and want to increase its value.

  • Debt consolidation: You can take out a personal loan to pay off existing debt that has a higher rate. Doing so could help you pay off debt faster and lower interest charges.

  • Big purchases: Major appliances and new furniture can cost more than what you have in savings. A personal loan could cover those expenses upfront.

  • Car financing: You can borrow money to purchase a new or used car, or to make repairs on your current vehicle.

These are just a few ways you could put a RocketLoans personal loan to use. The company also states that the money can be used for more general purchases, such as a vacation or special event.

But if you’re considering taking out a loan to cover college costs, that’s best reserved for student loan lenders.

Using the RocketLoans online system

RocketLoans has made a name for itself by having a fast and easy application process. You answer some basic questions, choose your loan option, share your banking information, sign an agreement, and get your money.

Here’s a step-by-step guide to applying.

RocketLoans personal loan application

Image credit: RocketLoans

Step 1: Fill in personal information

To kick off your application, you’ll provide personal information, such as your name, address, birthdate, and Social Security number. From a drop-down menu, you’ll select the purpose of the loan.

You’ll also create a RocketLoans account during this step.

Step 2: Choose a loan

Once you input your information, you’ll get to choose between loan options. This will include details such as the loan amount, repayment terms, and interest rate. These terms are all on a prequalified basis.

Step 3: Link your bank account

RocketLoans will ask you to log in to your bank account to share a read-only view of your financial info. This is helpful because you won’t have to upload any income documents later. Plus, you can get your loan funds sooner.

Step 4: Sign your agreement

Once you decide on a loan, you’ll decide on where its funds will be deposited. You’ll also sign your agreement online. You could get your money in as little as one business day.

RocketLoans interest rates and fees

Your credit score and financial background will determine your APR, fees, and repayment terms. RocketLoans rates range from 5.983% to a maximum 29.99%. The lowest rate is only available if you sign up for autopay.

You’ll pay a one-time origination fee ranging from 1% to 6%. If you took out a $10,000 personal loan, for example, with a 4% origination fee and an APR of 10.80%, your monthly payment over a 36-month term would be $313.36. The total interest you’d pay would come out to $1,281.09.

You could incur a $15 fee if you make a payment that’s late by 10 days or more, or if your payment bounces.

RocketLoans eligibility requirements

RocketLoans will take several financial factors into consideration when deciding your eligibility for a loan:

  • FICO score

  • Monthly income

  • Debt-to-income (DTI) ratio

  • Homeownership status

  • Number of credit inquiries

  • Loan term

The company doesn’t specifically call out things such as a minimum credit score or DTI ratio. However, it does use these details to determine your interest rates and terms. It also could determine whether you’re approved in the first place.

RocketLoans customer service

Although you don’t have to interact with another person during the personal loan application process, you can reach out to one if you’re having trouble or need questions answered.

Email support@rocketloans.com, or contact customer service by phone between 9 a.m. and 6 p.m. ET Monday through Friday at 800-333-7625.

Check out what others are saying about RocketLoans and news about the company on its Facebook, Twitter, and Instagram pages.

Note: Student Loan Hero has independently collected the above information related to RocketLoans personal loans. RocketLoans has neither provided nor reviewed the information shared in this article.

Interested in a personal loan?

Here are the top personal loan lenders of 2018!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal Loans: Fixed rates from 6.990% APR to 14.865% APR (with AutoPay). Variable rates from 6.255% APR to 12.555% APR (with AutoPay). SoFi rate ranges are current as of September 1, 2018 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 6.255% APR assumes current index rate derived from the 1-month LIBOR of 2.08% plus 4.425% 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.

    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.
  2. 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.
  3. 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.
  4. 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. (www.nmlsconsumeraccess.org)

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 FreedomPlus.com 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 4.99% 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 4.99% APR loan, a borrower will need excellent credit on a loan of $15,000 with a term of 24 months, and qualify for at least two of the following discounts: (1) add a co-borrower who has sufficient income; (2) use at least fifty percent of the loan proceeds to directly pay off existing debt; or (3) show proof of having at least forty-thousand dollars in retirement savings – contact FreedomPlus for further details.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% 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 15.49% APR to a high of 34.49% 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 6.16% to 35.89%. 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 time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. 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 www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.


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.

7.73% – 29.99%$1,000 - $50,000Visit Upstart
6.26% – 14.87%1$5,000 - $100,000Visit SoFi
6.99% – 35.97%*$1,000 - $50,000Visit Upgrade
8.00% – 25.00%2$5,000 - $35,000Visit Payoff
4.99% – 29.99%3$10,000 - $35,000Visit FreedomPlus
5.99% – 18.99%4$5,000 - $50,000Visit Citizens
15.49% – 34.49%5$2,000 - $25,000Visit LendingPoint
6.16% – 35.89%6$1,000 - $40,000Visit LendingClub
6.99% – 18.24%7$5,000 - $75,000Visit Earnest
9.95% – 35.99%8$2,000 - $35,000Visit 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.