RocketLoans Personal Loan Review

Borrow $2,000 - $45,00 and get funded within 1-3 business days.

RocketLoans Personal Loans

At a Glance:

  • Loans between $2,000 and $45,000
  • Best for those who need fast funding
  • Fast funding
  • Repayment terms are limited - you can either choose three years or five
  • Financial education tools are available

What is Rocket Loans?

Rocket Loans is a personal lender based out of Detroit, Michigan that was founded with the intent to provide a streamlined process that is “rocket fast”. They are constantly updating and improving on their service to make Rocket Loans the most user-friendly lending platform out there.

Rocket Loans Rates and Fees



Loan term:

3 to 5 years

Loan amounts:


Hidden fees:

Origination fees, late fees

Minimum credit score required


Extra perks:

Financial education

Fund availability

1-3 business days

What type of personal loans does Rocket Loans offer?

You can use a personal loan from Rocket Loans for almost anything legal apart from a student loan. That’s because student loans have their own set of rules and regulations. Apart from those limitations, Rocket Loans personal loans can be used for almost anything included but not limited to:

  • Debt consolidation
  • Auto loans
  • Home improvement
  • Vacations
  • Weddings
  • Large purchases

Rocket Loans Pros and Cons


  • Fast process and funding
  • Discount for setting up autopay
  • Pre-qualification available


  • No secured loan option
  • Origination fee
  • Inflexible repayment date
  • Limited repayment terms

Who should use Rocket Loans?

Rocket Loans personal loans are a great fit for anyone with a decent credit score who needs funds quickly. As Rocket Loans doesn’t offer secured, co-signed, or joint loans, it is only an option for anyone who does not want those features.

What are some of the benefits of using Rocket Loans?

Rocket Loans offers fast funding options.

Most loans received through Rocket Loans will be funded within one to three business days. In some cases, borrowers can even receive funding on the same day they submit their application. For same-day funding to apply, applications must be submitted early in the day so approval can be given prior to 1:00 PM EST, Monday through Friday.

You can receive a discount for setting up automatic loan payments.

If you choose to set up automated payments you have the opportunity to receive a discount of 0.3% which is very high compared to other lenders who offer a similar perk. If you’re looking for chances to save money while paying back your loan this auto payment discount can be a huge bonus.

Rocket Loans offers a wide range of loan amounts for borrowers.

Loans funded through Rocket Loans can be anywhere between $2,000 and $45,000 which is a wide range that can help borrowers in a variety of situations. Whether looking for a way to consolidate debt, cover a large home renovation, or address medical debt, Rocket Loans offers suitable options that are worth considering.

What are some of the downsides to using Rocket Loans?

There are no co-signed, joint, or secured loan options.

Secured loans are those that require collateral such as a home or a car as security. If you take out a secured loan, the lender will be able to seize your assets if you default on your payments. Secured loans may be the less appealing alternative, but they usually have cheaper interest rates and a wider range of applications in exchange for that higher risk to you. Co-signed or joint loans can allow someone with poor credit to receive a better offer if applying alongside someone with a better financial history but RocketLoans does not offer this option.

The origination fees are quite high.

Online lenders often charge origination costs although the precise amount will vary. Rocket Loans’ origination fee depends on the credit history and trustworthiness of each individual borrower and can be as high as 6%. Borrowers with a better credit score have a better chance of receiving a lower origination fee so the 6% is a maximum amount and you may receive one that is lower. The origination fee is deducted from the funds sent to you before you even receive them so although paying an origination fee is not the most desirable option, you will not need to take any extra steps to make sure it’s paid.

You can only choose between a three-year or a five-year repayment term.

While there are many great lenders that only offer two repayment term lengths, the inability to choose a shorter option to save on interest may make Rocket Loans a less desirable option for many.

Your payment date is assigned and cannot be adjusted.

While many online lenders allow you to either select your payment date up front or adjust the payment date at least once during your loan term, Rocket Loans does not allow either. While this may not be a complete dealbreaker for you, most lenders will offer at least one of those two features.

Do I need a credit check to take out a loan with Rocket Loans?

RocketLoans will run a hard credit check when you are ready to accept an offer, but this will not happen until you are committed to taking out a loan with them. During the prequalification process, they will do a soft credit check that will have no impact on your credit score.

Does Rocket Loans cost any money?

Although it is completely free to use Rocket Loans services you may encounter several different types of fees throughout your loan term depending on your unique set of circumstances. Most borrowers who take out a personal loan with Rocket Loans will pay some kind of origination fee which is a small percentage of the total loan amount that is charged up front and typically deducted from the funds the lender sends to you. You may also be charged a late fee although of course this will only become relevant if you are late on your payments.

Where does Rocket Loans operate?

Rocket Loans personal loans are available to most residents of the United States but there are a few exceptions as they do not operate in Iowa, Nevada, or West Virginia.

How is Rocket Loans’s customer service and support?

Rocket Loans provides two different channels of communication for customer service so whether you’re applying for a loan or a current active client, you will have a specific resource to follow up with. They offer email service that you can submit to any time and phone service that is available during the following hours:

  • Monday through Friday, 9:00AM -7:00PM EST
  • Saturday, 9:00AM -6:00PM EST

How to qualify for a Personal Loan through Rocket Loans

Although the exact requirements that you will need to qualify for a personal loan through Rocket Loans has not been disclosed and varies depending on several factors, most successful applications will have at minimum:

  • A minimum credit score of at least 640
  • At least two years of credit history
  • A minimum annual income of at least $24,000 although most successful applicants have a much higher income
  • Must provide a social security number
  • Must be at least 18 years of age

How to Apply for a Rocket Loans Personal Loan

If you’re interested in applying for a personal loan through Rocket Loans you will start by heading to their website and filling out a brief application form to first see if you are able to qualify for a loan. This process is very quick and allows you to review your options before you need to provide more information and undergo a hard credit evaluation.

After you select a loan which will work for you Rocket Loans will evaluate your information and ensure that you qualify for the loan you selected. They will also validate your information at this time. In most cases this takes only a few minutes but sometimes it may take a few hours or days.

Once your information is validated and you sign any relevant paperwork, Rocket Loans will start the process of funding your loan. If you apply in the morning and are approved right away, you may be able to get your funds during the same business day. If you apply later in the day and this is not possible, you will likely receive your funds the next business day.

Is Rocket Loans Legit and Trustworthy?

Rocket Loans is a legitimate lender that utilizes all standard methods of encrypting user data and keeping information they receive secure. As they handle your financial information and more, Rocket Loans prioritizes keepings your data safe.


Rocket Loans personal loans are quick and efficient true to their name - their expert staff strives to make sure your experience with them is “rocket fast” but they do not sacrifice quality for speed. Despite the origination fees and lack of secured loan options, Rocket Loans does have some big positives such as fast funding and discounts for auto payments. If you need funds quickly to address an emergency situation or consolidate debt you will likely find a suitable option with Rocket Loans.

Rocket Loans Review

Borrow $2,000-$45,000

APR ranges from 5.97-29.69%

Funding within 3 business days

Loan term: 3-5 years

Financial help/education tools

Minimum credit score: 640

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Personal Loans for Every Occasion

"A seamless experience from start to finish, and not to mention FAST! I got funded in just 3 days for an unexpected family expense and was able to obtain a great rate"

Marc Amado

"They are a team of top-notch professionals and were very responsive to a few questions I had on my loan application. I’d definitely work with them again. Thank you for making the process so easy and painless!"

Allison Brenner

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