Rocket Loans Personal Loans Review
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What is Rocket Loans?
Rocket Loans is a lending platform that offers personal loans to borrowers with good to bad credit. The company was founded in 2014 and is a subsidiary of Quicken Loans. Rocket Loans offers loans between $2,000 and $45,000. The company also offers a variety of repayment terms, from 36 to 60 months.
Rocket Loans is known for its simple and easy-to-use application process. Borrowers can apply for a loan online in just a few minutes. The company also offers a pre-qualification tool that allows borrowers to see their chances of being approved for a loan before they apply.
Rocket Loans rates and fees (at a glance)
What type of personal loans does Rocket Loans offer?
Rocket Loans offers two types of personal loans:
- Unsecured personal loans: These loans are not backed by any collateral, so borrowers don't have to put up any assets as security. Unsecured personal loans tend to have higher interest rates than secured personal loans.
- Secured personal loans: These loans are backed by collateral, such as a car or a home. Secured personal loans tend to have lower interest rates than unsecured personal loans.
Rocket Loans offers loans between $2,000 and $45,000 with APRs ranging from 9.116% to 29.99%. The company also offers a variety of repayment terms, from 36 to 60 months.
Here is a table that summarizes the different types of personal loans that Rocket Loans offers:
|Loan type||Collateral||APR range||Repayment terms|
|Unsecured personal loan||None||9.116% - 29.99%||36 - 60 months|
|Secured personal loan||Car or home||6.99% - 20.99%||36 - 60 months|
Rocket Loans pros and cons
- Simple and easy-to-use application process: Rocket Loans has a straightforward application process that can be completed online in just a few minutes.
- Pre-qualification tool: Rocket Loans offers a pre-qualification tool that allows borrowers to see their chances of being approved for a loan before they apply. This can help borrowers avoid wasting time submitting an application that they are unlikely to be approved for.
- Variety of repayment terms: Rocket Loans offers a variety of repayment terms, from 36 to 60 months. This allows borrowers to choose a repayment term that fits their budget and financial goals.
- Accredited by the Better Business Bureau: Rocket Loans is accredited by the Better Business Bureau, which means that the company has met certain standards for customer service and transparency.
- High-interest loans: Rocket Loans offers high-interest loans, especially for borrowers with bad credit. This means that borrowers could end up paying a lot of money in interest over the life of the loan.
- Fees associated with loans: Rocket Loans charges a variety of fees, including origination fees, late fees, and prepayment penalties. These fees can add up, so it's important to be aware of them before you apply for a loan.
- Not available to all borrowers: Rocket Loans is not available to all borrowers. The company has certain eligibility requirements, such as a minimum credit score and a minimum income.
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Rocket Loans' customer service and support has been praised by many borrowers. The company offers a variety of ways to contact customer service, including phone, email, and live chat. Borrowers have reported that customer service representatives are knowledgeable and helpful, and that they are able to resolve issues quickly and efficiently.
Here are some of the things that borrowers have said about Rocket Loans' customer service:
"I had a great experience with Rocket Loans' customer service. The representative I spoke to was very helpful and answered all of my questions."
"I was having some trouble with my loan, and Rocket Loans' customer service was able to help me resolve the issue quickly."
"I was impressed with the level of customer service I received from Rocket Loans. The representatives were always friendly and helpful."
However, there have also been some negative reviews of Rocket Loans' customer service. Some borrowers have complained that they had to wait a long time to get in touch with a representative, and that the representatives were not always able to resolve their issues.
What are the eligibility requirements for a Rocket Loans personal loan?
To be eligible for a Rocket Loans personal loan, you must meet the following requirements:
- Be a U.S. citizen or permanent resident
- Be at least 18 years old
- Have a minimum credit score of 580
- Have a minimum income of $2,000 per month
How to apply for financing with Rocket Loans
Here are the steps on how to apply for a Rocket Loans personal loan:
- Go to the Rocket Loans website and click on the "Apply Now" button.
- Enter your personal information, including your name, address, Social Security number, and date of birth.
- Provide your employment information, including your employer's name, address, and phone number.
- Enter your income and expenses.
- Select the amount of the loan and the repayment term.
- Review your application and click on the "Submit" button.
Rocket Loans will review your application and contact you if you are approved. The approval process typically takes a few days.
In my opinion, Rocket Loans is a great option for borrowers who need a personal loan and have fair to good credit. The company offers a variety of benefits that make it a good choice for many people, including:
- A simple and easy-to-use application process
- A variety of repayment terms to choose from
- Competitive interest rates, especially for borrowers with good credit
- Accredited by the Better Business Bureau
In addition to these benefits, Rocket Loans also has a good reputation for customer service. I have heard from many people who have had positive experiences with the company's customer service representatives.
Of course, no lending platform is perfect. Rocket Loans does have some drawbacks, such as high-interest rates for borrowers with bad credit. However, I believe that the benefits of Rocket Loans outweigh the drawbacks for most people.
If you are considering applying for a personal loan, I recommend that you compare rates and fees from different lenders before you make a decision. However, I believe that Rocket Loans is a good option to consider, especially if you have fair to good credit.
Funding within 3 business days
Loan term: 3-5 years
Financial help/education tools
Minimum credit score: 640
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Loan rate & terms disclosure: Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.
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