Rocket Loans Personal Loan Review
. You might get your loan the same day that you apply. But if you were hoping to get a joint loan or to offer collateral, you’ll have to find a different lender. Those options aren’t available.
pros and cons
Every personal loan lender offers its own benefits, drawbacks and rates. Review the pros and cons below. They can give you an idea whether is right for you.
Pros
- Quick online process, and quick access to cash
- Lower rates than many other online lenders
- Has a mobile app for budgeting and subscription management
Cons
- Can’t add a second person to your loan
- Fewer loan terms and loan amounts available
- origination fee
- No mobile app for paying and managing your personal loan
may be a great choice if you need a basic personal loan, and fast. It offers an easy online application. It’ll even verify your income, identity and other personal information electronically.
also caps its rates at (with autopay). Most financial experts agree that 36% is the cutoff between an affordable loan and one that may be predatory. Rocket comes in well below that.
However, personal loans from Rocket can come with an origination fee. You won’t pay this out of pocket. will deduct it from your loan before sending you the money.
You can’t get a joint loan with Rocket, and it only offers unsecured personal loans (it doesn’t accept collateral). You’ll have to qualify based on your creditworthiness alone.
Still, has a fairly low minimum credit score requirement, at . So it’s possible that you wouldn’t need those options to get approved, anyway.
requirements
Personal loan requirements vary from lender to lender. When you apply, will review your credit score, credit history, your current amount of debt and other factors.
At minimum, you’ll need to meet the requirements below.
| Minimum credit score | |
| Minimum annual income | $24,000 |
| Residency requirements | Not available in Iowa, Maryland, Nevada or West Virginia |
If you meet the basic requirements listed above, you may need to disclose how you plan to use your personal loan. While does allow borrowers to use its funding for a variety of purposes, there are certain expenses you cannot put the money toward.
| Rocket Loans’ personal loans CAN be used for… | Rocket Loans’ personal loans CANNOT be used for… |
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If ’ loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
How to get a personal loan with
Check your rate and compare offers
First, you’ll prequalify for a personal loan on ’ website. This lets you see if you’re eligible and what kind of rates you might get without hurting your credit score. If you see an offer that you like, you’ll move on to the next step: applying.
Fill out an application
Once you choose an offer, you’ll formally apply for the loan. Follow the prompts and will verify your personal information electronically. If it approves you, will send you a loan agreement, which you will e-sign.
Get your loan
When receives your signed loan agreement, it will send your loan straight to your bank account. If you finalize your loan before 4 p.m. Eastern time, you could get your money that same day. Otherwise, it can take one to three business days to get your loan.
How compares to other personal loan companies
Even if you believe aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how stacks up against similar personal loan lenders.
| Lender | LendingClub | ||
|---|---|---|---|
| LendingTree’s rating | 3.1/5 | /5 | 4.1/5 |
| Minimum credit score | |||
| APRs | (with autopay) | 7.04% – 35.89% (with autopay) | |
| Loan amounts | $1,000 – $60,000 | ||
| Repayment terms | months | months | 24 to 72 months |
| Origination fee | 0.00%-8.00% | ||
| Funding timeline | Funding may be available as soon as the same business day | Funding may be available as soon as one business day | Funding may be available as soon as one business day |
| Bottom line | has fewer loan term options and potentially high origination fees, but sends loans quickly. | is a peer-to-peer lender and has a lower minimum credit score requirement. However, its rates aren’t as competitive. | LendingClub doesn’t charge any origination fees, but you have to be a current customer to get its biggest loans and longest repayment terms. |
How we rated
We evaluate personal loan lenders on more than just interest rates. Our goal is to show how accessible, affordable, transparent and supportive each lender really is.
Our categories
Every lender is scored out of 5 stars, with 5 stars being the highest rating. LendingTree loan experts determine this score using dozens of underlying data points across four weighted categories covering the full borrowing journey.
We assess how easy it is for people to qualify and apply. This includes state availability, soft-credit prequalification, membership requirements, funding speed and whether borrowers with less-than-excellent credit can get a loan.
We evaluate how affordable the loans are based on minimum and maximum APRs, loan fees and rate discounts. Lenders with unclear or potentially predatory costs receive lower scores.
We consider repayment term flexibility, loan amount ranges and whether options like secured loans, joint loans or direct-to-creditor payments are offered — plus whether the lender clearly communicates these options.
We evaluate borrower experience after funding: customer service access, hardship or forbearance programs, payment flexibility and digital tools like mobile apps or credit monitoring.
Our process
We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.
In some cases, our editors may apply a small adjustment (no more than 4% of the overall score) to account for factors not captured by the methodology. This could include J.D. Power customer satisfaction surveys, recent regulatory actions or features that stand out in ways our rubric doesn’t measure directly.
Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings.
Frequently asked questions
Rocket Loans may be a solid choice if you need quick cash, based on our Rocket Loans personal loan review. In some cases, you can get your loan the same day that you apply. Rocket Loans’ rates are also competitive, although it does charge an origination fee on some loans.
Rocket Loans also doesn’t accept cosigners, co-borrowers or collateral. If you are interested in those options, then Rocket Loans may not be good for you.
Rocket Loans requires a minimum credit score of 620, and you must make at least $24,000 a year. It’ll also review how much debt you already have, your payment history and other standard loan underwriting factors. But compared to some lenders, it’s not hard to get a Rocket personal loan.
No, Rocket Loans does not accept collateral for its personal loans. All of its personal loans are unsecured.
This can be a good thing if you don’t want to risk losing something valuable. However, you also can’t help your approval odds or get a lower rate by opting for a secured loan like you can with some other lenders.
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