MoneyGeek’s Take

Rocket Loans Personal Loan Lender Review

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ByChristopher Boston
Edited byVictoria Copans

Updated: December 21, 2023

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Rocket Loans offers quick loan approval and funding, often on the same day, making it ideal for urgent financial needs. It offers loans up to $45,000 with an easy online application process, appealing to tech-savvy borrowers and those needing significant funds. However, higher interest rates and fees like origination charges could be drawbacks.


Rocket Loans Features

When considering Rocket Loans for a personal loan, exploring its features is key. You can use its loans for various needs like home improvements or debt consolidation. Be aware of fees that may come with processing your loan. Rocket Loans' loan terms offer flexibility, fitting different financial situations. Good customer service and easy online management are also big pluses, making the borrowing process smoother.

By understanding these aspects, you can better decide if Rocket Loans meets your specific loan needs, ensuring you choose a lender that aligns with your financial goals.

What You Can Use Your Funds For

Knowing how you can use your personal loan from Rocket Loans is crucial. Some lenders restrict how you spend the loan, but with Rocket Loans, you can cover various needs. This flexibility lets you plan financially with more confidence.

  • Home Improvements: Use the loan for renovations or repairs, increasing your home's value and comfort.

  • Debt Consolidation: Combine multiple debts into one loan with potentially lower interest rates, simplifying your payments.

  • Emergency Expenses: Cover unexpected costs like medical bills or urgent car repairs, providing financial relief in tough times.

  • Major Purchases: Fund significant buys like new appliances or a car, making these large expenses more manageable.

By understanding the diverse uses of a Rocket Loans personal loan, you can make an informed decision on whether it aligns with your specific financial needs.

Loan Terms for a Rocket Loans Personal Loan

Understanding the terms of a Rocket Loans personal loan is key to making a smart financial decision. Knowing the loan amounts, repayment terms and APR (annual percentage rate) helps you plan your budget and choose a loan that fits your needs.

  • Loan Amounts: Rocket Loans offers personal loans from $2,000 to $45,000. You can borrow what you need, whether a smaller amount for a quick need or more for a big project.

  • Repayment Terms: The time you have to pay back your Rocket Loans personal loan ranges from 36 to 60 months. Shorter terms mean higher payments but less interest overall, while longer terms lower monthly payments but cost more in interest.

  • APR Ranges: Rocket Loans' APR can change depending on factors like your creditworthiness and payment method. A lower APR means the loan is less expensive. Compare APRs to find the most affordable option.

By understanding these terms, you can choose a loan that matches your financial situation, ensuring you're comfortable with the payments and the overall cost of borrowing. This helps in managing your finances effectively and avoiding stress over loan repayments.

Fees and Discounts for a Rocket Loans Personal Loan

Different lenders have various fees, and knowing these helps you evaluate the total cost of the loan. Rocket Loans does not charge fees for paying off your loan early, which is a benefit if you plan to settle your loan ahead of schedule.

However, Rocket Loans does have certain fees that you should be aware of, such as:

  • Origination Fee: Rocket Loans has an origination fee of up to 9% of your loan amount. This is charged for processing your loan application and is deducted from your loan amount before you receive it.

  • Late Payment Fee: Rocket Loans charges a $15 late fee if you miss a payment.

  • ACH Return Fee/Returned Check Fee: Rocket Loans charges a $15 additional fee if your ACH transfer or check is rejected or returned.

Knowing these fees helps you plan your finances better and avoid surprises. It's key to factor in these costs when deciding if a Rocket Loans personal loan is right for you.

Rocket Loans Personal Loan Repayment Assistance

When choosing a personal loan lender like Rocket Loans, consider the support it offers during tough financial times. Life can be unpredictable, and knowing how your lender can assist you if you face payment difficulties is essential.

Rocket Loans understands that financial challenges can arise, and it provides options to help you manage your loan repayments during hard times. This could include flexible payment plans or temporary relief options. However, it's crucial to reach out to Rocket Loans as soon as you realize you might have trouble with a payment. The earlier you communicate, the more helpful it can be.

Rocket Loans Customer Service

Good customer support means getting help when you have questions or concerns, not just when applying for a loan. This support is crucial for a smooth borrowing experience and quickly resolving any issues.

Rocket Loans offers various ways for borrowers to get in touch. You can contact its Active Client Services team for assistance with existing loans, repayment options or any general queries. Here's how you can contact this lender:

  • Email: For non-urgent matters, you can email

  • Phone: For immediate assistance, call its customer service team at (800) 333-7625 or directly at (313) 230-5233.

  • Operating Hours: Its team is available Monday to Friday, 9:00 am to 7:00 pm ET, and Saturday from 9:00 am to 6:00 pm ET.

Rocket Loans’ New Loan Support Center is available for new clients to help answer concerns about its process and any questions about new applications. You can reach it via:

  • Email: You can email

  • Phone: Call its customer service team at (800) 333-7625.

Having reliable customer service is a safety net during your loan period, ensuring that help is just a call or email away whenever you need it.

Rocket Loans Personal Loan Online Resources

Choosing a personal loan lender like Rocket Loans is also about the extra resources it provides. These resources, like educational materials and online calculators, are important for a few reasons: they help you understand your loan better, plan your finances and easily track your payments.

For example, Rocket Loans’ simple loan calculator can estimate how much you'll pay each month. This kind of support, beyond just customer service, makes managing your loan simpler and helps you make informed financial decisions.

Qualifying for a Rocket Loans Personal Loan

Understanding the eligibility criteria for a Rocket Loans personal loan is key before you apply. This knowledge helps you gauge your chances of approval and ensures you meet the requirements, saving time and effort.

Based on the information available, here are some key eligibility criteria for Rocket Loans:

  • Minimum Credit Score: Typically, Rocket Loans requires a credit score of 640 for personal loan approval. A higher score, such as 650 or above, may secure better terms​​​​​​.

  • Debt-to-Income Ratio (DTI): Most lenders, including Rocket Loans, look for a debt-to-income ratio in the 36% to 50% range​​.

It’s worth noting that Rocket Loans doesn’t allow co-signers or joint applications, which can boost your application if your credit score or income is lower than required. By understanding these criteria, you can better assess if Rocket Loans is the right choice for your financial situation.

Is a Rocket Loans Personal Loan Right For You?

Assessing if Rocket Loans is the right lender for you helps ensure the loan fits your financial situation and needs and can save you from future financial strain. Taking the time to evaluate if Rocket Loans aligns with your needs is an important part of smart money management.

Who Can Benefit From a Personal Loan From Rocket Loans

Like any lender, Rocket Loans may not be the perfect match for every borrower. However, for some, it could be just the right fit. It's all about matching your specific needs and situation with what Rocket Loans offers.

Rocket Loans can be a great choice for homeowners with substantial equity. Its flexibility in loan amounts can help you leverage your home's value for renovations or repairs. Rocket Loans stands out with its fast funding process if you need quick funds, often providing money on the same day of approval.

Individuals with good credit might find favorable terms with Rocket Loans, especially if their credit score is above its minimum requirement. If you're tech-savvy, its easy-to-use online application and management tools make the borrowing process smooth and straightforward.

Who Shouldn’t Secure a Personal Loan From Rocket Loans

While Rocket Loans might be the right choice for many, it's not the perfect fit for everyone. For some borrowers, looking at other lenders might be a better option. For instance, those with poor credit may find applying for a Rocket Loans personal loan challenging. Since it typically requires a credit score of 640, individuals with lower scores might struggle to get approved.

Additionally, Rocket Loans doesn't lend in Iowa, Nevada and West Virginia, so you'll need to seek other options if you're a resident of any of these states. If you're seeking very small loan amounts, Rocket Loans might not be ideal. It's known for its flexibility in larger amounts, which means those needing only a small sum might not find what they're looking for.

How to Apply for a Rocket Loans Personal Loan

Knowing the steps to secure a personal loan from Rocket Loans helps streamline the process, ensuring you're prepared and understand what's required at each stage. Here's what you can expect throughout the process:


Check Your Credit Score

Rocket Loans generally requires a credit score of 640, but a higher score could get you better terms. Understanding where your credit stands helps you gauge your chances of approval and prepare for potential interest rates and terms. Checking your score in advance also gives you a chance to improve it if needed, enhancing your loan options.


Gather Necessary Documents

You'll likely need proof of income (like pay stubs or tax returns), government-issued identification and possibly other financial documents. Having these ready streamlines the application process and limits delays. This step also helps you assess your financial situation, ensuring you apply for a loan amount that aligns with your capability to repay.


Complete the Online Application

Fill out the online application with accurate information about your finances and the loan you need. The application is designed to be user-friendly, guiding you through each step. Completing this accurately is crucial, as it forms the basis of your loan agreement.


Await Approval and Receive Funds

Rocket Loans is known for its quick response, often providing funds on the day of approval. Once you're approved, the loan amount will be deposited into your account. This swift process is beneficial for urgent financial needs, making Rocket Loans a good option for timely funding.

Understanding these steps in detail prepares you for a successful loan application process with Rocket Loans, ensuring you can navigate each stage with confidence and ease.

What to Do If You’re Denied

Having your personal loan application denied by Rocket Loans can feel disheartening, but it's not the end of your financial journey. There are steps you can take to understand this decision and improve your chances in the future, including:

  • Understanding the Reasons for Denial: Rocket Loans will explain your application's denial. It could be due to a low credit score, high debt-to-income ratio or insufficient income. Knowing why it denied your application helps you target specific areas for improvement.

  • Boosting Your Financial Profile: Work on improving your credit score by paying bills on time and reducing debt. Increasing your income, if possible, can also help. Improving these areas enhances your eligibility for future loan applications.

  • Looking for Alternative Financing Options: If Rocket Loans isn't a good fit, explore other lenders with different criteria. Credit unions or other online lenders often have more flexible requirements. You can also consider other types of loans, like secured loans, with easier approval criteria.

  • Seeking Professional Financial Advice: A financial advisor can provide personalized guidance. They can help you understand your financial situation, suggest ways to improve it and explore different borrowing options.

Remember, a denial isn't a permanent setback. It's an opportunity to reassess your financial situation and make positive changes. With the right approach and improvements, you can increase your chances of loan approval in the future.

FAQ About Rocket Loans as a Personal Loan Lender

To help you better understand Rocket Loans as a personal loan lender, we addressed some frequently asked questions you might have. These answers aim to give you a clearer picture of what to expect and how Rocket Loans operates.

While Rocket Loans allows flexibility in how you use your loan funds, you can’t use your personal loan for educational expenses.

Typically, Rocket Loans requires a credit score of 640. However, having a score of 650 or higher could secure better loan terms.

Rocket Loans is known for its quick approval process. In many cases, loans are approved and funded on the same day as the application, making it a fast option for urgent financial needs.

As of now, Rocket Loans does not have a dedicated mobile app for personal loans. However, its website is mobile-friendly, allowing borrowers to manage their loans and apply for new ones using a mobile browser.

Rocket Loans primarily offers unsecured personal loans, which means you don’t need collateral like a house or car to get approved.

The loan amount you can borrow from Rocket Loans ranges between $2,000 and $45,000. It offers a range of loan amounts to fit different financial needs, so it's best to check its current offerings for specifics.

Rocket Loans charges an origination fee of up to 9% of your loan amount. Additionally, late payment and insufficient funds fees could apply. Always read the loan agreement for detailed fee information.

Applying for a loan with Rocket Loans involves a hard credit inquiry, which can temporarily lower your credit score. However, responsible management of the loan can positively impact your credit over time.

Rocket Loans often offers a discount on the interest rate for borrowers who choose to set up autopay. However, the discount varies, so it's best to confirm with this lender directly.

Currently, Rocket Loans does not allow co-signers for personal loans. Borrowers must individually meet the eligibility criteria set by Rocket Loans.


About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

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