With Rocket Loans, you can get an unsecured personal loan with a fixed interest rate, repayment terms of between 36 and 60 months and quick loan disbursal. It is a good option that allows you to use funds for a variety of purposes, including debt consolidation.

At a Glance: Rocket Loans Personal Loans

  • Rocket Loans

    • 5.97% to 29.69%APR Range
    • 640Minimum Credit Score
    • $2,000 to $45,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Rocket Loans

MoneyGeek Breakdown - Rocket Loans Personal Loan Details


Rocket Loans’ annual percentage rate (APR) ranges from 5.97% to 29.69%.

Credit Score Requirements

You will need a minimum credit score of 640 to qualify for a loan from this lender.

Income Requirements

Borrowers need to have a minimum annual income of $24,000 to be eligible for a personal loan from Rocket Loans

Loan Amounts

Loan amounts range from $2,000 to $45,000 depending on the loan purpose.

Loan Terms

Qualified borrowers may opt for either a 36, 48 or 60-month loan term.

Permitted Uses

You can use your Rocket Loans personal loan for debt consolidation, home improvement, auto expenses, travel and vacation expenses and other large purchases.

Prohibited Uses

Personal loans from Rocket Loans cannot be used to finance a student loan or for expenses associated with illegal activities.

Time to Receive Funds

Borrowers could receive same-day funding, but generally loan funds are received by the next business day.

Origination Fees

An origination fee of 1%-6% is charged to each personal loan and is deducted from the loan disbursement.

Late Fees

There is a $15 fee that is charged for each payment cycle that the payment is late, but there is a 10-day grace period.

Prepayment Penalty Fees

Rocket Loans personal loans do not have prepayment penalty fees, so you can repay your loan in full at any time without extra charges.

Co-signers and Co-applicants

Rocket Loans personal loans don’t allow co-signers or co-applicants.


Viewing your rate with Rocket Loans will not have an impact on your credit score because your rate is generated using a soft inquiry. It only does a hard pull of your credit report, which will influence your credit score, when you decide to move forward with your loan application.

Mobile Application

Rocket Loans does not have a mobile app.

Is Rocket Loans Right for You?

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Every personal loan company is different and has its own pros and cons. MoneyGeek’s Rocket Loan personal loan review also evaluates who this lender is ideal for and who should avoid it to help you decide if it’s the right option for you.

Who Rocket Loans Is Perfect For

A Rocket Loans personal loan is a solid choice for borrowers with fair-to-good credit standing and a decent income. This is because personal loans with this lender require a minimum annual income of $24,000 and a credit score of 640 or higher.

Someone who is looking for quick access to funds for debt consolidation, home improvement, auto expenses, travel and vacation expenses or other large purchases will also benefit from Rocket Loans’ same-day funding of up to $45,000. It is also ideal for borrowers who put a premium on having competitive APRs, autopay discounts and zero prepayment penalties.

Who Should Not Choose Rocket Loans

A Rocket Loans personal loan is not the best option for you if you have a bad credit score, need loan amounts over $45,000 or intend to use the funds to finance a student loan or for expenses associated with illegal activities.

This lender is also not a good option to take if you do not want to be burdened by extra fees, such as origination fees of up to 6% or a late fee of $15 per payment cycle.

How to Apply for a Rocket Loans Personal Loan

To make sure that you are prepared to apply for a loan, MoneyGeek outlined a few simple steps to guide you through the process of applying for a Rocket Loans personal loan.



For a Rocket Loans personal loan, you need to be at least 18 years old, a U.S. resident and reside in a state where Rocket Loans operates. To check if you prequalify for a Rocket Loans personal loan, you will be asked to fill out an online application that has some basic questions, including your full name, current address, income, social security number and date of birth. Once you’ve provided this information, you will be given loan options that you qualify for. Choose the loan amount, repayment terms and interest rate that is best suited to your needs.


Fill Out Application Form

You will be asked to complete your application by providing additional information, such as your bank account details.


Wait for Approval

Rocket Loans will review your application and validate all the information that you provided. In some cases, additional documentation may be requested to support the data in your application. This could include your driver’s license, pay stubs, bank statements or tax forms.


Review Loan Agreement

After Rocket Loans has successfully verified your information, you will receive a loan agreement via email. Read the terms of the agreement thoroughly so that you know exactly what charges and fees you can expect.


Sign Loan Agreement

If you agree with the final terms of the loan agreement, you can sign the document.


Receive or Direct Funds

In some cases, Rocket Loans transfers loan funds to the borrower’s bank account on the same business day. However, the speed at which you will receive the funds to your bank account will depend on the bank that you use. Generally, this takes one to two business days.


Make Payments

You can make your monthly payments by signing up for Rocket Loans’ autopay option. However, if you prefer paying your loan the old-fashioned way, Rocket Loans also accepts monthly checks via snail mail. Make sure that you do not miss your monthly payments because this lender charges a late fee of $15 per payment cycle.

What to Do if You Are Rejected From Rocket Loans

There are a few things that you should do if your application with Rocket Loans gets denied. First, realize that you are not alone in experiencing this setback. Many personal loan applications get denied for various reasons, including having a low credit score, insufficient income or not having enough credit history. These factors cause lenders to question a borrower’s ability to pay.

Rocket Loans will send you an adverse action notice upon denial of your loan application. This will outline the reasons why your application was rejected. Review this document thoroughly. You may also reach out to Rocket Loans, either by phone or email, to ask one of their representatives for advice on how to improve your chances of getting approved.

If you need the funds immediately, it might be tempting to apply for a loan from another lender with less stringent terms and requirements. However, MoneyGeek advises you to refrain from doing so without any significant changes to your personal and financial circumstances.

Frequently Asked Questions About Rocket Loan Personal Loans

We put together a list of the most commonly asked questions about Rocket Loans’ personal loans to help you decide if this online lender is best suited to your needs and financial circumstances. These questions can give you quick answers regarding application requirements and conditions for loan approval.


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.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.