To be eligible for a Rocket Loans personal loans, you must be either a U.S. citizen (or a permanent resident) and at least 18 in most states. Alabama and Nebraska require that you be 19. The state in which the company is headquartered must also be your residence. This includes all of the states, except for West Virginia, Iowa, Nevada, and Iowa. Rocket Loans personal loans cannot be granted to residents outside the United States.
Rocket Loans will assess your income and credit score to determine whether they are able to approve you for a loan. Rocket Loans does not list income requirements or credit scores on its website. We were unable reach a representative at the time of publication. If you have a better credit score or a lower debt-to-income ratio, you can apply again if you’re denied.
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Who should get a Rocket Loans loan?
Rocket Loans, like most personal loans can be used to pay for large purchases, finance home improvements, consolidate debt or cover an emergency. They cannot be used to pay for student loans or other illegal purposes.
Rocket Loans is a quick online application and same-day funding option. This can be a great option for people who require funds fast, such as to cover an emergency. However, there are better options than personal loans for emergency expenses. To receive your loan funds the same day you must sign the promissory notes and complete the application by 1 p.m. ET on a business day. You might need to wait until the next day for your funds to reach you.
Rocket Loans’ online tool for pre-qualification allows you to quickly and easily determine your rate, without having to impact your credit score. You can also get a rate discount by enrolling in AutoPay. This has the added benefit that it automatically debits your bank account each month with your monthly payment, helping you to avoid late payments. Rocket Loans charges an origination fee between 1% and 6%, as well as a $15 late fee. This is in contrast to Marcus by Goldman Sachs and SoFi which do not charge any fees.
Rocket Loans has a wide range of loan amounts. However, the loan terms are not as flexible. You can choose between a 36-month or 60-month loan term. You may be better off looking for another lender if you need a small loan that can be paid off quickly. Rocket Loans are worth looking at if you require a longer repayment term and need fast funding.
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How to apply for a Rocket Loans loan
- Choose the loan amount and terms you prefer
Before you apply for a personal loan, make sure you decide if you need it. Also, determine how much money you would like to borrow and create a repayment plan. Rocket Loans allows you to borrow up to $45,000, and can choose between a 36-month or 60-month loan term. While a longer term will result in lower monthly payments, a loan with higher interest rates could cost you more overall.
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- Online rate check
Next, use the online pre-qualification tool to check your rate and receive loan offers from Rocket Loans. Rocket Loans will perform a soft inquiry to provide you with a rate quote. This is to ensure that your credit score does not suffer. After you have compared the Rocket Loans rate, compare it with other lenders to make sure you are getting the best rate for you.
- Complete the application and send it in
Complete the application if you feel Rocket Loans is right for you. This step will require a credit inquiry. It will have an impact on your credit score. Gather all the documents you need to submit a loan application. This could include proof that income is proven and a government-issued identification.
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- Wait for approval, sign, and then fund
Your application and the speed at which your information can be verified will determine whether you are approved or denied. You may receive funds within 24 hours. It might take longer for funding approval if your situation is more complicated, such as self-employment.
