Pros Explained

• Quick application process: The application process is entirely online, and pre-approval can be done in a few minutes. Completing the application is straightforward and includes submitting pay stubs, tax docs, and bank statements as attachments.
• Same-day funding on some loans: Rocket Loans may offer same-day funding, depending on your loan and financial situation.
• Checking your rate won't impact your credit score: The pre-approval process only requires a soft pull of your credit, which does not affect your credit score.

Cons Explained

• Up to 9% origination fee for loans: Rocket Loans may charge up to 9% of the total value of the loan as an origination fee. This means a $10,000 loan would tack on a $900 fee.
• Rates are up to 29.99% APR: Interest rates on personal loans with Rocket Loans can be as high as 29.99%, which is higher than most competitors. People with poor credit can usually expect a higher APR and origination fee.
• Only two repayment terms: While some companies offer a range of loan term lengths, Rocket Loans only offers 36-month or 60-month loan repayment terms.

Types of Personal Loans Offered by Rocket Loans

Rocket Loans offers unsecured personal loans for various use cases, including:

• Paying for solar power in your home
• Debt consolidation for things like high-interest credit card debt and more
• Paying for a new or used car
• Home improvements
• Medical bills
• Taking a vacation

Loans cannot be used for student loan debt payments or to pay for any post-secondary educational expenses. Loans also cannot be used in connection with any illegal activities.

Time To Receive Personal Loan Funds

Applications can be made entirely online, and funds are usually disbursed within a few business days, but you may be able to receive same-day funding.

Same-day funding will be based on your financial situation and how quickly Rocket Loans can verify your information. If you complete the loan process and sign the Promissory Note by 1 p.m. Eastern, the funds may reach bank account the same day.

Borrower Requirements

Rocket Loans doesn’t explicitly state the income or credit score requirements to qualify for a loan, but does use the following qualification factors to determine eligibility:

• Age (must be at least 18 years old)
• Residence (must be a U.S. resident)
• Credit score
• Monthly income
• Previous tax filings
• Debt-to-income ratio (DTI)
• Overall credit history 

Loans are disbursed using ACH payments, so you must have an open bank account to receive payments.

Rocket Loans Personal Loan Features

Rocket Loans doesn’t offer much in the way of extra loan features. Its main claim to fame is its same-day funding, which can give you access to money much faster than many competitors.

Co-Signers and Co-Applicants

Rocket Loans does not support co-signers or co-applicants at this time. If you need a loan, you must qualify for a personal loan on your own.

Can You Refinance a Personal Loan With Rocket Loans?

Rocket Loans does not support loan refinancing of its own loans. However, you can use your personal loan for debt consolidation, to get a lower APR, or to pay off other individual debts or loans from other providers.

Rocket Loans Customer Service

Medium	Contact	When
Email	Support@RocketLoans.com	24/7
Phone (New Borrowers)	(800) 333-7625	9 a.m. to 7 p.m. Eastern, Monday to Friday, and 9 a.m. to 6 p.m. Eastern on Saturday
Phone (Current Borrowers)	(800) 333-7625	9 a.m. to 7 p.m. Eastern, Monday to Friday, and 9 a.m. to 6 p.m. Eastern on Saturday

Customer Satisfaction

Rocket Loans is a newer lender and is not ranked in the latest J.D. Power Consumer Lending Satisfaction Study. But reviewers on third-party sites give Rocket Loans good marks. Reviews state the easy application process and quick funding as reasons for the high rating.

How to Apply for a Rocket Loans Personal Loan 

Rocket Loans has a simple application process, which is broken down into four steps.

Pre-Qualification

Rocket Loans offers a one-page application online for pre-qualification, allowing you to see your potential loan terms before completing your application. You will need to provide the following information:

• Full name
• Current address
• Income information
• Social Security number
• Date of birth

Loan Selection

Rocket Loans will show you the loan options you qualify for. Select your loan amount, repayment terms, and rate. There are two repayment terms to choose from: 36 or 60 months.

Submit Application

Once you select your loan details, you will need to complete the application. This includes submitting bank documents, but you may also be required to submit additional documents for verification, including:

• Driver's license
• Pay stubs
• Bank statements
• Tax forms

Sign Documents

To receive funding, you will need to sign the promissory note and other required documentation to complete the process. After signing, you may be eligible to receive same-day funding (if signed before 1 p.m. Eastern), but it may also take a few business days for the deposit to clear, depending on your bank.

Alternative Personal Loan Lenders

	Rocket Loans	Upgrade	SoFi
APR Range	9.12%–29.99%	8.49%–35.99%	8.99%–29.49%
Loan Amounts	$2,000–$45,000	$1,000–$50,000	$5,000–$100,000
Loan Terms	36 or 60 months	24–84 months	24–84 months
Recommended Minimum Credit Score	640	620	Not Disclosed
Origination Fee	Up to 9%	Up to 9.99%	None
Time to Receive Funds	Same day	1 day	Same day

The Bottom Line

Rocket Loans offers an easy application process and straightforward loan options, with personal loans available up to $45,000. Pre-approval is available in just minutes, and it won’t hurt your credit to check your rates. But Rocket Loans charges an origination fee of up to 9% of the total loan amount, which is much higher than most competitors. And the interest rates on personal loans can be as high as 29.99%. Overall, Rocket Loans offers a simple process and excellent service, but you may end up paying more.

What Do Most People Use a Personal Loan For?

Personal loans can be used for a wide variety of things, like a vacation, wedding, home improvements, and more. But when Investopedia surveyed over 900 existing and potential personal loan borrowers in 2023, the majority of people told us debt consolidation was the top reason for getting a personal loan.

Debt consolidation was the top reason why 48% of current borrowers got a personal loan. Of the potential borrowers we surveyed, 29% said debt consolidation was the reason they were seeking a personal loan. Paying for home improvements and large purchases were the next two most common reasons.

“The lender had a better interest rate than all of my credit cards, so I ended up just consolidating everything under a personal loan,” said one survey respondent who took out a personal loan for debt consolidation.

Is Rocket Loans Legit?

Yes, Rocket Loans is legit. It's part of Rocket Companies, the parent company of Rocket Mortgage, Rocket Home, Rocket Auto, and Rocket Solar. Rocket Loans launched in 2016, so it's fairly new to the lending space, but its parent company has been around since 1985.

How Long Does Rocket Loans Take to Approve?

Rocket Loans can approve you for a personal loan in minutes. If you apply and qualify, you may be able to get your loan funds the same day, too. To receive same-day funding, you must complete the loan process and sign the Promissory Note by 1 p.m. Eastern.

Does Rocket Loans Verify Income?

Yes, Rocket Loans will verify your income before deciding whether to approve you for a personal loan or not. To verify income, Rocket Loans will ask you for pay stubs, bank account statements, tax documents, and more.

Methodology

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

• Loan costs (advertised APR, fees, and six other factors): 29.25%
• Loan terms (loan amount, repayment term, and three other factors): 22.25%
• Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
• Additional features (online application, pre-qualification, and eight other factors): 20%

Learn more about how we evaluated personal loans in our complete methodology.