Rocket Personal Loans Review [2021]

A prime credit lender for loans up to $45,000 and terms that can stretch out up to 60 months.
Our Rating
Credit Karma

Installment Loan Facts

7.16% to 29.99%
Minimum Credit Score
Loan Amount
$2,000 to $45,000
Minimum Age
18 Years
Loan Term
36 months to 60 months
Time to Funding
1 Day
Origination Fees
1% to 6%
Hard Credit Check

Pros and Cons

  • Soft credit check to receive
  • an offer Same-day funding up to $25,000
  • Low starting rates for borrowers with fair credit
  • Origination fees, late fees, and canceled payment fees
  • No direct payment option for debt consolidation loans
  • No secured loan or co-sign option

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Industry Average
$2,000 to $45,000
$500 to $5,000
7.16% to 29.99%
79% to 299%
Origination Fee
1% to 6%
1% to 3%
Minimum Credit Score
Time to Funding
1 Day
1 Day
Hard Credit Check

What Types of Loans Does Rocket Loans Offer?

Debt Consolidation Loans

Managing debt can be difficult if it comes from multiple sources, has high-interest rates, and comes with late fees. Debt consolidation loans target people who need to get their debt under control. A loan of this type lets you roll multiple types of debt into one new loan, allowing you to make a single monthly payment that can be smaller than the sum of your previous payments. Ideally, the new loan will have a lower interest rate.

Home Improvement Loans

Home improvement loans can be used to upgrade and renovate a home. These loans target anyone who would like to enjoy a new update on their home but can’t afford a lump sum payment. The funds can be used for everything from kitchen renovations to a new driveway or a new exterior paint job. Taking out a personal home improvement loan can be preferable to other forms of borrowing such as home equity loans because the repayment isn’t tied to the value of the property.

Terms and Rates

Rocket Loans offers loans as low as $2,000 and as high as $45,000. Term lengths start at 36 months and can reach as long as 60 months. Interest rates vary based on the following conditions:

  • Loan Term
  • Number of Credit inquiries
  • DTI Ratio
  • Home Ownership
  • Monthly Income
  • FICO Score

Rocket Loans offers fixed interest rates for borrowers, so your APR won’t fluctuate over the duration of your loan. APRs range from a minimum of 7.16% (includes an autopay discount) to a maximum of 29.99% (without an autopay discount). Possible APR ranges can vary according to the state of your residence.

As an example, a borrower with great credit who takes out a loan in the amount of $20,000 with a 36-month repayment term at 13.9% APR would make monthly payments of $683.

Time to Funding

As for funding time, as many as 85% of borrowers receive funding by the next business day after approval. This aligns with the Rocket Loans mission statement of getting people money as fast as possible. Approval almost always happens within 24 hours and the maximum wait time for funding is seven business days.

Same day funding is available for loan amounts up to $25,000, and you must complete the loan process by 1:00 pm Eastern Time on a business day. The ACH credit will be submitted to your bank on the same business day. This often results in same day funding, but results may vary and your bank may have rules that limit the ability of Rocket Loans to credit your account.

Loan Requirements

Rocket Loans requires borrowers to have a decent credit score, a reliable source of income, and some credit history. Subprime borrowers will do well to look for credit elsewhere. Some basic requirements for qualifying for a Rocket Loans personal loan include:

  • The minimum credit score you need to qualify for a loan at Rocket Loans is 640. The average borrower has a score of 710.
  • You must have a credit history of at least two years. The average borrower has a credit history of 18 years.
  • Your annual income must be at least $24,000. The average borrower makes $87,000.
  • Your debt-to-income ratio must be no larger than 40%. The average borrower has a debt-to-income ratio of 14%.
  • You must have a valid and active checking account
  • Proof of citizenship or a residence permit will need to be shown
  • Borrowers must be 18 years of age or the minimum age their state requires, whichever is higher. (in Alabama and Nebraska a borrower must be at least 19 years of age)

It’s worth noting that Rocket Loans does not lend to borrowers in the states of Iowa, Nevada, or West Virginia.

In most states, Rocket Loans is a certified lender, certified collection agency, certified money lender/broker or otherwise certified as a related financial entity. In the state of Vermont, Rocket Loans has only a loan solicitation license, meaning they are not the direct lender. If you take out a loan with Rocket Loans in Vermont, your information will be shared with a third-party lender who will provide the loan. The third-party lender may or may not be subject to the laws of the state of Vermont. They may be subject to Federal laws instead.


When applying for a loan on the Rocket Loans website, you will be presented with some loan options you pre-qualify for after entering some personal information. The offer includes aspects of the loan such as monthly payments, APR, and origination fees.

After providing the relevant details, Rocket Loans will perform a soft credit check. Soft credit checks pull only a select portion of your credit history and do not impact your credit score. Other lenders won’t be able to see that a soft credit check has been performed.  

Formal Application

If you decide to move forward with a formal application, Rocket Loans will confirm your identity and perform a hard credit check. Hard credit checks pull all available information about your full borrowing history and will remain visible to other lenders as part of your credit score for two years.


Origination Fees

Origination fees vary from 1% to 6% of the amount of the loan. When you take out a new loan, you will have to pay between 1% to 6% of the loan upfront in order to get started. The amount varies depending on factors such as your credit history and income. The origination fee will be deducted from the amount of your first loan deposit, so take this into account when considering how much you need to borrow.

See The Best Personal Loans with No Origination Fee

Late Payment Fees

Late payments come with a $15 fee after a 10-day grace period. If you miss a payment date, you will have 10 days before incurring the fee. If you fail to make a payment after that time, $15 will be charged to your account. Keep in mind that any payment made after 2 pm Eastern Time will be considered as a payment made the following business day.

Unsuccessful Payment Fees

If your payment is unsuccessful, there will also be a $15 charge. If you don’t have sufficient funds in your payment account, for example, the payment will fail and you will be charged $15. If the automated clearing house (ACH) transfer fails or a check is returned or payment otherwise fails for any reason at all, you will be responsible for paying a $15 fee no matter what circumstances led to the failed payment.


Loan payments will be due about 30 days from the origination of the loan. Continued payments will be expected at the same time each month, in addition to the 10-day grace period for potential late payments. Rocket Loans charges no early payment fees or other hidden fees. If you can afford to repay your loan in advance of the payment date, they will allow you to do so.

The Rocket Loans Customer Experience

Most customers have nothing but good things to say about Rocket Loans.

Contact Information




Call (800) 333-7625

Monday-Friday 8:00 am – 9:00 pm ET Saturday 9:00 am – 6:00 pm ET Sunday 11:00 am – 2:00 pm ET


Call (313) 230-5233 or (800) 333-7625

Monday-Friday 9:00 am – 7:00 pm ET Saturday 9:00 am – 6:00 pm ET

Office Location

Rocket Loans 1274 Library Street, 2nd Floor Detroit, MI 48226

Check Payments

Rocket Loans 28596 Network Place Chicago, IL 60673-1285

Trustpilot and BBB Reviews

On Trustpilot, the company has five out of five stars, with 90% of the 2,900 reviewers giving it an “excellent” rating overall. Some common themes among customer reviews are:

  • Easy application process
  • Great customer service
  • Fast approval time

Rocket Loans has an A+ with the Better Business Bureau, the highest rating a business can receive. The company has been accredited with the Bureau since 2015. Out of 109 customer reviews, they have five out of five stars. Reviews emphasize points such as:

  • Helpful staff
  • Fast funding time
  • Fast and easy application and approval


This loan review can be summarized by saying that Rocket Loans is a good source for borrowers with a wide variety of needs, who have decent credit, and who don’t mind dealing with some fees. The lender could also be ideal for millennials buying their first home, as Rocket Mortgage has streamlined and simplified the entire process, including a smartphone app for managing your loan.