Rocket Loans personal loans review: Options for fair credit with same-day funding

Rocket Loans offers personal loans from $2,000 to $45,000 with terms as long as five years. If you need cash fast to cover an emergency expense, this lender could be a smart choice as same-day funding is available in certain cases. However, its personal loans also come with relatively high origination fees and annual percentage rates (APRs), which is important to be aware of when comparing lenders. 

If you’re considering a personal loan from Rocket Loans, here’s what you should know.

Rocket Loans

Blueprint Rating

Fixed APR

9.116% to 29.99%

Loan amounts

$2,000 to $45,000

More details

• Interest rates: 9.116% to 29.99%.
• Loan amounts: $2,000 to $45,000.
• Repayment terms: 3 or 5 years.
• Min. credit score: 640.
• Discounts: Autopay (amount not disclosed).
• Fees: Origination fee (up to 9%), late fee ($15) and returned payment fee ($15).
• Funding time: As soon as the same business day after approval.

Rocket Loans overview

Originally founded as traditional mortgage broker Rock Financial in 1985, Rocket Companies has since expanded from the well-known Rocket Mortgage to run multiple sister companies. This includes Rocket Loans, which was launched in 2016. 

Rocket Loans offers a transparent and fast online loan application process, and its personal loans are issued by Cross River Bank. This lender is also accredited by the Better Business Bureau, where it has an A+ rating. 

How to qualify for a Rocket Loans personal loan

To get approved for a Rocket Loans personal loan, you’ll need a credit score of at least 640. While this requirement makes Rocket Loans accessible to borrowers with fair credit, it’s on the higher end of fair credit. A fair credit score is usually considered to be a score from 580 to 669. 

Rocket Loans doesn’t specify its income requirements for borrowers, though it does mention it considers income as part of the loan approval process. This lender also doesn’t permit co-signers or joint applicants, which means you’ll have to qualify based solely on your credit and financial information.

As with other lenders, you’ll need to be at least 18 years old to qualify for a personal loan from Rocket Loans. You’ll also need to be a U.S. resident and live in a state where Rocket issues loans. Its personal loans currently aren’t available in Iowa, Nevada or West Virginia. 

How to apply for a Rocket Loans personal loan

If you decide to apply for a personal loan from Rocket Loans, follow these steps:

1. Get pre-qualified and pick a loan option. Pre-qualification allows you to check your personalized rate and terms with only a soft credit check, which won’t hurt your credit score. To pre-qualify with Rocket Loans, you’ll just need to submit some basic personal information, including your name, address, Social Security number, birth date and income. You can then compare the options you’re offered and choose the one that best suits your needs.
2. Complete a formal application. If you opt to pursue a loan offer, you’ll need to submit a full loan application with additional information, including your bank account. Be prepared to provide supporting documentation if needed, such as pay stubs or bank statements. 
3. Await approval. After you’ve submitted your application and documentation, Rocket Loans will review and validate your information. This could happen in real time, though the approval process could take a little longer if the lender needs to request additional information from you. 
4. Get your funds. If you’re approved, Rocket Loans will have you sign the loan agreement detailing the terms. Depending on your bank, you could receive your funds as soon as the same business day after approval. In other cases, it could take up to two business days.

Tip: Be sure to take the time to shop around and compare your loan options not only with Rocket Loans but with as many personal loan lenders as possible. This way, you can find a lender and loan that works best for you.  

Like Rocket Loans, many lenders let you pre-qualify with only a soft credit check, which will give you an idea of what rate and terms you could get approved for should you decide to apply.

Pros of a Rocket Loans personal loan

• Offers a discount for autopay.
• Accepts fair credit scores.
• Transparent application process.
• Funding as fast as the same day after approval.

Cons of a Rocket Loans personal loan

• Fairly high APR relative to competitors.
• Charges an origination fee as well as fees for late and returned payments.
• Limited repayment term options.
• Doesn’t permit co-signers or joint applicants.

Rocket Loans perks and special features

Savings and discounts

Rocket Loans offers an autopay rate discount when you set up automatic monthly payments for your personal loan. Autopay rate discounts are commonly 0.25% or 0.50% with other lenders, but Rocket doesn’t disclose the exact discount that you’ll receive.

Accepts fair credit scores

While most personal loan lenders require good to excellent credit, Rocket Loans accepts scores as low as 640. This means you might qualify even if you have less-than-perfect credit.

Transparent application process

Rocket Loans outlines its entire application process on its website, including what you’ll need to provide during the process and the steps it takes to verify your information. This transparency is useful whether you’re applying for your first personal loan or you’ve taken one out before.

Same-day funding available

Rocket Loans funds its loans as fast as the same business day after approval. However, whether you get approved and funded the same day you apply will depend on your situation and your bank. The lender indicates that in some cases, funding can take up to two business days — which is still relatively quick. 

This could make Rocket Loans ideal if you need to cover an emergency expense.

How Rocket Loans could improve

Reduce minimum APR

The minimum APR on a personal from Rocket Loans is higher than some competitors. If you’re looking for the lowest personal loan rate possible, you might need to consider other lenders.

Charge fewer fees

Rocket Loans charges an origination fee of up to 9% of your total loan amount. This fee is taken out of your loan proceeds before they’re disbursed to you, meaning you’ll end up with less than what you borrowed. 

You’ll also pay a late fee of $15 each time you’re behind on a monthly payment as well as another $15 fee if a payment is returned.

Expand repayment term options

Rocket Loans has only two term options: three or five years. In comparison, some competitors offer a much wider range of options, with terms as short as one year or as long as seven. In some cases, even longer terms are available — for example, LightStream home improvement loans offer terms as long as 12 years. 

Permit co-signers and joint applicants

Having a creditworthy co-signer or joint applicant (also known as a co-borrower) can make it easier to get approved for a loan. However, while some lenders allow co-signed or joint applications, Rocket Loans does not. This means you’ll have to qualify on your own.

Rocket Loans customer service and reviews

While partner company Rocket Mortgage offers a well-rated mobile app that lets you track and manage your home loan payments, Rocket Loans doesn’t currently have a dedicated app. 

However, if you have questions about Rocket personal loans, you can reach its customer service team by phone at 800-333-7625 or by email at support@rocketloans.com. Customer service reps are available from Monday through Friday from 9:00 a.m. to 7:00 p.m. Eastern Time (ET) and on Saturday from 9:00 a.m. to 6:00 p.m. ET. 

The company has received high marks from the majority of customers on Trustpilot, with a star rating of 4.8 out of 5.0 based on over 5,000 reviews as of Jan. 12, 2024. Satisfied customers mention positive experiences with its loan process and fast funding. 

Though Rocket Loans has scored 1.0 out of 5.0 stars on the BBB website as of Jan. 12, 2024, this is based on only seven customer reviews. The Consumer Financial Protection Bureau (CFPB) database also shows very few complaints from borrowers as of Jan. 12, 2024. While some reviews mention high interest rates, issues with approval and problems making loan payments, others highlight the lender’s streamlined and transparent application process as well as great experiences with its customer service team. 

Rocket Loans alternatives: Rocket Loans vs. LightStream vs. SoFi

If a Rocket Loans personal loan doesn’t seem like the right choice, a loan from SoFi® or LightStream could be a good alternative. These online lenders offer perks like competitive rates and no fees. They also provide larger loan amounts and a wider range of repayment terms than Rocket Loans. 

However, both SoFi and LightStream also have stricter credit score requirements compared to Rocket Loans. SoFi’s minimum required score is 680, and though LightStream doesn’t disclose a specific score requirement, it does specify that it only approves good-to-excellent credit profiles (a good credit score is usually considered to be 670 or higher).

	ROCKET LOANS	LIGHTSTREAM	SOFI
Interest rates	9.116% to 29.99% (minimum rate includes autopay discount)	6.99% to 25.99% (with autopay discount)	8.99% to 29.49% (with autopay discount)
Loan amounts	$2,000 to $45,000	$5,000 to $100,000	$5,000 to $100,000
Repayment terms(years)	3 or 5	2 to 7 (up to 12 for some loan types)	2 to 7
Min. credit score	640	Does not disclose	680
Best for	Fast funding	Competitive rates	No fees

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^{All rates include discounts where noted by the lender and are current as of April 22, 2024.}

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