Rocket Loans Personal Loans Review: What You Need to Know

Quick Take: Rocket Loans, part of the well-known Rocket Companies family, offers a streamlined online personal loan experience with same-day funding and competitive rates for borrowers with good credit.

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.

Pros & Cons 

Pros 

• Same-day funding available

• Competitive starting APR of 8.01%

• Lower max APR (29.99%) than many competitors

• No hidden fees

• Check rates without affecting your credit score

• Part of the trusted Rocket Companies brand

• Set up autopay for a 0.3% rate discount

Cons 

• Only two repayment terms (36 or 60 months)

• Origination fee up to 9.99%

• No co-signer or co-borrower option

• Restrictions on loan amounts if you live in Ohio

• Maximum loan amount capped at $45,000

Company Overview 

Rocket Loans launched in 2016 as part of Rocket Companies, the Detroit-based fintech powerhouse that also owns Rocket Mortgage (one of the largest mortgage lenders in the U.S.). The company was founded with a simple mission: make personal loans as fast and painless as possible.

All Rocket Loans are made through Cross River Bank, a New Jersey state-chartered commercial bank that's FDIC-insured. This means while you're applying through Rocket's slick digital platform, your loan is backed by a legitimate banking institution.

The company targets borrowers with fair to excellent credit who need funds quickly for things like debt consolidation, home improvements or major purchases.

Key Features 

Interest Rates

Rocket Loans offers APRs ranging from 8.01% to 29.99%. The lowest rate includes a 0.30 percentage point autopay discount, so you'll want to opt into automatic payments if you want the best deal. 

What's worth noting here is that Rocket's maximum APR of 29.99% is lower than the approximate 35.99% cap you'll see at many other lenders, which can be good news if your credit isn't stellar.

Note that your actual rate depends on your credit score, credit history, income, debt-to-income ratio and other financial factors. 

Loan Amounts

You can borrow between $2,000 and $45,000 with Rocket Loans. This range covers most personal financing needs, though if you're looking for a really large loan (say, $75,000+), you might need to look elsewhere. 

For loan amounts between $45,001 and $75,000, you'll need to be a returning Rocket Loans customer in good standing or have an existing Rocket Mortgage relationship.

Repayment Terms

Here's where Rocket Loans offerings are a bit more limited: you only get two term options, 36 months (3 years) or 60 months (5 years). If you want more flexibility, like a 24-month sprint to pay off debt faster or a longer 84-month term to lower monthly payments, you'll need to shop around.

Fees

• Origination Fee: Up to 9.99% of the loan amount, deducted from your proceeds before disbursement

• Late Payment Fee: $15 if payment isn't received within 10 days of the due date

• Prepayment Penalty: None, you can pay off your personal loan early without extra charges

Funding Speed

This is where Rocket Loans really shines. If you sign your loan documents by 4 p.m. ET on a business day (Monday through Friday), you may be able to receive funds the same day via ACH transfer. That's about as fast as it gets in the personal loan world. If you sign after 4 p.m. or on weekends, expect your money the next business day.

How To Apply

Applying for a Rocket Loan is pretty straightforward:

1. Check your rate. Visit RocketLoans.com and click "Check my rate." Enter basic info like your name, address, income, and how much you want to borrow. This is a soft credit pull, so it won't ding your credit score.

2. Review your offers. If you prequalify, you'll see loan options with different amounts, terms, and rates. Pick the one that works for your budget.

3. Complete your application. Once you choose an offer, you'll provide your Social Security number and authorize a hard credit pull. Rocket can often verify your income and identity electronically, so you might not need to upload documents.

4. Sign and get funded. Review your final loan terms, e-sign the documents and wait for the money to hit your bank account, potentially the same day.

Comparable Options

Not sure if Rocket Loans is right for you? Here's how it stacks up against two popular alternatives.*

Upgrade

Upgrade offers loans from $1,000 to $50,000 with APRs of 7.74% to 35.99% and terms from 24 to 84 months. While Upgrade has a slightly lower starting APR and way more term flexibility, it also charges origination fees up to 9.99%. The big win for Upgrade? It accepts co-borrowers and has a lower minimum credit score requirement (around 600). Choose Upgrade if you want more repayment options or have fair credit.

SoFi

SoFi offers loans from $5,000 to $100,000 with APRs from 8.74% to 35.49% and terms from 24 to 84 months. The standout here is SoFi's larger maximum loan amount and the option for joint loans (co-borrowers). SoFi also offers multiple rate discounts and has no prepayment penalties. Consider choosing SoFi if you need a larger loan or want more term flexibility.

Who It's Best For

Rocket Loans is a solid choice if you:

• Need money fast (same-day funding is a big perk)

• Want a straightforward, fully online experience

• Are already part of the Rocket ecosystem (potential for loyalty discounts)

• Need between $2,000 and $45,000

Look elsewhere if: You need a co-signer to qualify, want more repayment term options, need more than $45,000, or live in a state where Rocket Loans does not service your area

Final Take

Rocket Loans delivers exactly what you'd expect from a company that built its reputation on speed and simplicity. The same-day funding is genuinely impressive, the rates are competitive for borrowers with good credit, and the application process is about as painless as personal loans get.

That said, it's not perfect. The lack of term flexibility (just 3 or 5 years) and the inability to add a co-signer might be dealbreakers for some borrowers. Plus, the possibility of an origination fee up to 9.99% can eat into your loan proceeds.

Bottom line: If you've got decent credit and need cash quickly, Rocket Loans is absolutely worth considering. Just make sure to compare rates with a couple other lenders before you commit, it only takes a few minutes and could save you hundreds (or thousands) in interest.

FAQs 

What credit score do I need for a Rocket Loan?

While Rocket Loans doesn't publicly disclose a hard minimum, most sources suggest you'll need a credit score of at least 600 to qualify. For the best rates, aim for 680 or higher. You can check your rate with a soft pull (no credit impact) to see what you'd actually qualify for.

Does Rocket Loans allow co-signers?

No, Rocket Loans does not allow co-signers or co-borrowers. You'll need to qualify on your own based on your credit and income.

How fast can I get my money?

If you're approved and sign your loan documents by 4 p.m. ET on a business day, you can receive funds the same day. Otherwise, expect your money the next business day.

What can I use a Rocket Loan for?

Rocket Loans can be used for debt consolidation, home improvements, major purchases, medical bills, moving expenses, weddings and even small business expenses. You cannot use them for post-secondary education costs or illegal activities.

Is there a prepayment penalty?

Nope! You can pay off your Rocket Loan early without any penalties or extra fees.

Sources

• Rocket Loans Official Website: Personal Loans 

• Rocket Loans Official Website: Frequently Asked Questions

• Rocket Loans Official Website: Personal Loan Requirements 

• Rocket Companies Official Wikipedia Page

• Sofi Official Website: Personal Loans

• Upgrade Official Website: Personal Loans