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Rocket Loans Personal Loans

Rocket Loans

Get fast, online personal loans with Rocket Loans. Focused on simplifying the loan process, you can get funds quickly at reasonable rates.

Whether you need to pay for an unexpected auto repair, reduce your credit card debt or get funds to remodel your kitchen, Rocket Loans is a good choice. Rocket Loans offers online personal loans at very competitive fees. Check out your loan options with their easy online application process today.

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What Makes Rocket Loans Great?

When you apply for a loan through Rocket Loans, they will conduct a pre-qualification process that doesn’t impact your credit rating. Called a “soft pull” or a soft credit check, this means your FICO score won’t get bumped down while you’re deciding on the right loan for you.

You can get same-day funding from Rocket Loans if you complete the loan process by 1 p.m. ET, though your personal bank may hold the money until the next day, depending on its policy. Regardless, you’ll typically have your funds in your bank account within 2 business days, making Rocket Loans one of the fastest funders of unsecured personal loans.

Rocket Loans also has low starting rates and gives you 3 to 5 years to pay back your loan. You may be able to receive a small discount if you set up automatic payment.

Do I Qualify?

To qualify for an unsecured personal loan through Rocket Loans, you will need to have a credit score of 640 or above. Most borrowers average above 700 and have at least a 2-year credit history. Rocket Loans also requires that you have at least $24,000 of annual income and a debt-to-income ratio below 40%.

Anyone who meets these specifications and is older than 18, or 19 if you live in Alabama or Nebraska, can qualify.

How Do I Work With Rocket Loans?

First, you’ll need to complete a brief pre-qualification application with your basic information, like name, address, birthdate, Social Security number and income. Then, you can select the type of loan you’re interested in. Options include:

  • Debt Consolidation. If you have a lot of debt, like credit card debt, with several companies, you can get it consolidated and make just one monthly payment — usually at a reduced interest rate from what you’re paying.
  • Medical Expenses. From an upcoming surgery to existing, overdue medical bills, a personal loan can help you pay, often for a better rate than you can receive from a hospital payment plan.
  • Home Improvement. Any small or large project that includes an update to your home, like a new roof or an addition, can be funded through Rocket Loans.
  • Small Business. Whether you would like to start a business, need money for your existing business’s operations or plan to expand your business, a personal loan can quickly get you the money you need.
  • You can buy a vehicle, fix your existing car or truck or buy new parts with your loan funds.
  • You can actually use loan funds for anything that is legal, except for paying back student loans.

You can then choose the loan amount up to $25,000 for same-day funding or $45,000 for later funding, as well as the rate and terms that are best for your needs. Note that Rocket Loans does charge an origination fee, which is 1% to 6% of your loan total that covers the costs of processing the loan. This will be subtracted from your total loan amount, so be sure to factor that in when you’re deciding on the total you want to borrow.

Rocket Loans may then ask for more personal information that can be validated to confirm you are financially able to pay back your loan. Most of this can be checked in real-time, but sometimes, additional documents like pay stubs, a driver’s license or tax forms may be needed.

As soon as the information is confirmed and your loan is approved, Rocket Loans begins the process of transferring money to your bank account. This may be as soon as the same day, but usually is completed within 2 business days.

The Bottom Line

When you need money fast, and you’re in suitable financial shape to pay it back over either 3 or 5 years, Rocket Loans can be a great option. It’s easy to find out if you qualify with a soft check that won’t affect your credit score. Plus, you can use the money for virtually anything.

To recap, here’s the deal on Rocket Loans:

  • Their fast process that means you could have your money as soon as the same day.
  • You can qualify for amounts between $2,000 and $45,000 for virtually any legal use, like home improvement, debt consolidation or medical expenses.
  • Rates and terms for unsecured personal loans are reasonable for most borrowers.
  • No pre-payment penalties, or you can take either 3 or 5 years to pay back your loan.

OK, Let’s Get Started

Want to get started with a personal loan from Rocket Loans? The online process is easy and almost everything can be done through your computer or mobile device. Learn more about how the process works and start your pre-qualification right now.

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