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Rocket Personal Loans Review: Personal Loans From an Industry Favorite

Review Updated
Dana George
By: Dana George
Dana George
Dana George
Writer

Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she's still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And though she finds the color orange unflattering on most people, she thinks they'll enjoy Champaign tremendously.

See Full Bio

Our Loans Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

Rocket Loans is perfectly designed for borrowers seeking a quick, efficient loan experience that can be handled 100% online. In this in-depth expert review, we'll cover Rocket Loans's lending criteria, what we like and don't like about Rocket Loans, and help you decide if it's the right personal loan for you.

Ratings Methodology

Rocket Loans

Logo for Rocket Loans
Rating image, 4.0 out of 5 stars.
4.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Minimum Credit Score
640
Loan Amounts
$2,000 to $45,000; min. $5,001 in Ohio
APR Range
9.116% to 29.99%
Term Length
36 or 60 months

A flexible personal loan that can be used for just about anything.

  • Apply without harming your credit score
  • Loan amounts to fit a variety of situations
  • Better Business Bureau (BBB) rating of A+
  • Qualify with an annual income as low as $24,000
  • No early payoff penalty
  • Origination fee of up to 8%
  • No cosigners or joint applicants allowed
  • Limited repayment options

Full Rocket Loans personal loan review

This personal loan is a good fit for: Borrowers looking to consolidate high-interest debt.

Pros

  • Apply without harming your credit score
  • Loan amounts to fit a variety of situations
  • Better Business Bureau (BBB) rating of A+
  • Qualify with an annual income as low as $24,000
  • No early payoff penalty

Cons

  • Origination fee of up to 8%
  • No cosigners or joint applicants allowed
  • Limited repayment options

Top perks

Apply without harming your credit score

This feature may not be unique to Rocket Loans, but it is invaluable. Rocket Loans you a loan quote after conducting a soft credit check, which won't ding your credit score. It's only after you've decided to move ahead with the loan that the company conducts a hard credit check.

Loan amounts that fit a variety of situations

The ability to borrow as little as $2,000 means people can borrow enough to cover relatively small emergency situations. For those looking to renovate a room or consolidate high-interest debt, loans for as much as $45,000 make these goals possible.

Better Business Bureau (BBB) rating of A+

While plenty of fly-by-night loan companies have not been rated by BBB, as part of the Rocket Financial portfolio, Rocket Loans is both established and well-regarded.

Qualify with an annual income as low as $24,000

An unusually low minimum income threshold makes Rocket Loans more accessible to young adults and retired borrowers.

What could be improved

Origination fee of up to 8%

This fee is taken right off the top of the money you borrow. Let's say you receive loan approval for $20,000. Depending on how much Rocket Loans charges you for its origination fee, you could have $1,600 taken off the top of your loan, receiving $18,400 instead of $20,000. Still, you must pay interest on the entire $20,000.

No cosigners or joint applicants allowed

The fact that Rocket Loans does not allow for personal loan cosigners or joint applicants means that those working to establish or repair a credit score may be left out in the cold.

Limited repayment options

For some borrowers, 60 months may not be enough time to repay a larger loan.

How to qualify for a Rocket personal loan

Rocket Loans is transparent about what it takes to land a personal loan. Here are the basic requirements:

  • Credit score of at least 640
  • Monthly income sufficient to make payments
  • Low debt-to-income (DTI) ratio
  • Minimal credit inquiries on your credit report

Application process

The Rocket Loans application process can be accomplished in six easy steps.

  1. Gather the information you'll need to learn your rate. This includes your full name, current address, income information, Social Security number, and date of birth.
  2. Fill out a simple application form.
  3. Once Rocket Loans shows you the loan options you qualify for, choose the amount, term, and rate that best fits your borrowing needs.
  4. Gather the information you'll need to complete your loan application. This includes your bank account information. As the lender validates your information, it may request additional documentation like pay stubs, tax forms, or your driver's license.
  5. Agree to final loan terms.
  6. Wait for funding. Funding can occur as soon as the same day or may take a couple of business days.

Alternatives to consider

As comfortable as you may be with Rocket Financial products, it pays to check out other lenders, just to ensure you're getting the best deal. Here are two alternatives to consider.

  • Upstart. If you're just building a credit history, Upstart has no minimum credit requirement and, like Rocket Loans, gives you up to 60 months to repay the debt. Another perk is that Upstart loans are available for as little as $1,000.
  • Marcus never charges extra fees. That means there's no origination fee or prepayment penalty. You'll need a strong credit score (at least 720) to qualify for a Marcus personal loan, but have up to 72 months to repay the money.
As of May. 30, 2024
Lender
Rating
Min. Credit Score
Loan Amounts
APR Range
Next Steps
Upstart
Rating image, 4.0 out of 5 stars.
4.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
None
$1,000 - $50,000
7.80% - 35.99%
Check Rates for Upstart
Read Full Review
Marcus
Rating image, 5.0 out of 5 stars.
5.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
660
$3,500 - $40,000
6.99% - 24.99%
Read Review
Disclaimers

*Upstart Loan Disclaimer

The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.

*Marcus by Goldman Sachs Disclaimer

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. Rates range from 6.99% to 24.99% APR, and loan terms range from 36 to 72 months. For NY residents, rates range from 6.99%-24.74%. Only the most creditworthy applicants qualify for the lowest rates and longest loan terms. Rates will generally be higher for longer-term loans. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.

This Rocket personal loan is right for you if:

  • Your credit score is high enough to land a low interest rate. While Rocket Loans will approve applicants with a credit score as low as 640, those applicants will pay the highest interest rates.
  • You want to pay off existing high-interest debt. With a relatively strong credit score, you should be able to pay off high-interest debt with a lower-interest personal loan.