Review of Rocket Loans Personal Loans 2022

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RocketLoans offers personal loans to qualified borrowers in all 50 states. These loans are designed for people with fair to excellent credit who need to borrow up to $45,000 for debt consolidation, home improvements, medical bills, and business or other expenses.

  • Same day loan financing is available up to $25,000.
  • No prepayment penalty applies.
  • An online application process is available.

  • Borrowers pay loan origination fees of 1% to 6%.
  • Loan terms are limited to 36 and 60 months.
  • Borrowers with a credit score below 620 may not be approved.

RocketLoans offers personal loans for many purposes, including:

  • Debt Consolidation
  • Home improvement
  • Car-related expenses, such as maintenance and repairs
  • Medical fees
  • Small business expenses
  • Big purchases
  • Special occasions, such as vacations or weddings

RocketLoans personal loans have fixed interest rates. The minimum loan amount is $2,000 and the maximum is $45,000. Borrowers can choose a repayment term of 36 or 60 months. RocketLoans offers same-day loan funding for loans up to $25,000.

Borrowers do not pay application fees or prepayment penalties. Loan origination fees vary from 1% to 6%. A $15 late fee applies to payments received after the due date.

RocketLoans requires a minimum credit score of 620, although a score of 680 or higher is recommended. The maximum debt-to-income ratio allowed depends on the amount of debt owed, credit score, income and other factors associated with the borrower’s financial profile.

personal loan search

Select your desired loan amount and purpose, your credit score range, and your state to see estimated annual percentage rates and loan terms.

RocketLoans has an A+ rating with the Better Business Bureau.

The RocketLoans application process is completed online. Borrowers can get a pre-approval rate quote and then choose their desired loan terms to apply for a loan. Borrowers must allow RocketLoans to validate bank account information. E-signing the loan agreement and providing bank account information for the deposit are the final steps.

  • People who have a good credit score
  • People who prefer an online loan application and financing process
  • People who want to receive loan financing quickly

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