Rocket Loans 2021 Personal Loan Review

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

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

  • Borrowers pay a loan origination fee of 1% to 6%.
  • The loan term is limited to 36 and 60 months.
  • Borrowers with a credit score of less than 620 may not be approved.

RocketLoans offers personal loans for many purposes, including:

  • Debt consolidation
  • Home improvement
  • Automobile-related expenses, such as maintenance and repairs
  • Medical fees
  • Small business expenses
  • Big purchases
  • Special occasions, like a holiday or a wedding

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 financing for loans up to $ 25,000.

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

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

Personal loan research

Select the loan amount and purpose you want, your credit score range, and your status to see the estimated annual percentage rates and loan terms.

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

The RocketLoans application process is complete online. Borrowers can get a pre-approval rate quote and then choose the desired loan terms to apply for a loan. Borrowers must authorize RocketLoans to validate bank account information. Electronic signing of the loan agreement and providing the bank account information for the deposit are the last steps.

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

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