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Rocket Loans Personal Loans Review

Rocket Loans has a non-standard process that helps you qualify and obtain loan offers at a low rate, even if your credit could be better.

If you have a great job and education background but a low credit score or limited credit history, Rocket Loans may be your ideal lender. The best personal loan for you is determined by your credit score, which determines what you qualify for and can reduce your interest rate.

Rocket Loans Personal Loan Features



9.116% – 29.99% (with autopay discount)

Loan amount

$2,000 – $45,000

Min Score



  • Low annual percentage rate;
  • Wide range of available loan amounts;
  • Same-day funding in some circumstances;
  • Accessible for fair credit borrowers.


  • High origination fee (up to 9%);
  • No cosigners are allowed for joint loans;
  • It is not available in all states.
  • Limited term lengths range from 36 to 60 months.

What You Need to Know about a Rocket Loans Personal Loan?

Rocket Loans is a financial company that offers personal loans for different purposes, including major medical bills or home improvements. To find out more about Rocket Loans, check its features:

  • Limited loan repayment terms. When you borrow personal loans from Rocket loans, you have limited loan terms to repay the debt. You may choose between 36 and 60 months to cover your personal loan.
  • Convenient APR range. Getting a cheap personal loan is possible through Rocket Loans. They offer a low annual percentage rate that won’t make you pay more than your loan principal.
  • Soft credit inquiry. While applying for Rocket Loans personal loans, they won’t perform a hard credit check through major credit bureaus. Thus, the minimum credit score requirements don’t exceed 640.  
  • Quick funding. The customers may receive their Rocket Loans personal loans within 24 hours of approval. In some cases, they can receive the personal loan by the end of the same day.
  • No prepayment penalties. If you decide to repay the personal loan earlier, you won’t be charged a prepayment penalty.

Who is a Personal Loan from Rocket Loans Good For?

While all personal loan providers require an approval loan process, Rocket Loans personal loans may be ideal for you if you need loan funds quickly. There is the possibility of a same-day loan. A soft credit check, which does not harm your credit scores, allows you to rapidly learn about your prospective lending possibilities and receive the money within 24 hours in your bank account. Same-day loans are also available for those who need money as soon as possible.

Rocket Loans may be appropriate for customers who require at most $45,000 and a payback duration of five years due to origination fees and loan term limitations.

How Do You Qualify for Rocket Loans?

To get approved for Rocket Loans personal loans, you must meet the following eligibility criteria:

  • Be at least 18 years old;
  • Prove your US citizenship or permanent residence;
  • Provide your bank account information
  • Show your monthly income (at least $2,000 monthly income) by providing pay stubs, tax forms, or bank statements;
  • Have fair credit (at least 640);
  • Provide an active email address and phone number.

How to Apply with Rocket Loans?

To know your loan options from Rocket Loans, you must apply by following these steps:

  1. Meet the eligibility requirements that were mentioned above.
  2. Submit the application form with the needed information.
  3. Wait for the loan approval decision.
  4. If approved, check the available loan options and choose one.
  5. Sign the loan agreement online or offline.
  6. Receive your money within one business day.

Alternatives for Rocket Loans

Don’t want to deal with Rocket Loans? BadCredify prepared three alternative options you may get when you need same-day loan funding.

Rise Credit Loan

The Rise Credit Loan allows you to borrow short-term unsecured personal loans from $500 to $5,000, but its minimum credit score requirement begins with 660. The estimated APR ranges between 60% and 299%, higher than Rocket Loans. Rise Credit Loan doesn’t charge any loan origination fee or other additional loan costs. Consider this service if you need a short-term loan with a convenient repayment term.


Upgrade helps you get debt consolidation loans. Unlike Rocket Loans, it charges no origination fees. But it also has no prepayment penalties. The medium APR is $12.66%, and you can receive the loan funds on the next business day or sooner. Same-day funding is also possible if you apply earlier in the morning. You can prequalify to get more loan options. More than that, all credit scores are welcome.

OneMain Financial

Thanks to its small range of available loan amounts, you can choose OneMain Financial instead of Rocket Loans ($1,500-$20,000). The annual percentage rate is higher and ranges between 18.00% and 35.99%. Unlike Rocket Loans, they don’t charge any origination fee when you borrow a specific loan amount. As Rocket Loans charges origination fees, OneMain Financial may charge other fees for insufficient funds. However, fast funding is also available.


BadCredify examined hundreds of loan providers from three areas to get our star rating for the Rocket Loans website. Here are the factors that we compared:

Accessibility: We examined whether lenders extended loans to unconventional customers and those with less-than-perfect credit scores. We also investigated whether lenders provided soft credit checks and were open about qualifying criteria other than credit scores.

Rates and repayment terms: We wanted to discover if the rates, terms, loan amounts, and origination fees charged by lenders were not only transparent but also competitive.

Customer care: We based this category on lenders’ reputation, customer service availability, and unique advantages. The data shows each shopping stage for, applying for, borrowing, and repaying personal loans. A five-star lender, for example, has flexible eligibility rules, allows you to prequalify without committing, and assists you in paying down your debt.

Frequently Asked Questions

Is Rocket Loans a legit company?

Rocket Loans is a legit company that operates in New Jersey under the Cross River Bank. They don’t sell your personal information to other lending platforms while you apply for Rocket Loans personal loans.

When will I receive a loan approval decision for personal loans from Rocket Loans?

Rocket Loans will provide you with the loan approval decision within one hour or less, depending on their workload.

Is it possible to refinance a personal loan from Rocket Loans?

Rocket Loans offers no personal loan refinancing services for its loans. If you need another loan, Rocket Loans charges potentially extra fees for repayment plans for your loan amount.

What credit score do I need to apply with Rocket Loans?

You need at least a 640 credit score to get a loan amount from Rocket Loans. They don’t check your credit history through the application process.