NorthWestern Financial Review

Rocket Loans

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Rocket Loans Overall rating: ★★★★☆ 4.3 based on 8 reviews.
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Rocket Loans is a lender and part of the Quicken Loans family, which was established in 1985. Head-quartered in Detroit, the company offers quick and easy online personal loans ranging between $2.000 and $45.000. Their interest rates range between 5.98% and 29.99%.

Company name RockLoans Marketplace LLC
Founded 2015
Address 1274 Library Street, 2nd Floor, Detroit, MI 48226
Website rocketloans.com
Phone number (800) 333-7625
Email  Support@RocketLoans.com

Rocket Loans

Pros

  • Same-day funding for loans under $25,000
  • Soft credit check with pre-qualification
  • No impact on credit scores
  • No prepayment penalties
  • Borrow up to $45,000
  • Suited for startups
  • Extended repayment terms
  • Rate discount for autopay

Cons

  • Credit matters
  • No co-sign, joint or secured loan option
  • Potentially high APR
  • Limited options for repayment periods
  • Unsuited for large businesses
  • Does not offer direct payment to creditors for debt consolidation loans
  • Fees for late payments or insufficient funds
  • Origination fee ranging from 1% to 6% of loan amount

Bottom line

Rocket Loans offers relatively low interest rates for consumers with fair credit, and money transfer can be as fast as the same or next business day. If you’re look-ing for a fast personal loan and want to complete the entire process online, this company could be the right lender for you. And if you have good credit and a high income, you will probably have no trouble qualifying for a personal loan with competitive rates and terms. Still, it’s important to explore other options in the lending market to ensure you are getting into the best deal. Get pre-qualified with Rocket Loans to check what they offer but don’t be afraid to compare offers from other lenders.

Types of loans

Rocket Loans offer only personal loans between $2,000 and $45,000. They can be used for a range of expenses, including medical bills, credit card debt consolidation, home improvement, auto expenses and small business costs.

Loan requirements

You must meet the following eligibility criteria to be approved for a loan with Rocket Loans:

  • US citizen or permanent resident
  • Age 18+
  • Valid bank account
  • At least 2 years of credit history
  • Annual income of at least $24,000
  • Credit score of 640 or higher

Category: Online Loans

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Rocket Loans Reviews

★★★★★
Pleasant experience and very fast. I love that I can repay loan early without a penalty.
- Tabatha Bradham

★★★★☆
It was extremely easy to apply. Not happy with their interest rates but I knew what I was getting into!
- Donald Dean

★★★★★
I'm very pleased with their easy and fast service. I would highly recommend this lender.
- Yvonne Brown

★★★★★
It is so super easy to get a loan with Rocket Loans. They make it so easy to go though the entire process online which is super fast and without the need to stand in a queue. I would highly recommend this company.
- Marilyn Osborn

★☆☆☆☆
It only sounds good, got denied , I wouldn’t recommend this lender.
- Glenn Freeman

★★★★★
Extremely easy online service, pleasant experience. VERY quick funding, immediate approval. Very friendly and professional staff. Answered my every question quickly and correctly.
- Patricia Nieves

★★★★★
It was extremely easy to apply for the loan, they approved me within 10 minutes. I would recommend their personal loans to anyone looking for fast money with competitive rates.
- Andrew Boden

★★★★★
Friendly, easy, professional and efficient. It could not be easier to get fast cash. Spoke with several managers and each of them was polite and helpful. I never expected it to be enjoyable. I got my money very fast and can say only good things about Rocket Loans. I certainly recommend this company to everyone who faces unexpected expences.
- Joseph Huff

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