Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
Who is Rocket Loans Best For?
See our picks for the best debt consolidation loans »
Rocket Personal Loan Features
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Rocket Loans Personal Loans Pros and Cons
How to Apply for a Rocket Loans Personal Loan
1. Check what rate you qualify to receive. You'll need to input basic information, such as your name, address, income, Social Security number and birthday to see what rate you'll get. Your credit score won't be affected by this because Rocket Loans will only conduct a soft credit check.
2. Review different loan offers and pick the one you can fit into your budget. After you submit your initial information, Rocket Loans will give you different term options. A longer term length means smaller monthly payments — but you'll fork over more in interest.
3. Send in a formal application. You may need to also submit W-2s, pay stubs, and bank statements to confirm the information you provided initially. When you submit a formal app, the lender will conduct a hard credit check, which may ding your score slightly.
4. Accept your loan terms and wait for your funds. Rocket Loans will then send you a summary of your loan terms and a promissory note for you to sign. After you sign on the dotted line, your loan will be approved and funded.
Rocket Loans Frequently Asked Questions
Is Rocket Loans a legitimate company?
Rocket Loans is rated A+ by the Better Business Bureau. While Rocket Mortgage was involved in a 2019 scandal for alleged fraud, Rocket Loans is not the same company. They do, however, have the same parent organization, Rocket Companies.
Is it easy to get approved for Rocket Loans?
It is relatively easy to get approved for a personal loan from Rocket Loans. The company's minimum credit score is 640, which is on the lower end of scores.
How quickly do you receive Rocket Loans funds?
Generally, approval for a personal loan from Rocket Loans will take one to three business days, and fund disbursal will take between one to seven days.
What credit score does Rocket Loans require?
You'll need a credit score of at least 640 to qualify for a personal loan from Rocket Loans.
Compare Rocket Loans
Rocket Loans vs. Upstart
Both Rocket Loans and Upstart charge an origination fee. Rocket Loans' is
Upstart may be the best option for borrowers looking for a very small amount of money. You can take out as little as $1,000 with the lender. However, Rocket Loans isn't far behind, as it has a minimum of $2,000. You can get a loan for as much as $45,000 from Rocket Loans, slightly less than the $50,000 maximum loans Upstart offers.
Rocket Loans vs. LightStream
If you need to borrow a larger amount of money, LightStream will lend you as much as $100,000, more than double the amount you can get from Rocket Loans.
Why You Should Trust Us: How We Rated Rocket Loans
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
See more on how we rate personal loans >>