Rocket Loans Review! Loan Amount $2K-$45K! Must See Review!

Rocket Loans Review! Loan Amount $2K-$45K! Must See Review!

Rocket Mortgage is a large mortgage lender that also offers other loan products, including unsecured personal loans under the brand Rocket Loans.

Fast funding timeline: If you’re approved for a Rocket personal loan, you could receive your funds the same day you sign your loan agreement — faster than many competitors.
Potential origination fees: Depending on your credit history and financial profile, Rocket Loans may charge an origination fee (Up to 9.00%). That fee is subtracted from your principal loan amount before you receive your funds.
Wide APR range: The low end of Rocket’s APR range (9.116%) is competitive, making this lender worthy of consideration. However, its highest rates (up to 29.99%) will cost you significantly more money in interest payments over the life of the loan.
Limited loan term options: Rocket Loans only offers two loan terms to choose from: 36 or 60 months. If you’re hoping to limit the total amount of interest paid by selecting a shorter loan term, you may have to consider another lender.
Prequalification with a soft credit check: Like many lenders, Rocket offers loan prequalification, so you can see conditional loan terms without hurting your credit score. Getting prequalified allows you to shop around for the best rates and select the lender that best meets your borrowing needs.
Best for quick access to cash: Many borrowers turn to personal loans for short-term cash emergencies, and Rocket offers a competitive loan product with fast funding for borrowers in that situation.

Rocket Loans pros and cons
Whether you’re a borrower with excellent credit looking for a bigger loan or a fair credit borrower who needs quick emergency funding, Rocket could be a competitive option.

Pros Cons
Low minimum APR (9.116% with autopay discount)

Loan amounts as low as $2,000 and as high as $45,000

Same-day funding in some cases

Accessible to some borrowers with fair credit scores

Origination fees can be quite high (Up to 9.00%)

Cosigners for joint loan applications aren’t allowed

Limited loan term options (36 or 60 months)

Loans aren’t available in Iowa, Nevada or West Virginia

Rocket Loans requirements
Unlike many lenders, Rocket is transparent about loan eligibility criteria — it discloses the minimum credit score, debt-to-income ratio and income required to qualify.

Minimum credit score 640
Debt-to-income ratio 32% or lower, excluding housing costs; 70% or lower, including housing costs
Minimum annual income $24,000
Credit history Two years and four accounts
Required documents Driver’s license, pay stubs, bank statements, tax forms

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