Rocket Loans Lender Review

Our take on Rocket Loans

We rate Rocket Loans 4.2 out of 5 stars as a multi-purpose lender offering fast funding and competitive rates for borrowers with very good or excellent credit. Rocket Loans also has an autopay discount comparable to many competitors. However, the lender charges origination fees and offers a limited range of repayment terms, and borrowers without good credit may find it difficult to qualify.

To help you decide if Rocket Loans is the right lender for you, this review examines the pros and cons, average rates for different credit score categories, and eligibility requirements — and explores situations where another lender might be a better choice.

Who (or what) is Rocket Loans best for?

• Low rates for very good and excellent credit: According to Credible marketplace data, borrowers with excellent and very good credit received below-average APRs from Rocket Loans. 
• Fast funding: Rocket Loans is one of a few same-day lenders that offer funding as soon as the same day you sign the loan agreement. However, keep in mind that Credible loans data show that its average funding time was 4 days, which was still better than the overall average across all lending partners.

Who (or what) is Rocket Loans not best for?

• Borrowers with bad or low-fair credit scores: You may be able to qualify with fair credit (a credit score of 640 or higher if you apply directly with Rocket Loans or 660 or higher when applying through Credible). However, both those minimums are close to the upper end of FICO's fair-credit range (580 to 669) and far out of reach for borrowers with sub-580 credit scores.
• Flexibility in repayment terms: Rocket Loans offers only two repayment options, 3 years or 5 years. Many competitors offer greater flexibility, with three or more choices of shorter and longer terms.
• Low-income earners: The minimum income requirement of $50,000 when applying through Credible is higher than that of most lending partners. If you earn less than $25,000 a year, consider a lender that offers low-income personal loans.

Pros and cons

Details on the pros

• Low rates for highly qualified borrowers: Borrowers with credit scores of 740 or higher received average APRs in the mid- or low teens from Rocket Loans, based on Credible personal loans data. 
• Same-day funding available: According to Rocket Loans, loans finalized by 4 p.m. ET on business days are typically available the same day by direct deposit. However, the lender's website also notes that funding time may depend on your bank.
• Autopay discount: Setting up automatic payments qualifies you for a 0.25% rate discount.
• Available in most states: Rocket Loans is currently available in all states except Iowa, Maryland, Nevada, and West Virginia (and unavailable in Puerto Rico).
• Excellent Trustpilot score: Rocket Loans has a 4.9 / 5-star rating on Trustpilot, with more than 8,000 5-star reviews.

Details on the cons

• May be hard to qualify with modest income: Although Rocket Loans may consider borrowers with FICO scores in the mid-600 range, it has a higher minimum income requirement ($50,000) than many other lenders.    
• Limited repayment terms: Only 3-year and 5-year terms are available, which could lead to high monthly payments for larger loans.
• Origination fees: Rocket Loans charges an origination fee of up to 9.99%, depending on your creditworthiness and the loan amount. According to the lender's website, the average origination fee for borrowers with very good credit is 4.35% and may be as low as 3.23% for loans of $40,000 or more.

How to qualify for a Rocket Loans personal loan

You must be at least 18 years old and a U.S. citizen or permanent resident. To be eligible, you must have a:

• Minimum credit score: 640 applying directly with Rocket Loans or 660 through Credible
• Minimum income: $50,000 annually (through Credible)

Additionally, Rocket Loans will consider your debt-to-income (DTI) ratio and the number of recent credit inquiries you have. 

Rocket Loans personal loan purposes

If you apply through Credible, you can use a Rocket Loans personal loan for debt consolidation, credit card refinancing, or home improvement. Approved loan purposes when applying directly with Rocket Loans include debt consolidation, credit card refinancing, and home improvement plus:

• Medical expenses
• Business
• Vacation
• Auto financing
• Taxes

Like most lenders, Rocket Loans prohibits using your loan to pay for college expenses, gambling, or illegal activities.

Rocket Loans fees and penalties

• Origination fee: Up to 9.99% of the loan amount
• Late fee: Up to $15
• ACH return fee/returned check fee: $15

If you anticipate missing a payment, you can contact Rocket Loans before the due date to discuss options.

Rocket Loans vs. other lenders

Rocket Loans company details and history

Rocket Loans is part of Rocket Companies, a Detroit-based financial services company that began in 1985 with the founding of the mortgage lender now known as Rocket Mortgage. Launched in 2016, Rocket Loans provides loans through its lending partner Cross River Bank. 

Contact information

To contact Rocket Loans:

New applicants

• Phone: 800-333-7625, 9 a.m. to 7 p.m. ET weekdays and 9 a.m. to 6 p.m. ET Saturday 
• Email: [email protected]

Existing clients

• Phone: (313) 230-5233, 9 a.m. to 7 p.m. ET weekdays and 9 a.m. to 6 p.m. ET Saturday 
• Email: [email protected]

You can also mail a check or send a check overnight to:

Mail:

Rocket Loans

28596 Network Place

Chicago, IL 60673-1285

Overnight:

JPMorgan Chase

Attn: Rocket Loans #28596

131 S. Dearborn St., 6th Floor

Chicago, IL 60603

Methodology

Credible evaluated 32 lenders across 1,216 data points to choose the best lender overall plus top picks for different borrowers and use cases. Across lenders, we collected data on customer experience and service options, minimum and maximum fixed interest rates, minimum and maximum loan amounts, funding times, loan terms, fees, discounts, third-party reviews, and more.

We assigned a numerical value to each attribute based on how that feature compared with the same feature for every other lender in the set. Attributes were grouped into categories, scores were compiled, and categories were weighted according to their relative importance — for instance, rates and fees were weighted highest since loan cost is among the most important factors in determining loan value.

• Rates and fees: 18.75%
• Eligibility and options for bad and no credit: 17.5%
• Availability: 12.5%
• Loan amounts and terms: 10%
• Customer satisfaction: 10%
• Customer service: 10%
• Efficiency and fund delivery: 10%
• Discounts: 7.5%
• Credible proprietary data: 3.75%

We also considered each of our partner lenders' statistics over a 12-month period — including average funding times, average credit scores for approved applicants, and average rates. Learn more about how Credible rates lenders by exploring our full personal loans lender rating methodology.