After signing, you may be eligible to receive same-day funding (if signed before 1 p.m. To receive funding, you will need to sign the promissory note and other required documentation to complete the process. This includes submitting bank documents, but you may also be required to submit additional documents for verification, including: Once you select your loan details, you will need to complete the application. There are two repayment terms to choose from: 36 or 60 months. Select your loan amount, repayment terms, and rate. Rocket Loans will show you the loan options you qualify for. You will need to provide the following information: Rocket Loans offers a one-page application online for pre-qualification, allowing you to see your potential loan terms before completing your application. Rocket Loans has a simple application process, which is broken down into four steps. Reviews state the easy application process and quick funding as reasons for the high rating.Īpplying for a Rocket Loans Personal Loan But reviewers on third-party sites give Rocket Loans good marks. Power Consumer Lending Satisfaction Study. Rocket Loans is a newer lender and is not ranked in the latest J.D. Rocket Loans customer service hours are 9 a.m. Rocket Loans offers support by email or phone during business hours. However, you can use your personal loan for debt consolidation, to get a lower APR, or to pay off other individual debts or loans from other providers. Rocket Loans does not support loan refinancing of its own loans. Can You Refinance a Personal Loan With Rocket Loans? If you need a loan, you must qualify for a personal loan on your own.ĭisappointed that Rocket Loans doesn’t allow co-signers? See our picks for the best personal loans with co-signers or emergency loans for bad credit. Rocket Loans does not support co-signers or co-applicants at this time. Its main claim to fame is its same-day funding, which can give you access to money much faster than many competitors. Rocket Loans doesn’t offer much in the way of extra loan features. Loans are disbursed using ACH payments, so you must have an open bank account to receive payments. Rocket Loans doesn’t explicitly state the income or credit score requirements to qualify for a loan, but does use the following qualification factors to determine eligibility: Funds are sent via ACH transfer to your bank account. To be eligible for same-day funding, you must complete your application and sign your promissory note by 1 p.m. Loans also cannot be used in connection with any illegal activities.Īpplications can be made entirely online, and funds are usually disbursed within a few business days, but you may be able to receive same-day funding. Loans cannot be used for student loan debt payments or to pay for any post-secondary educational expenses. Consolidating high-interest credit cards and other debts.Rocket Loans offers unsecured personal loans for various use cases, including: Types of Personal Loans Offered by Rocket Loans Browse the top lenders with our picks for the best personal loans, and use a calculator to help you determine the best terms for your situation. Rocket Loans can be a great pick, especially if you’re in a hurry, but you may prefer a lender with more loan options. Only two repayment terms: While some companies offer a range of loan term lengths, Rocket Loans only offers 36-month or 60-month loan repayment terms.People with poor credit usually expect a higher APR and origination fee. Rates are up to 29.99% APR: Interest rates on personal loans with Rocket Loans can be as high as 29.99%, which is higher than most competitors.This means a $10,000 loan would tack on a $900 fee. Up to 9% origination fee for loans: Rocket Loans may charge up to 9% of the total value of the loan as an origination fee. No hard credit pull for pre-approval: The pre-approval process only requires a soft pull of your credit, which does not affect your credit score.Same-day funding on some loans: Rocket Loans may offer same-day funding on your loan as long as you submit your application and sign the promissory note by 1 p.m.Completing the application is straightforward and includes submitting pay stubs, tax docs, and bank statements as attachments. Quick application process: The application process is entirely online, and pre-approval can be done in a few minutes.
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