Rocket Loans Personal Loans Review

Rocket Loans offers loans for fair credit borrowers and with fast funding times

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Rocket Loans company logo
overall rating

Rocket Loans is the sister company of Quicken Loans, an online lender based in Detroit and founded in 1985. Rocket Loans offers fast funding and competitive annual percentage rates (APRs). The convenient loan experience, however, has to be balanced against the fact that the company does charge an origination feeBefore deciding on a personal loan, you’ll want to do your own research to determine whether Rocket Loans is the best fit for your borrowing needs. That’s why we’ve reviewed relevant details such as rates, fees, and repayment terms to assist in your final decision.

Rocket Loans’ personal loan interest rates range from 5.97% to 29.99%, including the discount for autopay. You may borrow between $2,000 to $45,000, with repayment terms of 36 or 60 months, but your offer will depend on your credit history and income. Although you may qualify with a credit score as low as 580, a stronger credit profile may offer lower interest rates.

  • Product Specifications
  • Pros and Cons
  • Fees
Product Specifications
  • APR Range 5.97% to 29.99% (with autopay)
  • Loan Amounts $2,000 to $45,000
  • Loan Terms 36 or 60 months
  • Recommended Minimum Credit Score 580
Pros and Cons
  • Same day funding available

  • Prequalifiction option

  • Rate discount if opting into autopay

  • Individual applications only

  • Charges an origination fee

  • Limited repayment terms

  • Origination: 1% to 6%
  • Late payment: $15 after a 10-day grace period
  • Returned payment: $15
  • Prepayment: none

Pros Explained

  • Same day funding available – Rocket Loans may provide funding as quickly as the same business day. 
  • Prequalification option – You can prequalify in order to check your initial rate online, which only requires a soft credit inquiry and so won’t affect your credit score.
  • Rate discount if opting into autopay – If you choose to make automatic payments, you get a 0.03% rate discount. 

Cons Explained

  • Individual applications only – At this time Rocket Loans doesn’t allow co-signers or joint applications.
  • Charges an origination fee – You will need to pay anywhere from 1% to 6%, which is deducted from the loan proceeds.
  • Limited repayment terms – Rocket Loans only offers terms of 36 or 60 months.

Types of Personal Loans Offered by Rocket Loans

You are able to use Rocket Loans personal loans for most purposes. Reasons include auto repairs, vacation expenses, medical bills, debt consolidation, and home improvement projects. However, you may not use loan proceeds as a student loan or for illegal activities.

Time to Receive Funds

You can receive your loan proceeds within the same day of approval if you meet certain requirements.

Rocket Loans Personal Loan Features

Same Day Funding Available

Rocket Loans will disburse loan proceeds via an ACH transfer on the same day you’re approved if you complete the entire loan process and sign the promissory note on a business day by 1 p.m. ET. 

Autopay Discount Available

Rocket Loans offers a 0.03% autopay discount for borrowers who want to set up automatic payments. 

No Prepayment Penalties

You won’t be charged extra for making extra payments or paying off the remaining balance of your loan. That means there is the potential to save money on interest charges when paying more than the minimum due.

Apply for a Rocket Loans Personal Loan

The entire loan process can only be completed online and is available to U.S. citizens or permanent residents who are at least 18 years old (Alabama and Nebraska residents need to be at least 19 years old). When applying online, here’s what you can expect during the application process: 

  1. Head to Rocket Loans’ website and click on the “Apply Now” button.
  2. Enter personal details, such as your employment status, address, purpose of loan, phone number, and Social Security number. 
  3. Review loan rates and terms to determine whether you want to proceed. If you do, pick the option that suits you.
  4. Agree to proceed with the personal loan application process, which will initiate a hard credit inquiry that could temporarily ding your credit score.
  5. Follow prompts to complete the application process, such as submitting additional documentation.  
  6. Sign the promissory note and other loan documents as required. 

Once approved, you should receive funds within the same business day if you signed your documents by 1 p.m. EST. 

Can You Refinance a Personal Loan With Rocket Loans?

Rocket Loans does not allow refinancing with its personal loans.


Rocket Loans may be a decent choice if you have a lower credit score and are interested in receiving your loan proceeds quickly. The application process is fast, and you can find out almost immediately what you may qualify for. In other words, Rocket Loans is best if you have an immediate use for a personal loan and at least fair credit. 

However, the origination fees may be less appealing if you have a good to excellent credit score, because you may qualify for cheaper alternatives. Plus, with only two choices of repayment terms, this loan isn’t as flexible as some competitors. Still, as there is a prequalification option available, it doesn’t hurt to see what you may qualify for, as it won’t affect your credit score. 


Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders — including interest rates, fees, loan amounts, and repayment terms — to ensure that our content helps users make the right borrowing decision for their needs.