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 fee

Before 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.

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  • Same day funding available

  • Prequalifiction option

  • Rate discount if opting into autopay

  • Individual applications only

  • Charges an origination fee

  • Limited repayment terms

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.

Loan Amounts

Rocket Loans offers loan amounts from $2,000 to $45,000. Your initial personal loan offer will depend on factors such as your credit history, income, and debts.

Annual Percentage Rate (APR)

Rocket Loans’ fixed interest rates range from 7.16% to 29.99%. The lowest APR in this range assumes you enrolled in autopay. There is also an origination fee that’s separate from the advertised APR.

Loan Terms

Rocket Loans offers personal loans with a 36- or 60-month term.

Credit Score Requirements

A minimum credit score of 580 is recommended for those looking to apply. This means that if you have less than excellent credit you may still be able to get approved.

Keep in mind that applicants with higher APRs are likely to qualify for the lowest rates. For example, if you have a great credit score and receive an offer of a 7.16% APR with a 2.99% origination fee to borrow $10,000, then the total cost of your loan would be $11,108. In contrast, someone qualifying for a slightly higher rate of 11.86% would pay $11,875.


Rocket Loans does not charge a prepayment penalty — you can make extra payments or pay off your loan early without incurring additional charges. However, it does charge an origination fee of 1% to 6%, which is deducted from your loan balance before being disbursed to you. There’s also a $15 late fee after a 10-day grace period.

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 can be a great choice if you have a lower credit score and are interested in receiving your loan proceeds with dispatch. The application process is quick, 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 company charges origination fees, which could mean that this loan isn’t competitive with other alternatives. In particular, if you have a high credit score, it may pay to check your other options. Plus, with only two choices of repayment terms, this loan isn’t as flexible as those of 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.