Rocket Loans Personal Loans Review

Rocket Loans offers a quick application process, but rates may be relatively high

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Rocket Loans

Rocket Loans

Investopedia’s Rating
  • Pros & Cons
  • Key Takeaways
  • Company Overview
  • specifications
Pros & Cons
  • Quick application process

  • Same-day funding on some loans

  • No hard credit pull for pre-approval

  • Up to 7% origination fee for loans

  • Rates are up to 29.99% APR

  • Limited repayment terms

Key Takeaways
  • Rocket Loans offers unsecured personal loans up to $45,000.
  • You can check your rate and get pre-approved for a loan without hurting your credit score.
  • Rocket Loans charges up to a 7% loan origination fee, which is higher than competitors.
  • Rocket Loans has great rating from customers on Trustpilot.
Company Overview

Rocket Loans is an online lender that provides unsecured personal loans up to $45,000 for a variety of use cases. It offers a quick pre-approval process (just a few minutes), and loan repayment terms of up to five years. Rocket Loans does charge higher rates than some competitors, with up to a 7% origination fee, and up to 29.99% APR on loans. 

Rocket Loans was founded in 2016, and is the sister company to Rocket Mortgage, a popular home mortgage company that has been around since 1985. Rocket Loans is available in 47 states and Washington D.C., excluding Nevada, Iowa, and West Virginia.

APR Range
9.12% - 29.99%
Loan Amount
$2,000 - $45,000
Loan Terms
36 months - 60 months
Recommended Minimum Credit Score
Average Origination Fee
1.00% - 7.00%
Late Fee
Why Trust Us
Lenders reviewed
Loan features considered
Data points analyzed
Primary data sources used
Investopedia collected key data points from several lenders to identify the most important factors to borrowers. We used this data to review each lender for fees, accessibility, repayment terms, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right borrowing decision for their needs.

Pros Explained

  • Quick application process: The application process is completely online, and pre-approval can be done in a few minutes. Completing the application is straightforward, and includes submitting pay stubs, tax docs, and bank statements as attachments.
  • 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. Eastern Time.
  • 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 at all.

Cons Explained

  • Up to 7% origination fee for loans: Rocket Loans may charge up to 7% of the total value of the loan as an origination fee. This means a $10,000 loan would tack on a $700 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. People with poor credit can generally expect to get a higher APR and origination fee.
  • Only two repayment terms: While some companies offer a range of loan term lengths to choose from, Rocket Loans only offers 36-month or 60-month loan repayment terms.

Rocket Loans can be a great pick, especially if you’re in a hurry, but you may prefer a lender with more loan options. Browse the top lenders with our picks for the best personal loans.

Types of Personal Loans Offered by Rocket Loans

Rocket Loans offers unsecured personal loans for various use cases, including:

Loans cannot be used for student loan debt payments, or to pay for any post-secondary educational expenses. Loans also cannot be used in connection with any illegal activities.

Time to Receive Funds

Applications can be done completely online and funds are usually disbursed within a few business days, but you may be able to receive same-day funding. 

To be eligible for same-day funding, you must complete your application and sign your promissory note by 1 p.m. ET on a business day. Funds are sent via ACH transfer to your bank account.

Borrower Requirements

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:

  • Age (must be at least 18 years old)
  • Residence (must be a U.S. resident)
  • Credit score is reviewed
  • Monthly income is reviewed
  • Tax forms may be reviewed
  • Debt-to-income ratio (DTI) is reviewed
  • Overall credit history is reviewed 

Loans are disbursed using ACH payments, so you must have a bank account open that can receive payments via ACH.

Rocket Loans Personal Loan Features

Rocket Loans doesn’t offer much in the way of extra loan features. Its main claim to fame is its same-day funding, which can give you access to money much more quickly than many competitors.

Co-Signers and Co-Applicants

Rocket Loans does not support co-signers or co-applicants at this time, Individuals must qualify for a personal loan on their own.

Disappointed that Rocket Loans doesn’t allow co-signers? See our picks for the best personal loans with co-signers, or the best emergency loans for bad credit.

Can You Refinance a Personal Loan With Rocket Loans?

Rocket Loans does not support loan refinancing of its own loans at this time. You can, however, choose to use your personal loan for debt consolidation, to get a lower APR, or to pay off other individual debts or loans from other providers.

Customer Service

Rocket Loans offers support by email or phone during business hours. Rocket Loans customer service hours are 9 a.m. to 7 p.m. ET Monday to Friday, and 9 a.m. to 6 p.m. ET Saturday. 

  • Email:
  • Phone (new borrowers): (800) 333-7625
  • Phone (current borrowers): (313) 230-5233

Customer Satisfaction

Rocket Loans is a newer lender, and is not ranked in the latest J.D. Power Consumer Lending Satisfaction Study. But reviewers on Trustpilot give Rocket Loans 4.9 out of 5 stars, with over 4,600 reviews posted. Reviews state the easy application process and quick funding as reasons for the high rating.

Applying for a Rocket Loans Personal Loan 

Rocket Loans has a simple application process, which is broken down into four steps.


Rocket Loans offers a one-page application online for pre-qualification, allowing you to see your potential loan terms before completing your application. You will need to provide the following information:

  • Full name
  • Current address
  • Income information
  • Social Security number
  • Date of birth

Loan Selection

Rocket Loans will show you the loan options you qualify for. Select your loan amount, repayment terms, and rate. There are two repayment terms to choose from: 36 months or 60 months.

Submit Application

Once you select your loan details, you will need to complete the application. This includes submitting bank documents, but you may also be required to submit additional documents for verification, including:

  • Driver's license
  • Pay stubs
  • Bank statements
  • Tax forms

Sign Documents

To receive funding, you will need to sign the promissory note and other required documentation to complete the process. After signing, you may be eligible to receive same-day funding (if signed before 1 p.m. ET), but it may also take a few business days for the deposit to clear, depending on your bank.

Alternative Personal Loan Lenders

  Rocket Loans LightStream  Happy Money 
APR Range 9.116%–29.99% 5.99%–23.99% 10.50%–29.99%
Loan Amount  $2,000–$45,000  $5,000–$100,000  $5,000–$40,000 
Loan Terms  36 or 60 months  24–144 months  24–60 months 
Recommended Minimum Credit Score  Not disclosed  Not disclosed  640 
Origination Fee  Up to 7%  None  0%–5% 
Time to Receive Loan  Same day  Same day  Up to 7 business days 

Final Verdict

Rocket Loans offers an easy application process and straightforward loan options, with personal loans available up to $45,000. Pre-approval is available in just minutes and it won’t hurt your credit to check your rates.

But Rocket Loans charges an origination fee of up to 7% of the total loan amount, which is much higher than most competitors. And the interest rates on personal loans can be as high as 29.99%. Overall, Rocket Loans offers a simple process and excellent service, but you may end up paying more.

Shopping around will ensure that you don’t pay any more for a personal loan than you have to. If Rocket Loans isn’t the lender for you, continue the search with our choices for the best personal loans.


Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers, we collected hundreds of data points across more than 40 lenders, including interest rates, fees, loan amounts, and repayment terms, to ensure that our reviews help users make informed decisions for their borrowing needs.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
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  2. Rocket Companies. "Our History."

  3. Rocket Loans. "Disclosures and Licenses."

  4. Rocket Loans. "How to Get a Personal Loan."

  5. Rocket Loans. "FAQ." 

  6. Rocket Loans. "Getting A Personal Loan With A Co-Signer."

  7. Rocket Loans. "Contact Us."

  8. J.D. Power. "2022 U.S. Consumer Lending Satisfaction Study." 

  9. Trustpilot. "Rocket Loans."