Rocket Loans Personal Loans Review

Rocket Loans offers personal loans with funding in as little as one day

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Rocket Loans

Rocket Loans

Investopedia’s Rating
  • Pros & Cons
  • specifications
Pros & Cons
  • Pre-approval available within seconds

  • Same day funding available

  • Soft credit pull for loan pre-approval

  • Origination fee up to 6%

  • Limited repayment terms

  • Individual applications only

APR Range
8.42% - 29.99%
Loan Amount
$2,000 - $45,000
Loan Terms
36 Months or 60 Months
Recommended Minimum Credit Score
Average Origination Fee
1.00% - 6.00%
Late Fee
$15.00 - $15.00
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

  • Pre-approval available within seconds: Rocket Loans offers a simple and fast experience. Applicants can fill out a simple online form and see their pre-approved loan amount, repayment term, and rate within seconds. 
  • Same-day funding available: If you complete the loan process and sign your paperwork by 1:00 p.m. ET, you may receive funds within the same business day.
  • Soft credit pull for loan pre-approval: Viewing a quote on your loan terms won’t hurt your credit scores, since Rocket Loans performs a soft credit pull in order to provide your quote.

Cons Explained

  • Origination fee up to 6%: This fee ranges from 1% to 6% and is deducted from your loan funds before you receive them, which means you may need to apply for more money than you actually need to borrow.
  • Limited repayment terms: Some lenders allow you to choose from several repayment terms, but with Rocket Loans, you only have the choice of 36 months or 60 months.
  • Individual applications only: Having a co-signer or co-applicant can help your chances of getting approved for a loan or help you get better rates, but Rocket Loans doesn’t allow joint applications at this time.


Rocket Loans offers a quick and easy process for applicants to see their rate quote and apply for a personal loan. The all-online process can result in same-day funding, and borrowers with less-than-stellar credit may be approved. You can also choose to set up autopay during the application process and get an APR discount.

While Rocket Loans offers convenience, it doesn’t offer the most competitive terms. Other online lenders like LightStream can beat its APR range while charging no fees. By contrast, Rocket Loans origination fee ranges up to 6%. Applicants with lower credit scores may expect to pay that full 6%. For a $20,000 loan, that would amount to a $1,200 fee.

Company Overview

RockLoans Marketplace LLC (Rocket Loans) was launched in 2016. The online lender is a sister company of Rocket Mortgage, which was founded in 1985. The original company has since evolved to include a number of other sister companies, including Rocket Auto and Rocket Homes, as well as several insurance vendors. 

Rocket Loans offers personal loans to U.S. citizens and permanent residents, except in Nevada, Iowa, and West Virginia. Its personal loans can be used to cover various expenses, however, they cannot be used as student loans.

Types of Personal Loans Offered by Rocket Loans

Rocket Loans offers personal loans that can be used for a variety of purposes, including but not limited to:

  • Auto repairs
  • Vacation expenses
  • Medical bills
  • Debt consolidation or debt payoff
  • Home improvement projects
  • Business expenses

Time to Receive Funds

In certain cases, same-day funding is available through Rocket Loans. Rocket Loans advises that applicants who complete the loan process and sign their Promissory Note by 1 p.m. ET on a business day can expect to receive their funds via ACH transfer the same day.

Rocket Loans Personal Loan Features

Unsecured Loans

All loans from Rocket Loans are unsecured, meaning they don’t require any collateral from borrowers. Instead, qualifying is primarily based on your credit rating. One of the main benefits of this kind of loan is that borrowers don't have to worry about losing collateral, such as their car or home, if they fall behind on loan payments.

Debt Consolidation Loans

RocketLoans personal loans can be used for multiple purposes, including debt consolidation. That means you can take out a loan from this lender to pay off your pre-existing debts that have higher rates or fees. Debt consolidation loans can be particularly useful for paying off credit cards, which typically have high APRs.

No Prepayment Penalty

Some lenders charge a fee when borrowers make early payments, but Rocket Loans will not charge a fee if you make extra payments towards your personal loan or if you pay off your balance early.

Apply for a Rocket Loans Personal Loan

Rocket Loans offers a simple online application process for those interested in a personal loan. In order to apply, follow these steps:


Start by filling out the Rocket Loans online pre-qualification form, which does not impact your credit. You’ll need to provide your contact information, along with the following:

  • Loan type
  • Employment status
  • Annual gross income
  • Social Security number

Not all lenders require you to have a Social Security number. Some lenders accept alternatives like an Individual Taxpayer Identification Number (ITIN), or they may approve you with a cosigner. For other loan types, check out these mortgages for non-citizens and student loans for international students.

Select Your Loan 

View your offers and choose your loan amount, term, and rate. Note that the offer may change if you leave the Rocket Loans website.

Submit Your Application

You’ll be required to submit your bank account information. You may also need to provide the following supporting documentation:

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

Sign Documents

Finally, sign the promissory note and other required documents.

If you’re approved for a personal loan from Rocket Loans, you may receive the funds within the same day. Some transfers, however, may take up to a few business days to complete depending on your bank’s processing. 

Can You Refinance a Personal Loan With Rocket Loans?

Rocket Loans does not offer personal loan refinancing at this time. However, you could choose to use your personal loan funds for debt consolidation.

Customer Service

You can contact Rocket Loans by email at or via phone during business hours: 9 a.m. to 7 p.m. ET Monday to Friday and 9 a.m. to 6 p.m. ET Saturday.

Personal Loan Experts (800) 333-7625 

Loan Servicing Team (313) 230-5233 

Customer Satisfaction

Rocket Loans hasn’t been around for long, but customer ratings are generally positive. The lender has received an impressive 4.8 out of 5 stars on Trustpilot, with about 4,000 reviews. Many reviewers note an easy application process and a fast turnaround time for funding.

Account Management

Borrowers can choose to set up autopay for their monthly loan payments or pay by check. You can also view and make updates to your account through an online account dashboard, or contact a live agent during business hours.

How Rocket Loans Compares to Other Personal Loan Companies

Not every lender will disburse loan funds as quickly as Rocket Loans, but speed shouldn’t be a reason to overlook the high cost of borrowing. Unlike Rocket Loans, some lenders charge no origination fee at all, which could mean big savings for borrowers.  

Other loans come with lower APR ranges than personal loans from Rocket Loans, including personal loans from LightStream and SoFi. Both offer larger loan amounts than Rocket Loans, too, with a maximum of up to $100,000 available from each.

Here’s a better look at how Rocket Loans compares to LightStream:

Rocket Loans vs. LightStream

Rocket Loans and LightStream are both online lenders that offer funding in as little as one day, however, there are some significant differences between their personal loan products. 

LightStream offers a wider timeframe for repayment and much larger loan amounts. Its low APR range and lack of fees could make it significantly cheaper to borrow from this lender.     

  • Lightstream charges no late fees, no prepayment penalty, and no origination fee.
  • Rocket Loans offers loan pre-approval with no hard credit pull, while Lightstream does not offer loan pre-approval.
  • For eligible borrowers, Lightstream indicates it will beat qualifying offers from other lenders by .10 percentage points.
  Rocket Loans LightStream 
APR Range 8.416% - 29.99% (low-end APR includes autopay discount) 5.99% - 22.49% (low-end APR includes .50% autopay discount)
Loan Amounts  $2,000 - $45,000  $5,000 - $100,000 
Loan Terms  36 or 60 months 36 - 144 months 
Average Origination Fee  1% - 6%  $0 
Late Fee  $15  $0 
Same Day Funding Available?  Yes  Yes 
Refinancing available  No  No 

Rocket Loans and LightStream offer several similar features, including an online application process and funding that’s available in as little as one day.

LightStream, however, offers more flexibility for borrowers, with lower APR ranges, longer loan terms, higher loan amounts, and no fees for borrowing. The main drawback of LightStream is that you can’t get pre-approved for a loan before applying. 

Read our full review of Lightstream Personal Loans here.

Final Verdict

Rocket Loans can be a good option for someone who has good credit and needs to get a loan quickly. While borrowers with poor credit might qualify, they may be subject to steep origination fees.

Loan terms may not be ideal through Rocket Loans, but it doesn't hurt to get pre-qualified since it won’t hurt your credit to see a quote. Just be sure to shop around, since you may get a lower APR and lower fees somewhere else, without extending your loan funding timeline.


Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers, we collected over 25 data points across more than 50 lenders, including interest rates, fees, loan amounts, and repayment terms to ensure that our reviews help users make informed decisions for their borrowing needs.  

Our full personal loans methodology, including our data collection process and weighted data points, is available for review.

Article Sources
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  1. Rocket Loans. "Personal Loans Info."

  2. Rocket Loans. "Personal Loans Info."

  3. Trustpilot. “Rocket Loans.”