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Rocket Loans might be a good option for borrowers who are looking for fast funding and don't mind choosing between only two repayment term options. You can also borrow as little as $2,000 from the lender, so it could be a great choice if you only need a small loan amount.
1. Check what rate you qualify to receive. You'll need to input basic information, such as your name, address, income, Social Security number and birthday to see what rate you'll get. Your credit score won't be affected by this because Rocket Loans will only conduct a soft credit check.
2.Review different loan offers and pick the one you can fit into your budget. After you submit your initial information, Rocket Loans will give you different term options. A longer term length means smaller monthly payments — but you'll fork over more in interest.
3. Send in a formal application. You may need to also submit W-2s, pay stubs, and bank statements to confirm the information you provided initially. When you submit a formal app, the lender will conduct a hard credit check, which may ding your score slightly.
4. Accept your loan terms and wait for your funds. Rocket Loans will then send you a summary of your loan terms and a promissory note for you to sign. After you sign on the dotted line, your loan will be approved and funded.
Rocket Loans is rated A+ by the Better Business Bureau, which evaluates companies based on replies to consumer complaints, honesty in advertising, and clarity about business practices. While Rocket Mortgage was involved in a 2019 scandal for alleged fraud, Rocket Loans is not the same company. They do, however, have the same parent organization, Rocket Companies.
Is it easy to get approved for Rocket Loans?
It is relatively easy to get approved for a personal loan from Rocket Loans. The company's minimum credit score is 640, which is on the lower end of scores.
How quickly do you receive Rocket Loans funds?
Generally, loan approval will take one to three business days, and fund disbursal will take between one to seven days.
What credit score does Rocket Loans require?
You'll need a credit score of at least 640 to qualify for a personal loan from Rocket Loans.
Compare Rocket Loans
Rocket Loans vs. Upstart
Both Rocket Loans and Upstart charge an origination fee. Rocket Loans' is up to 9% of the overall loan amount, while Upstart may charge you up to 8%.
Upstart may be the best option for borrowers looking for a very small amount of money. You can take out as little as $1,000 with the lender. However, Rocket Loans isn't far behind, as it has a minimum of $2,000. You can get a loan for as much as $45,000 from Rocket Loans, slightly less than the $50,000 maximum loans Upstart offers.
Rocket Loans vs. LightStream
LightStream has no fees whatsoever associated with its loans, while you'll pay an origination fee of as much as 9% with Rocket Loans. LightStream has a higher minimum loan amount than Rocket Loans, $3,500 compared with $2,000.
If you need to borrow a larger amount of money, LightStream will lend you as much as $100,000, more than double the amount you can get from Rocket Loans.
Why You Should Trust Us: How We Rated Rocket Loans
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
Interest rate (20% of rating)
Fees (20% of rating)
Term lengths and loan amounts (15% of rating)
Funding speed (15% of rating)
Borrower accessibility (15% of rating)
Customer support (7.5% of rating)
Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here >>
Elias Shaya is a junior compliance associate on the Personal Finance Insider team based in New York City.Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that readers already know and love. The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions.The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up to date and accurate.He joined Insider in February 2022 as a fellow on the compliance team.Elias has a Bachelor of Science in International Business from the CUNY College of Staten Island. Prior to joining Insider, he volunteered at the New York Presbyterian Hospital, where he worked with the biomedical engineering department. In his spare time, Elias enjoys exploring new restaurants, traveling to visit his family in Lebanon, and spending time with friends.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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