Loans (US)

Rocket personal loan full review

The personal loan from Rocket Loans is one of the most famous loans in the American market, but is it the one right for you? Let’s find out in this complete review!

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by Aline Augusto

Published on 01/23/2022

Rocket personal loan: low rates for those with good credit 

Learn more about the loans. Source: Facebook Rocket Loans.
Learn more about the loans. Source: Facebook Rocket Loans.

Are you in doubt about what personal loan to bank? Do not worry, we’re here to help! Read this Rocket personal loan review and understand by pros and cons of why you should or shouldn’t hire this service.

APR5.97% to 29.99% (with autopay discount of .25%)
Loan PurposeTerms and Conditions apply
Loan Amounts$2,000 to $45,000
Credit Needed580 minimum
Terms36 or 60 months
Origination Fee1% – 6%
Late Fee$15
Early Payoff PenaltyNone
Logo Rocket Loans e desenho de pessoa tocando guitarra

How to apply for the Rocket personal loans?

Achieve your goals with the help of Rocket personal loans! See how to apply for it and get the benefits.

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How do the Rocket personal loans work?

The Rocket personal loan is the best loan for low credit rate people, it is suitable for lots of profiles. However, even with an easy prequalification process and with discounts for the ones that want to pay using autopay mode, it can have huge fees for lower credit level people. Even so, the APR of the Rocket personal loan is not that much higher if you compare it to other lenders from the market.

Rocket personal loans benefits

See what are the benefits of the Rocket personal loan. Source: Unsplash.
See what are the benefits of the Rocket personal loan. Source: Unsplash.

Besides its huge fees for lower credit rates, the personal loan of this company also offers lots of benefits. Let’s understand its pros and cons with a small explanation of each one below:

Pros

  • Simple process of application: Just use a laptop, good internet and you are good to go. You can even have your funding on the same business day.
  • Do not have prepayment fees: Pay your loan whenever you want and you won’t pay anything more for this
  • Fast Money: If you borrow from Rocket Personal Loan, you can have your money as fast as one business day.

Cons

  • High rates even for good credit: There are lots of loan business that offers their borrowers a better APR rate if they have good credit. With this in mind, it is very likely to one that has great credit find another bank to hire the loan service.
  • Do not have a national availability: If you live in Iowa, Nevada, or West Virginia, unfortunately, the Rocket personal loan is not for you.
  • Origination fee: The majority part of personal loans do not charge this fee anymore, so take this into consideration.

Should you apply for the Rocket personal loan? 

If you are at least 18 years old (19 in Nebraska and Alabama) and you have a sufficient credit score, you should at least search more if this is the right loan for you. You should also have a minimum annual income of $24.000 for approval. Remember again to think about all its pros and cons before hiring their services.

Can anyone apply for a loan at Rocket personal loan?

Not everybody can apply for a loan at Rocket personal loan, but surely they have one of the best ranges of credit score.

What credit score do you need for Rocket personal loans?

If you have a credit score that is higher or equal to 580, the origination fee is not a problem for you, so you surely can apply for the loan.

How to apply for a Rocket personal loan?

If after this review you are sure that this loan is for you, check out this article about how to apply with Rocket personal loan.

Logo Rocket Loans e desenho de pessoa tocando guitarra

How to apply for the Rocket personal loans?

Achieve your goals with the help of Rocket personal loans! See how to apply for it and get the benefits.

About the author

Aline Augusto

My name is Aline Mesquita; I'm a writer here on the blog, where I write about finance in general and other subjects. I have been working with content creation for ten years. Also, I'm post-graduated in Project Management, with expertise in SEO practices. Currently, I am studying finance, market trends, and cryptocurrencies.

Reviewed by

Aline Barbosa

Senior Editor

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