Rocket Loans Personal Loans Review 2023: Online Pre-Qualification and Same-Day Funding Available, but Be Aware of Origination Fees

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Rocket Loans, a subsidiary of Rocket Companies, Inc., is an online personal loan lender headquartered in Detroit, MI. Rocket Companies is a recent rebrand of Quicken Loans, which was founded in 1985 as Rock Financial, a brick-and-mortar mortgage company. Since its founding, the company has changed names several times, and expanded to include other financial products besides mortgages. 

Now, the Rocket Companies portfolio includes Rocket Loans (a personal loan lender), Rocket Mortgage (a mortgage lender), Rocket Homes (a real estate listing site), and Rocket Auto (an online car marketplace), among other properties. Despite the similar names and the same parent company, each subsidiary is independently operated and managed by its own management team.

Rocket Loans personal loans are available in 48 states and funded through Cross River Bank in New Jersey. Loan amounts range from $2,000 to $45,000, but there are only two loan terms available: 36 months or 60 months. Rocket Loans offers an AutoPay discount, which is factored into the lowest advertised rate on the site. You can check your rate online without a hard credit pull, making it easy to shop around. The application process is quick, and you may even get same-day funding in some cases. 

While fast funding can be a major perk for borrowers who need cash quickly, the lender does have some downsides, like an origination fee of 1%-6% of the total loan amount and the lack of secured loan options.

What to Know Before Getting a Personal Loan

A personal loan can provide you with funding to consolidate debt or make a major purchase. Personal loans fall into two main categories: secured and unsecured. A secured loan requires collateral, while an unsecured loan doesn’t require you to provide anything of value for security. 

When getting a personal loan, shop around with different lenders to compare rates and terms. Be sure to also check if there are origination fees and other costs. Realize that the personal loan rate you get from a lender might not be the same as what’s advertised. Your credit score, income, and other individual factors can all influence your final rate.

Some lenders will give you a rate quote without requiring a hard inquiry on your credit. However, once you officially apply for the loan, you will be subject to a hard credit pull. Once you have your loan, make sure to pay on time so you don’t end up with negative marks on your credit history. To avoid excessive interest charges, have a plan to repay the loan as quickly as possible.

Alternatives to Personal Loans

Even though a personal loan can be a good way to get cash fast, it’s not the only option. Before you get a personal loan, consider whether one of these alternatives may make more sense for your personal financial situation:

  • Home equity loan, HELOC, or cash-out refinance. Tapping into the equity in your home with a home equity loan, home equity line of credit (HELOC), or a cash-out refinance has the potential for a lower interest rate than a personal loan. However, it’s important to carefully consider the pros and cons of borrowing against your home equity, since you could potentially lose your home if you can’t make payments.
  • Balance transfer credit card. If you’re hoping to use a loan for debt consolidation, a balance transfer credit card might help. These credit cards offer introductory periods — typically ranging from 18 to 20 months — with an APR of 0%. Move your high-interest debt to a balance transfer card and you can tackle your debt much faster, without part of your payment going toward interest charges. However, you need a plan to repay the debt before the end of the introductory period, or you’ll be stuck paying high credit card interest rates.
  • Savings strategy. If you don’t have an immediate money need, consider saving up for large purchases, rather than getting a personal loan. An emergency fund can also reduce the need for personal loans in a pinch. Experts suggest keeping three to six months’ worth of expenses in an emergency fund.
  • Free credit counseling. If you’re struggling with debt, one way to tackle the underlying issues is credit counseling. Some non-profit organizations offer free or low-cost credit counseling to help you manage your debt and finances. You won’t get money directly, but credit counseling comes with expert financial advice that can help you get your finances on track. 

Pros and Cons of Rocket Loans


  • Same-day funding available

  • Rate discount for autopay

  • Borrow between $2,000 and $45,000

  • Soft credit check for pre-qualification and rate quote

  • No prepayment penalties


  • Origination fee of 1%-6%

  • Only two different options for loan lengths (36 or 60 months)

  • No option for secured loans

  • Late payment fee of $15 if you fail to make a monthly payment within 10 calendar days of its due date

  • Not available in NV, IA, and WV

Rocket Loans Compared to Other Lenders

Rocket LoansUpstartAvant
Loan Term Range3 or 5 years3 or 5 years2 to 5 years
Loan Amount$2,000 to $45,000 (minimum loan amounts vary by state)$1,000–$50,000 (minimum loan amounts vary by state)$2,000 to $35,000
Credit Score NeededNot specified600580 
Prepayment PenaltyNoneNoneNone
Origination Fee1% – 6% of loan amount0%-8% of the loan amountAdministration fee of up to 4.75% of loan amount
Unsecured or Secured DebtUnsecuredUnsecuredUnsecured
The NextAdvisor editorial team updates this information regularly, though it is possible that certain loan and fee details have changed since this page was last updated. For the most up-to-date information about APRs, fees, and other loan details, check with the lender directly. Also, some loan offerings may vary depending on your location.

How to Qualify for a Rocket Loans Loan

In order to qualify for a Rocket Loans personal loan, you need to be a U.S. citizen or permanent resident at least 18 years old in most states (Nebraska and Alabama require you to be 19). You also must reside in a state where the company does business, which currently includes all states except Nevada, Iowa, and West Virginia. Rocket Loans personal loans are not available to non-U.S. residents.

To determine whether to grant you a loan, Rocket Loans will look at your credit score, income, and other debts. Rocket Loans doesn’t list its credit score or income requirements on its website, and we were unable to reach a company representative for a response as of the time of publication. However, if you are denied a loan, you can re-apply if you improve your credit score or reduce your debt-to-income ratio. 

Who Should Get a Rocket Loans Loan

Like most personal loans, Rocket Loans can be used for a variety of purposes, including paying for a large purchase, financing home improvements, consolidating debt, or covering an emergency. They can’t be used for student loans or illegal purposes. 

Because Rocket Loans offers a fast online application process and same-day funding, it can be a good option for those who need funds quickly, for example, to cover an emergency (though there may be better options than a personal loan for covering emergency expenses). Be aware that in order to receive your loan funds on the same day, you need to sign the promissory note and complete the process by 1 p.m. ET on a business day. Otherwise, you might have to wait until the next business day to receive your funds.

Rocket Loans’ online pre-qualification tool lets you quickly and easily check your rate without affecting your credit score. The lender also offers a rate discount if you enroll in AutoPay, which has the added benefit of helping you avoid late payments by automatically deducting your payment from your bank account every month. Rocket Loans does charge an origination fee of 1% – 6% and a late fee of $15, unlike SoFi, LightStream, and Marcus by Goldman Sachs, which don’t charge any fees. 

While Rocket Loans offers a broad range of loan amounts, its loan terms are less flexible; you can only choose between a 36-month and 60-month loan term. If you want to get a small loan that you can pay off fast, you may be better off with another lender. But if you need a longer repayment period and want the benefit of fast funding, Rocket Loans can be worth considering. 

How to Apply for a Rocket Loans Loan

1. Decide on your desired loan amount and terms

Before applying for any personal loan, you should decide whether you really need one, calculate how much you want to borrow, and figure out a plan for repaying the loan. With Rocket Loans, you can borrow between $2,000 and $45,000 and choose a loan term of either 36 months or 60 months. A longer term results in a lower monthly payment, but the loan could have a higher overall cost, due to the longer time you’ll be paying interest. 

2. Check your rate online

Next, check your rate and get loan offers from Rocket Loans through its online pre-qualification tool. Rocket Loans performs a soft inquiry to give you a rate quote, so you won’t have to worry about your credit score being impacted. Once you’ve looked at the rate from Rocket Loans, check your rate with other lenders to ensure that you get the best deal for your situation.

3. Fill out and submit your application

If you decide that Rocket Loans works best for you, complete the actual application. This step involves a hard credit inquiry, which will impact your credit score. Gather the required documents for your loan application, which could include proof of income and a government-issued ID.

4. Wait for approval, signing, and funding

Depending on your application and how quickly your identity and other information can be verified, you might be approved and receive your funds as soon as the same day. However, if you have a less straightforward situation, like self-employment, it could take longer to receive approval and funding.

Rocket Loans FAQs

Is Rocket Loans good for personal loans?

Rocket Loans offers up loan amounts from $2,000 to $45,000 and the potential for same-day funding. However, you will pay an origination fee, which could make your loan more expensive overall.

What credit score do you need for a Rocket Loans loan?

Rocket Loans doesn’t list a required minimum credit score, but you’re more likely to get approved if you have a higher credit score.

Can I get a Rocket Loans personal loan with bad credit?

You’re less likely to get approved for a loan with Rocket Loans when you have bad credit, but it may still be possible, depending on your exact credit score. Be aware, however, that even if you are approved for a loan with bad credit, you may end up with a higher interest rate. We recommend pre-qualifying with multiple lenders on our best personal loans for bad credit list to see which lender one gives you the best rate before accepting any loan offer.

Does a Rocket Loans loan hurt your credit?

Applying for a personal loan with Rocket Loans can lower your credit score by a small amount due to the hard credit inquiry, which happens whenever you apply for any type of loan. After you receive funding, any missed or late payments can negatively impact your score, so it’s important to have a plan for making payments on time and in full.