Rocket Loans Lender Review January 2025

Who are Rocket Loans personal loans best for?

Best for fast funding

Rocket Loans is a great option for people who need an emergency loan of up to $45,000. The lender offers an easy online application process. And if you sign your loan documents by 1:00 p.m. ET on a business day, Rocket Loans will issue an ACH credit to your bank account the same day. That means you can get your cash as soon as the same business day, depending on where you bank, which allows you to use the funds for urgent expenses like auto repairs and veterinary bills.

Great for small business owners

Unlike many online lenders, Rocket Loans allows you to use a personal loan to fund the daily operations of a small business. The lender is a good option for entrepreneurs who don't qualify for business loans, which tend to offer higher borrowing limits and lower interest rates. Just note you may need to apply directly on the lender's website to qualify.

Many small businesses have difficulty accessing business credit. Plus, some lenders tightened standards in 2024, and business loan approval rates declined. A personal loan can be a lifeline for new businesses or small businesses with low annual revenue that need a quick injection of cash to keep operations running. Just keep in mind that you'll be personally liable for the debt, and missed payments could damage your personal credit score.

Pros and cons

How to qualify

Credit score and financial history

Rocket Loans typically requires a 640 credit score or higher, which is in the fair credit score range for FICO scores. The lender also considers financial factors such as your payment history, outstanding debt, and homeownership status. Since Rocket Loans doesn't allow you to apply with a cosigner or co-borrower, you'll need to meet the lender's requirements on your own. But you can prequalify to get a sense of whether you're eligible without damaging your credit score.

Income and employment

Rocket Loans doesn't disclose a minimum annual income requirement on its website, but if you apply through the Credible loan marketplace, you'll need to earn at least $24,000 per year to be eligible. You'll need to show proof of income, but it doesn't necessarily need to come from a job — self-employment income and Social Security benefits may also count.

Rocket Loans personal loan purposes

You can use a Rocket Loans personal loan for almost any expense, with the exception of college tuition expenses and illegal activity. You can even use the funds for small business expenses, which many other online lenders don't allow. Some other examples of how you can use a Rocket Loans personal loan include:

• Debt consolidation
• Home improvement
• Auto repairs
• Emergency expenses
• Travel expenses
• Large purchases

If you apply via Credible, you can use a Rocket Loan for debt consolidation, credit card refinancing, and home improvements.

Fees and penalties

Loan origination fees

Rocket Loans charges an origination fee up to 9%. An origination fee is an upfront fee that covers the lender's costs to issue the loan. The exact fee, which is calculated as a percentage of the loan amount and deducted from the initial loan proceeds, depends on individual financial factors such as your credit score. The origination fee is included in the APR, which expresses the total annual cost of borrowing as a percentage of the loan amount.

Early repayment penalties

Rocket Loans doesn't charge prepayment penalties. You can make extra payments or pay off the entire balance at any time without penalty.

Other fees

Rocket Loans charges a couple of incidental fees:

• A $15 late payment fee if you fail to pay within 10 days of your monthly due date
• A $15 return fee if your ACH or check payment is rejected

You can avoid these fees if you make your payments on-time and budget to ensure you have sufficient funds in your checking account.

How Rocket Loans compares to other lenders

How to contact Rocket Loans

If you need help applying or managing repayment of your personal loan, you can contact Rocket Loans customer support via the contact information in the table below. Rocket Loans has an excellent reputation for customer service, with a 4.9 out of 5 star rating on Trustpilot based on reviews from more than 6,000 customers.

About Rocket Loans

Rocket Loans is an online lender that offers unsecured personal loans with fast funding. Rocket Loans is licensed in 48 states, but the lender doesn't offer personal loans in Nevada, Iowa, or West Virginia. Rocket Loans personal loans are made by Cross River Bank, a state chartered bank in New Jersey.

Rocket Loans is part of Rocket Companies, a Detroit-based financial services company founded in 1985. The company has received 20 J.D. Power awards and has an excellent reputation for customer satisfaction. Rocket Loans also provides millions of dollars and thousands of volunteer hours to community organizations each year through the Rocket Community Fund.

Rating Rocket Loans personal loans

Credible evaluated 31 personal loan lenders over 800 data points based on customer experience, minimum fixed interest rates, maximum loan amounts, funding times, loan terms, fees, discounts, third-party reviews, and more. We gathered information from each lender's website, customer service department, in-house resources, and via email support. Each data point was verified by a senior editor to make sure it was accurate at the time of publication.

Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.