Rocket Personal Loans: 2024 Review

Our Take
TalkFinance rating
The bottom line: Rocket Loans’ personal loans can be inflexible compared with competitors, but they stand out for fast funding.
Jump to: Full Review

on Rocket website




5.97 - 29.69%


$2,000 - $45,000

Pros & Cons
  • Soft credit check with pre-qualification.

  • Competitive rates among fair-credit lenders.

  • Offers a .3% rate discount for setting up autopay.

  • Able to fund loans the same day.

  • Offers small loans of $2,000.

  • Charges origination fee.

  • Does not offer direct payment to creditors with debt consolidation loans.

  • No option to choose or change your payment date.

  • Borrowers can choose from only two repayment term options.

  • No co-sign, joint or secured loan option.

Compare to Other loans
TalkFinance rating
TalkFinance rating
TalkFinance rating

5.97 - 29.69%


4.99 - 19.63%


3.99 - 19.99%


3 to 5 years


2 to 7 years


2 to 7 years







Full Review

Compared with other online lenders, Rocket Loans lacks some convenient features, like the ability to choose or change your payment date and the option to send funds directly to your other creditors with a debt consolidation loan.

But Rocket Loans’ competitive rates on personal loans, same-day funding and range of loan amounts might be the perfect fit for some fair-credit borrowers.

Rocket Loans is best for borrowers who:

  • Have at least a 640 credit score.

  • Need funds fast.

  • Don’t want to add a co-signer, co-borrower or collateral to the application.

Rocket Loans at a glance





  • APRs are consistent with other online lenders.

  • Charges origination fee.

  • No prepayment fee.

  • Rate discount for autopayments.

Loan flexibility




  • Offers only unsecured loans.

  • No option to choose or change payment date.

  • Can fund loans within one to three business days.

  • Does not offer direct payment to creditors for debt consolidation loans.

  • Not available in: IA, NV, WV.





  • Soft credit check to pre-qualify.

  • Reports on-time payments to three credit bureaus.

  • Discloses rates, fees, terms on website.

  • Offers FAQ that answers key borrower questions.

Customer experience




  • Offers multiple customer contact channels and extended hours.

  • Does not offer mobile app to manage loan.

  • Offers financial education.

Where Rocket Loans stands out

Autopay discount: If you set up automatic loan payments from your bank account, you can receive a rate discount of 0.3 percentage points, which is a larger discount than other lenders.

Wide range of loan amounts: Rocket Loans offers a wide range of loan amounts, from $2,000 to $45,000, which allows borrowers to cover a variety of expenses like debt consolidation or home improvement projects.

Pre-qualify with soft credit pull: Rocket Loans allows you to check your rate before committing to a loan with a soft credit pull, which doesn’t hurt your score. If you accept the offer, a hard pull — which can temporarily drop your score a few points — is triggered.

Quick funding: The lender says it typically funds loans within one to three business days, which is comparable with other lenders. Approval can take less than five minutes, and borrowers who sign their loan documents before 1 p.m. ET, Monday through Friday, can receive same-day funding. Exact timing will depend on your bank and how easily the lender can verify your information.

Where Rocket Loans falls short

Inflexible payment date: Borrowers cannot choose their payment date when signing their loan agreement or change it later. It’s rare for an online lender to not offer at least one of these features, which help borrowers match their payment date with other monthly obligations or update it if their payday changes.

No secured, co-signed or joint loans: Rocket Loans offers only unsecured personal loans, meaning you cannot secure the loan with collateral (think your car) or add a co-signer or co-borrower to your application. These options, offered by some of the lender’s competitors, can help you qualify for a lower rate or a larger loan.

Limited repayment terms: Borrowers can choose from a three- or five-year repayment term. Though offering two repayment terms is somewhat common for online lenders, it doesn’t give you the option to choose a shorter term and pay less interest, or a longer one to lower your monthly payments.

Origination fee: Rocket Loans charges an origination fee ranging from 1% to 6% of the loan amount, which is taken from the loan before the money is sent to you. Though many online lenders charge an origination fee, some of Rocket Loans’ competitors do not.

How to qualify for a loan from Rocket Loans

  • Minimum credit score: 640; borrower average is 684.

  • Minimum credit history: Two years.

  • Minimum annual income: $24,000; borrower average is $85,000.

  • Maximum debt-to-income ratio: 40% or 70% including mortgage; borrower average is 20%.

  • Must be at least 18 years old in most states.

  • Must provide Social Security number.

Loan example: A three-year, $12,000 loan with a 23.4% APR would cost $467 in monthly payments. You’d pay $4,812 in total interest on that loan.