Rocket Loans

Rocket Loans: online personal loans with fixed rates

Rocket Loans is an online personal loan platform that presents itself as a "fast, fixed, and simple" financing option. Its proposition focuses on fixed-rate loans, no hidden fees, and the possibility of receiving funds the same day. The company lets you check your rate without impacting your credit score and offers U.S.-based customer support.

Application and funding process

The process begins with checking your rate, which does not affect your credit score. Then, the user can view personalized personal loan options, choose the repayment term (36 or 60 months), and verify their identity and financial information to finalize the offer. If the loan is completed before 4:00 p.m. ET, funds typically arrive the same day via direct deposit.

Conditions and requirements

To qualify, applicants must be at least 18 years old, be a U.S. citizen or permanent resident, and reside in a state where the company operates. Rocket Loans is not available in Iowa, Maryland, Nevada, West Virginia, Puerto Rico, Guam, the U.S. Virgin Islands, American Samoa, or the Northern Mariana Islands. Approval considers the financial profile, including credit score; a good to excellent score is recommended. Loans are individual, and co-applicants are not allowed.

Loan uses

Funds can be used to consolidate credit card debt, finance home improvements, emergency repairs, IVF or adoption treatments, medical expenses, wedding planning, travel, or the purchase of a used vehicle, with no down payment. They cannot be used to pay student loans, for illegal activities, or for gambling.

Rates, fees, and terms

Rates depend on the financial profile, monthly income, homeownership, debt-to-income ratio, number of credit inquiries, and the chosen term. The annual percentage rate (APR) ranges from a minimum of 7.99% (with autopay discount) to a maximum of 29.99% (without discount). A one-time origination fee applies and is deducted from the financed amount; the average is 4.44% for clients with very good credit and can be as low as 3.8% for loans of $40,000 or more, with a maximum of 9.99%. The company states that all fees are disclosed before accepting the loan.

Credit impact and payments

The initial rate check generates a soft inquiry that does not affect your score. If the offer is accepted, a hard inquiry is made that may cause a temporary drop of 1 to 5 points. On-time payments can improve credit over time. Late payments may incur a $15 fee and negatively affect your score; the company recommends contacting them before the due date if difficulties are anticipated.

Security and customer support

The online application uses 256-bit encryption and securely connects to the user's bank; Rocket Loans does not have access to the bank username or password. Customer support is human and U.S.-based, available Monday through Friday from 9 a.m. to 7 p.m. ET and Saturdays from 9 a.m. to 6 p.m. ET. According to the company, 89% of support calls are answered within 30 seconds during business hours.

Legal information

All loans are issued by Cross River Bank, a state-licensed commercial bank in New Jersey, an FDIC member, and an equal housing lender. Loans are unsecured and fully amortizing. Eligibility is not guaranteed. This is not a deposit product. Rates and terms are subject to change without notice.

Location and contact

Phone: (800) 333-7625 · Hours: Monday through Friday: 9 a.m. – 7 p.m. ET; Saturdays: 9 a.m. – 6 p.m. ET