What You Need to Know
Once you have approval for your loan from Rocket Loans, the money can transfer to your account quickly. The funds can be in your account the same business day. This depends on your bank and how fast Rocket Loans can verify your personal information.
Rocket Loans offers an interest discount to customers. Signing up for automatic withdrawals earns a 0.3 percent interest discount on your loan. If you decide to pay over the phone or with a check, there is not a fee, but you will have to pay a higher interest rate.
To apply for a loan with Rocket Loans, you must have good credit. Customers must have a credit score above 640. You must make at least $24,000 per year and have resolved any bankruptcies two years prior to applying. If you do not meet these set requirements, you will most likely not qualify for a loan with Rocket Loans.
Rocket Loans offers personal loans. Currently, they do not offer joint or cosigner loans. Rocket Loans determines eligibility entirely off your personal information. If Rocket Loans denies your application, you must wait up to 180 days before reapplying. The denial reason determines when you can apply again.
Qualifications to Apply for Rocket Loans
- Annual Income: >$24,000
- Job History: >30 days of income
- Debt-to-Income Ratio: Depends on income
- Minimum Credit Score: >640
- Credit History Length: DOSCC
- Credit Bureau Inquiries: DOSCC
- Bankruptcy History: >2 years
- Past Loan Denial: Depends on denial reason; could range from 1-180 days
- U.S. Citizenship Required: Yes
- Required Age: 18
- SSN Required: Yes
- Valid Bank Account Required: Yes
Useful Information About Rocket Loans
- Business Loans Offered: Small business loans
- Cosigner Loans Offered: No
- Joint Loans Offered: No
- APR Range: 7.161-29.99%
- Fixed Interest Rates: Yes
- Repayment Options: Autopay, checks, phone
- Payments Due: Monthly
- Payment Methods Fees: No
- Smallest Loan: $2,000
- Largest Loan: $45,000
- Loan Term Lengths: 36 or 60-months
Additional Relevant Information
The interest rates for loans from Rocket Loans are low. Even their highest rate is lower than other online lending companies. The interest rate you receive for your loan depends on your qualifications. You receive even lower rates when you sign up for automatic withdrawal payments.
Rocket Loans have origination fees. The fees range from 1-6% depending on your loan. They deduct the amount for the origination fee from the loan total. Know how much the fees are so you can apply for a loan big enough to cover your expenses.
History and Achievements
In 1985 Rock Financial started. In 1999, the company launched Rockloans.com. They became one of the fastest growing online mortgage companies.
By December of 1999, Intuit bought the company and named it Quicken Loans. But, in 2002, the company founder, Dan Gilbert, repurchased the company and kept the new name.
Over the years, Quicken Loans has received 14 awards from J.D. Power. Those awards have been for mortgage origination and mortgage servicing.
By 2011, the company had over 17,000 employees. Quicken Loans introduced Rocket Mortgage in 2015. This was the first completely online mortgage. Rocket Loans headquarters are in Detroit, Michigan. Rocket Loans is a sister company to Quicken Loans.
Frequently Asked Questions
Can I apply for a loan entirely online?
Yes. You can complete the Rocket Loans application completely online.
What is the lowest my credit score can be?
You must have a credit score higher than 640.
What is the smallest loan amount available?
The minimum loan amount is $2,000.
What is the largest loan amount available?
The maximum loan amount for Rocket Loans is $45,000. You must meet the qualifications for this loan amount.
What are the loan term lengths?
Rocket Loans offers 36-month or 60-month terms.
Are the interest rates competitive?
Yes. Rocket Loans offers competitive interest rates. The rate you receive for your loan depends on your qualifications.
Are the interest rates fixed?
Yes. Rocket Loans offers fixed interest rates for the life of the loan.
What types of loans are available?
Rocket Loans offers personal loans for debt consolidation, home improvements, and medical expenses. There are loans for auto expenses and small businesses as well. You can also use the money for travel or large purchases.
What information do I need to apply for a loan?
Rocket Loans requires a valid SSN, address, email, and bank account information. You must verify your employment status and credit history.
How long does approval take?
Rocket Loans tries to have approval and funding within one business day. This may take longer depending on qualifications and the ability to verify your information.
How long will it take the money to enter my account after approval?
Rocket Loans can fund the same business day. This depends on your bank, qualifications, and the ability to verify your information.
If I have been denied a loan before, how long do I have to wait to apply again?
Applying after denial depends on why Rocket Loans denied your application. The time you must wait ranges from 1-180 days.
What are the payment options to repay my loan?
Rocket Loans offers lower interest rates for signing up for automatic withdrawals. You can also pay with a check or over the phone. There is not a fee for paying with a check or over the phone, but you will not get the lower interest rate.
Can I pay my loan off early?
Yes. There are no fees for paying your loan off early.
Is my information secure?
Rocket Loans offers security measures that comply with federal laws. They encrypt personal information. Rocket Loans only collects information that is necessary for the loan process.
Does this loan company offer a mobile app?
Rocket Loans website does not list an app. Everything for the loan is online.
How do I contact customer service?
By phone, email, or visiting their office in Detroit. Customer service is available Monday through Friday from 8 a.m. to 9 p.m. EST. Saturday from 9 a.m. to 6 p.m. and Sunday from 11 a.m. to 2 p.m. EST. You can follow Rocket Loans on Facebook, Instagram, and Twitter.
Bank Contact Information
Rocket Loans
28596 Network Place
Chicago, IL 60673-1285
800-333-7625
