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
Useful Information About Rocket Loans
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.
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.
Yes. You can complete the Rocket Loans application completely online.
You must have a credit score higher than 640.
The minimum loan amount is $2,000.
The maximum loan amount for Rocket Loans is $45,000. You must meet the qualifications for this loan amount.
Rocket Loans offers 36-month or 60-month terms.
Yes. Rocket Loans offers competitive interest rates. The rate you receive for your loan depends on your qualifications.
Yes. Rocket Loans offers fixed interest rates for the life of the loan.
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.
Rocket Loans requires a valid SSN, address, email, and bank account information. You must verify your employment status and credit history.
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.
Rocket Loans can fund the same business day. This depends on your bank, qualifications, and the ability to verify your information.
Applying after denial depends on why Rocket Loans denied your application. The time you must wait ranges from 1-180 days.
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.
Yes. There are no fees for paying your loan off early.
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.
Rocket Loans website does not list an app. Everything for the loan is online.
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.