![]() ![]() ![]() Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Term lengths and loan amounts (15% of rating)Įach category's weighting is based on its importance to your borrowing experience.The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. We rate all personal loan products in our reviews and guides on a 1-5 scale. Why You Should Trust Us: How We Rated Rocket Loans Quick tip: You can check prequalified offers from multiple lenders in a loan marketplace to make sure you find the best rate available. If you need to borrow a larger amount of money, LightStream will lend you as much as $100,000, more than double the amount you can get from Rocket Loans. LightStream has a higher minimum loan amount than Rocket Loans, $3,500 compared with $2,000. LightStream has no fees whatsoever associated with its loans, while you'll pay an origination fee of as much as 9% with Rocket Loans. You can get a loan for as much as $45,000 from Rocket Loans, slightly less than the $50,000 maximum loans Upstart offers. However, Rocket Loans isn't far behind, as it has a minimum of $2,000. You can take out as little as $1,000 with the lender. Upstart may be the best option for borrowers looking for a very small amount of money. ![]() Rocket Loans' is up to 9% of the overall loan amount, while Upstart may charge you up to 8%. Compare Rocket Loansīoth Rocket Loans and Upstart charge an origination fee. You'll need a credit score of at least 640 to qualify for a personal loan from Rocket Loans. After you sign on the dotted line, your loan will be approved and funded. Rocket Loans will then send you a summary of your loan terms and a promissory note for you to sign. Accept your loan terms and wait for your funds. When you submit a formal app, the lender will conduct a hard credit check, which may ding your score slightly.Ĥ. You may need to also submit W-2s, pay stubs, and bank statements to confirm the information you provided initially. A longer term length means smaller monthly payments - but you'll fork over more in interest.ģ. Review different loan offers and pick the one you can fit into your budget. After you submit your initial information, Rocket Loans will give you different term options. Your credit score won't be affected by this because Rocket Loans will only conduct a soft credit check.Ģ. Check what rate you qualify to receive. You'll need to input basic information, such as your name, address, income, Social Security number and birthday to see what rate you'll get. How to Apply for a Rocket Loans Personal Loanġ. You won't be able to borrow from Rocket Loans. If you live in Iowa, Nevada, or West Virginia, you're out of luck. Not available to borrowers in all 50 states.You'll only have the option of a three-year or five-year repayment term length. If your credit score isn't in the best shape and you are hoping to add a cosigner to your loan to improve your chances of approval, you won't be able to do so with Rocket Loans. Unable to add a cosigner to your loan application.If your payment is more than 10 days late, you may be charged a late fee. You'll have to pay an origination fee - an amount of money deducted from your loan balance when funds are disbursed- up to 9% of your total loan amount, and that fee will be included in your loan APR. Same-day funding available. If you need your loan money fast, you can get it as soon as the same day if you your loan is verified and approved by 1:00 p.m.You can make additional payments toward your loan, and you won't be charged an extra fee. Borrowers without excellent credit may find better rates elsewhere. Rocket Loans' minimum APR is comparable to other top lenders for low interest rates, but you'll need to have excellent credit to qualify. Origination fees: up to 9% Rocket Loans Personal Loans Pros and Cons Rocket Loans Pros Regular APR: 9.116% to 29.99% with AutoPay See our picks for the best debt consolidation loans » Rocket Personal Loan Features You can also borrow as little as $2,000 from the lender, so it could be a great choice if you only need a small loan amount. Rocket Loans might be a good option for borrowers who are looking for fast funding and don't mind choosing between only two repayment term options. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate. You may be able to get more favorable terms elsewhere, especially if you have a good credit score. The bottom line: Rocket Loans personal loans have solid APRs, but limited repayment term lengths as well as origination and late fees. Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down. ![]()
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