What is RocketLoans?
RocketLoans is a relative newcomer to the world of lending, but it is standing on some pretty big shoulders.
Its sister company, Quicken Loans, is one of the largest mortgage lenders in the U.S. Whereas Quicken Loans specializes in mortgages, RocketLoans specializes in personal loans.
They also service mortgages through their RocketMortgage service.
However, for the purposes of this FAQ, we’ll be looking specifically at RocketLoans and their competitive personal loan offers.
RocketLoans was founded in February 2016, but was built from the ground up to craft a “best-of-breed” experience in the personal loan industry.
RocketLoans has brought aboard passionate team members from the Quicken Loans team, as well as new, fresh ideas to create an online personal lending platform that’s user-friendly, straightforward, and true to its name—fast.
RocketLoans provides personal loans through Cross River Bank, a New Jersey-based bank which invests billions of dollars every year in personal loans.
How Does RocketLoans Work?
RocketLoans was built on the premise that obtaining a personal loan can be both fast and nearly effortless.
You simply enter in some basic details about yourself (name, income, employment, and so on), compare your loan options, choose the right program for your needs, complete your application online and look forward to the result.
RocketLoans will validate any required information based on what you’ve submitted and send you the terms of your personal loan agreement.
Then you simply accept the terms and get the money you need.
Get a Personal Loan
- All credit types welcome — good or bad
- Quick answers and fast lender approvals
- Competitive rates and no origination fee
What Kind of Services does RocketLoans Offer?
RocketLoans offers unsecured personal loans for a wide range of purposes.
You can use your loan for nearly anything, including:
- Consolidating debt or high interest rate credit cards
- Medical bills and expenses
- Take a dream vacation
- Home improvements or remodels
- Car repairs
- Securing funding to start your own business
- And much more
Unsecured personal loans mean that the loan is not backed by a tangible (secure) asset—such as the equity in your home.
You cannot, however, use financing from RocketLoans for illegal activities (obviously!) and you cannot use them in place of student loans.
What are the Interest Rates and Terms of Service for using RocketLoans?
Your interest rate and how much you qualify for depend on numerous factors including your credit profile, your current income and your debt-to-income ratio (how much debt you have versus how much income).
You must be a U.S. resident to apply through RocketLoans.
All of the application process is handled online and then validated electronically.
Depending on your bank and how long the validation process takes, you may be able to get funds within 24 hours.
How Much Can I Get from RocketLoans?
Loan programs offered by RocketLoans range from $2,000-$35,000 and are repaid in either 36 or 60 months.
Your individual situation will dictate which offers you see.
How Do I Use RocketLoans Services?
Applying for a personal loan through RocketLoans is a very simple and straightforward process and can be done entirely online.
Because of the simplicity in which you can apply for a personal loan, the application process is true to its name—rocket fast!
What is the Application Process Like?
Because everything is shared electronically, the lack of a need to mail in or fax documents considerably shortcuts the loan application process.
First, you’ll answer some basic questions including:
- Full name
- Employment Status
- Phone Number
- Email Address
- Social Security Number
- Date of Birth
After submitting this information, RocketLoans will show you the options you qualify for.
Here, you’ll be able to choose the length of the loan repayment, the amount you qualify for and the interest rate.
Once you’ve made your choices, RocketLoans then asks for your bank account details securely online to validate the information you’ve submitted.
Although every attempt is made to validate things electronically, sometimes additional information is needed to complete the process (things like your driver’s license, pay stubs, bank statements and/or tax forms).
Then, you’ll see a recap of everything you’ve shared and selected to make sure it’s all accurate.
Once you agree to the final terms, RocketLoans will get started processing your personal loan request and money can be direct deposited into your account from 1-3 business days.
If you simply want to view the rate that RocketLoans gives you to determine whether or not you want to complete the application process, you’ll need:
- Your full name
- Current address
- Income details
- Social security number and
- Date of birth
Am I Eligible for the Services RocketLoans Provides?
In order to keep personal loan interest rates competitive and affordable, RocketLoans will take a look at many different factors including your debt-to-income ratio, your credit profile, employment details and more.
As each case is unique, there is no “one size fits all” answer to determine eligibility.
If you are denied by RocketLoans, you can reapply provided that your situation has improved.
For example, your credit score has gone up or your debt-to-income ratio has gone down.
This may be enough to push the odds in your favor, however results vary from case to cast and cannot be guaranteed.
Beyond your financial details, you must be at least 18 years old (19 in Nebraska and Alabama) and be a U.S. resident.
Currently, RocketLoans lends in nearly every state with the exception of Nevada and Iowa.
If you live in either of these states, you currently cannot apply for a personal loan through RocketLoans.
How User Friendly are RocketLoans and Their Services?
Because RocketLoans has been built to help customers shortcut much of the traditional personal loan application process, it’s incredibly straightforward and easy to use.
If you can send an email, you can apply for a loan through RocketLoans.
And since personal loans are their main offering, you won’t run the risk of being bogged down in too many options or choices with no real guidance on what to do next.
The site itself and the application process are very easy to navigate.
How is RocketLoans Customer Service?
People using RocketLoans have noted that their customer service is excellent and very reassuring.
For example, because RocketLoans verifies the information you’ve submitted electronically, you have to sign into your bank account through their website.
This is a highly secure process, but it still may put some people on edge.
Many customers say that in order to ease their mind with regard to signing in through a third party site, they’ve called customer service to learn exactly how the information will be transferred (and what information will be shared), and customer service was very understanding and helpful.
Response times are fast and support can be reached via phone, email and live chat.
To reach RocketLoans Customer Service:
Call (800) 333-ROCK / (800) 333-7625
9:00 am – 6:00 pm ET
Or use the live chat function on any page of their website.
Is RocketLoans a Safe and Legitimate Company?
Because RocketLoans was founded in February of 2016, it may spark questions of safety and legitimacy in terms of getting personal loan funding.
However, RocketLoans is not a “fly by night” company, but rather a sister company of Quicken Loans, one of the largest financial companies in the U.S., and many Quicken Loans veterans now head RocketLoans.
Because the fintech (financial technology) industry is always changing, shifting and evolving, new and fresh ideas are needed to help leverage these technologies in ways that help make applying for funding easy, safe and efficient for consumers.
RocketLoans was founded to meet these needs.
What are Some of the Strengths of Choosing RocketLoans?
RocketLoans brings with it a variety of strengths over choosing traditional personal loan companies.
Perhaps most notably is that much, if not all, of the loan application process can be completed entirely online.
The processing portion itself can take as little as 24 hours, but may take up to 3 days depending on the policies of your bank.
Once approved, funds can be directly deposited into your bank account.
Here are some of the other reasons customers choose RocketLoans for their personal loans:
Competitive Interest Rates
As every customer is different, there are different interest rates which may apply to your specific situation.
Clients who are qualified to receive a loan will see options for either a 36 or 60 month term, with APR ranging from a minimum of 5.983% to a maximum of 28.99%.
The interest rate depends on your credit profile.
As an example, a 3 year $10,000 loan with an 8% interest rate and a 4% ($400) origination fee would have 36 scheduled monthly payments of $313.36 for an APR of 10.8%.
In order to qualify for the lowest rate, you must have excellent credit and meet certain other conditions.
Quick Turnaround Time—No Long Waits
Since the process for applying for (and getting approved for) a personal loan through RocketLoans is handled online, there is generally no need to fax or mail documentation and wait for a response.
RocketLoans does their best to interface directly with your bank to validate the information you submit in the online loan application form.
This drastically shortens the process needed to get approved.
Easy Repayment Options
RocketLoans offers several helpful ways to repay your loan.
Their most popular option withdraws monthly payment automatically from your bank account with no additional payment fee.
If you’d like to pay by check, you can, however there is an additional $5 processing fee with every check payment you make.
Should you choose to make your payments by check, you’ll want to email firstname.lastname@example.org to set up the process.
They will send you a reminder email 10 days before the payment due date and the email will include the full payment amount and pay-by date.
You can make additional payments at any time and there are no pre-payment penalties.
You can mail checks to:RocketLoans
28596 Network Place
Chicago, IL 60673-1285
You can also make additional payments through the automatic withdrawal system through RocketLoans’ user-friendly client account management area.
Loans received through RocketLoans work like typical, traditional installment loans.
You are presented with an interest rate.
Should you move forward with accepting the loan, you’ll pay back a fixed amount until the loan is repaid which is the total amount of the loan plus any interest that has accrued.
Excellent Online Reputation
RocketLoans has been rated and reviewed by many popular review services.
They have an average rating of 9.4/10 from TrustPilot, with 450+ user reviews.
LendingTree customers give RocketLoans a 4.9/5 out of 18 reviews, and 100% of LendingTree’s customers would recommend RocketLoans as a lender.
Customers who have used the online review service note how quick and fair the process is.
They note the minimal paperwork and prompt responses along with the reasonable and competitive offers.
Customers also praise the response time of customer service and the ongoing communication throughout the process.
No Hidden Fees
There are no pre-payment penalties if you’d like to pay off your loan early.
Since the application process is completed online within a couple of hours, and funds can potentially be deposited that afternoon, you’ll know exactly what your monthly payments will be before you sign the final agreement.
Because interest rates are fixed, you’ll be able to manage your budget effectively while avoiding the risk of sudden interest rate hikes.
Friendly Customer Service
Users who choose a personal loan through RocketLoans are very satisfied with the prompt and courteous communication of customer service agents.
They never feel like a nameless “number” in a sea of automated calls.
Customer service is very prompt and understanding and will take the time to answer your questions cheerfully while guiding you through the process if need be.
What are Some of RocketLoans’ Weaknesses?
Not all personal loan companies have a flawless record, despite their appearances.
There are a few notable weaknesses you should be aware of when considering RocketLoans as a lender.
Your Credit Score Must Be 640 or Above to Be Considered
RocketLoans is not a personal finance option for people with poor credit.
In order to increase your chances of approval, you should have a personal credit score of 640 or higher to be eligible.
You’ll need a source of income and have a relatively low debt-to-income ratio.
If you have poor credit, slow credit or no credit at all, there may be other personal funding options for you to consider.
Be sure to check out all of your options!
Surprising Origination Fee
Some customers are surprised by the origination fee, which is a one-time fee that ranges from 1% to 6% of the loan amount.
The origination fee is deducted from the loan amount before you ever receive the money in your account.
For example, if you borrow $25,000 and you have a 5% origination fee, RocketLoans deducts $1,750 and deposits $33,250 in your bank.
You will still need to pay interest as if you had received the entire $35,000 however.
The origination fee is mentioned many times on the website and through the process.
You’ll want to be sure you understand the cost of the origination fee when calculating how much you need to borrow.
Difficulty with the Online Interface
Because RocketLoans was made for the online world, it requires a modern browser to use.
Despite this, some people still struggle with the online interface and find it challenging to use.
If you don’t feel like technology is your strong suit, or you aren’t comfortable with the idea of completing a loan application online, it may be worth looking elsewhere.
RocketLoans has simplified and streamlined the process as much as possible, but older browsers may have trouble navigating the pages.
Should you run into any issues, however, customer service is easy to reach and can walk you through the process.
Does RocketLoans Run My Credit or Affect My Credit Score?
RocketLoans uses your credit profile as one of many deciding factors in your loan application process.
Simply checking your rate, however, does not affect your credit score.
When dealing with items which affect your credit score, there are two types of ways that lenders evaluate your credit.
- A soft pull – also known as a soft credit check—which doesn’t affect your score and typically doesn’t even show up on your credit report. A soft pull is done when you check your interest rates and terms through RocketLoans.
- A hard check – This is when lenders actually pull your credit report and score. This may set your credit score back a few points. This process only happens if you decide to go ahead with the loan application process through RocketLoans.
Is RocketLoans BBB Accredited?
RocketLoans has a BBB accreditation rating of A based on 4.44 stars out of 5 and 4 customer reviews on the BBBG website.
They have been BBB accredited since November 6th, 2015.
The Better Business Bureau holds companies to many high standards in order to receive accreditation.
- Establishing and maintaining a trustworthy track record in the marketplace
- Adhere to honest standards when advertising and selling
- Honestly represent products and service, including disclosing terms clearly and openly
- Openly identify the nature, location and business ownership. Disclose guarantees fully and any other motivations that would affect a customer’s decision to make a purchase
- Abide by all written and verbal agreements
- Quickly address and resolve disputes professionally
- Take steps to safeguard the user’s privacy and respect the customer’s wishes with regard to the information and sharing of their details
- Showcase the highest standards of integrity in all business dealings
As you no doubt know, there are many options available for securing a personal loan to help with life’s little (or big!) expenses.
However, if you’d like an application process that circumvents a lot of the traditional hassle and ineffectiveness of mailing or faxing documents and then waiting for a response, you may want to give RocketLoans serious consideration.
In much of the way that its sister company, Quicken Loans, has revolutionized the mortgage marketplace, so too does RocketLoans hope to gain a sizeable foothold on changing the personal loan industry for the better.
With competitive rates, friendly customer service, an intuitive online process and a focus on shaking up the stale, outdated way of doing things, RocketLoans seems uniquely poised to do just that.
Are you interested in getting a personal loan to fund medical expenses, home improvement, consolidate credit card debt or other uses?
A personal loan may be the perfect option for your needs.