Rocket Loans Personal Loans Review: Rates, Fees, & Terms

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Rocket Loans is an online lender that specializes in getting money into the hands of its customers fast. They offer personal loans to anyone with fair to excellent credit in all 50 states. Borrowers can get up to $45,000 to use for whatever needs arise.

In this Rocket Loans Review, find out why millions of Americans turn to this company to receive a personal loan with low origination fees, competitive rates, and standout customer service.

Online Personal Loans
Rocket Loans
  • Loan Amount
  • Est. APR
    5.97 - 29.69%
  • Learn More
  • Loan Details

Rocket Loans Personal Loans Pros and Cons:


  • Same-day approval and funding.
  • No prepayment fees.
  • Rate discount available for autopay up to .3%.
  • Prequalification is only a “soft” inquiry on credit.
  • Loans are available to those with fair to excellent credit.


  • There are fees for origination, late payment, and insufficient funds.
  • No direct payment to creditors on debt consolidation loans.
  • There is no option to change the payment date.
  • No co-signers, join, or secured options for borrowers.

Rocket Loans Features and Benefits

Same Day Funding

Rocket Loans offers same-day funding with their personal loans for borrowers who sign their loan documents before 1 p.m. ET Monday through Friday.

This is great news for those who need money for things like emergencies.  It is so important to Rocket Loans that they have based their entire model around getting money to borrowers fast.

Entirely Online

Rocket Loans is entirely online, and applications can be submitted through their website. Borrowers will do preapproval, loan application, and e-signing loan documents all online.

Instant Pre-Approved Offers

Anyone can check to see if Rocket Loans would approve them and their loan rate by visiting Rocket Loans and filling out basic financial info.

People who receive a preapproval can be approved for their loan instantly if they choose to take out the loan.

No Hidden Fees

Rocket Loans are not fee-free, but they do disclose all the fees upfront.

Borrowers can expect a personal loan origination fee between 1% – 6%, late fees of $15 per pay period, and insufficient fund fees.

Autopay Discounts

Borrowers that sign up for AutoPay are rewarded with a .3% discount. Borrowers that sign up for AutoPay are more likely to have their payments on time, and Rocket Loans rewards that with the discount.

How to Qualify for a Personal Loan from Rocket Loans


Income considerations are always important to personal loan lenders because they need to ensure that borrowers can repay their loans.

Many lenders do not have a minimum income requirement as long as the borrower can pay their loan back, but Rocket Loan does have a minimum income of $24,000.

Credit Score

Rocket Loans has a minimum credit score of 580 for approval which is considered fair credit.

How to Apply for a Rocket Loans Personal Loan

The entire application process for Rocket Loans is online and can even be done from a mobile device.

Borrowers are encouraged to complete the preapproval process through their website. The preapproval process will require borrowers to enter their personal financial information and confirm their identity.  The preapproval process is considered a “soft” inquiry, so credit scores have no impact.

Once borrowers decide the loan terms are agreeable, they can apply for a personal loan online too. The online approval will happen instantaneously for those that completed the preapproval.

Those that did not will be asked to enter their financial information and confirm their identity. Results for borrowers that did not do preapproval are still back the same day, with most being within 5 minutes.

How Do Rocket Loans Personal Loans Compare to Other Lenders?

#1. Rocket Loans vs. Upstart

Upstart and Rocket Loans are very similar. They will both provide personal loans to borrowers with new credit or fair credit.

Additionally, both personal loans fund very quickly with the potential for same-day funding. They also both only offer two repayment loan terms.

Upstart offers borrowers up to $50,000, while Rocket Loans caps personal loans at $45,000. Borrowers focused on APR will find that Upstart has lower APRs.

Moreover, Upstart leverages Artificial Intelligence and non-traditional background information to decide if you are eligible for a personal loan or not. Upstart is easier to qualify for and offers some of the lowest interest rates on the market.

>> More: Upstart Personal Loans Review

#2. Upgrade vs. Rocket Loans

Both Upgrade and Rocket Loans offer a rate discount for borrowers that sign up for AutoPay. Upgrade’s discount is slightly larger at .5%, while Rocket Loans is .3%.

Upgrade offers loans in the range of $1,000 to $50,000 and has a variety of repayment terms. Rocket Loans only offers two repayment terms: 3 years and 5 years. Upgrade also will loan to those with bad credit. Only borrowers with fair credit or better can borrow with Rocket Loans.

Upgrade’s interest rates are wider than those of Rocket Loan, meaning their low APRs are lower, and their high APRs are higher.

>> More: Upgrade Personal Loans Review

#3. Rocket Loans vs. Payoff

The biggest similarity between Rocket Loans and Payoff is found in their estimated APRs. Rocket Loans will lend $2,000 – $45,000, while Payoff offers loans from $5,000 – $40,000.

Each of these companies offers personal loans to people with fair credit, and the entire process is online.

Lastly, loan funding happens very quickly after approval for both Rocket Loans and Payoff. It is important to note that Payoff Personal Loans are primarily designed and used for debt consolidation. So, if you are on the market for debt consolidation, then go with Payoff.

>> More: Payoff Personal Loans Review

#4. Avant vs. Rocket Loans

Rocket Loans offers up to $40,000 in personal loans, whereas Avant only offers $35,000. Avant also funds loans slower. It takes them 2-3 days to fund personal loans.

Avant has an administrative fee of 4.75%, and Rocket Loans has an origination fee ranging from 1% – 6% depending on the circumstances.

Avant does offer several repayment terms, whereas Rocket Loans only has two options. All in all, Avant has easier eligibility requirements and is a great place to get a personal loan if your credit score is low.

>> More: Avant Personal Loans Review

What Can Rocket Loans Personal Loans be Used For?

Personal loans from any lender can be used for a variety of reasons. Rocket Loans personal loans can be used for emergencies, vacations, paying off higher debt, medical bills, home improvement projects, or just building up a rainy-day fund, to name a few.

Frequently Asked Questions

How Long Does Rocket Loans take to Approve Personal Loans?

Rocket Loans touts same-day approval for their personal loans and instantaneous approvals for those who completed the preapproval through them online.

Does Rocket Loans Offer Personal Loan Refinance?

Borrowers with a current personal loan through a different lender may not refinance with Rocket Loans.

What Credit Score is Needed for Rocket Loans?

There is a minimum credit score of 580 for a personal loan through Rocket Loans. Rocket Loans also does not have the option of adding a co-signer, so borrowers may only have fair credit or better.

Does Rocket Loans Charge Any Fees?

Rocket Loans has a few fees. The first is the origination fee when the personal loan is issued. Depending on the borrower’s creditworthiness and loan terms, the origination fee will vary between 1% – 6%.

Rocket Loans also has a late fee that is assessed after the 10-day grace period.

Lastly, there is a fee for payments that are returned for insufficient funds.

Bottom Line: Rocket Loans Personal Loans Review

Personal loans can be used for many different things. Borrowers with fair credit that need money in a flash should give Rocket Loans a look.

Rocket Loans are best for anyone that cannot wait a few days for their cash but doesn’t mind paying an origination fee.

Meagan Drew
Meagan Drew

Meagan Drew is a Senior Personal Finance Writer & Product Analyst with 7 years experience in wealth management. As a former Series 7 and 63 certified advisor, Meagan specializes in making financial topics relatable and consumable, no matter the reader’s experience level. She attended the United States Military Academy at West Point where she studied Nuclear Engineering. Meagan is a veteran, military spouse, and mom of 4 currently living in Colorado Springs. Her areas of expertise are military personal finance, credit cards, personal loans, investing, and wealth management.