- Overview of Rocket Loans: Rocket Loans is a division of Rocket Companies, a major Detroit-based financial services firm, and operates as a non-bank lender originating personal loans through Cross River Bank.
- Speed and Cost Benefits: Rocket Loans offers same-day funding for borrowers who sign before 4:00 p.m. ET, with APRs ranging from 8.01% (autopay) to 29.99% and a high origination fee of up to 9.99%, making speed the core advantage.
- Loan Terms and Eligibility: The loans range from $2,000 to $45,000 (up to $75,000 for returning customers), with fixed terms of 36 or 60 months, requiring a credit score of around 640 and proof of income.
- Rates, Fees, and Application Process: Interest rates vary from 8.01% to 29.99%, with a notable one-time autopay discount, and the application process includes a quick online prequalification with a soft credit pull and formal application with a hard pull.
- Customer Experience and Suitability: Rocket Loans boasts high customer ratings for speed and ease of use but has limited flexibility in loan terms and no co-signer options, best suited for borrowers who need quick funding and have good to excellent credit.
- Check rates with Rocket Loans.
Rocket Loans Overview
Rocket Loans is a division of Rocket Companies, the Detroit-based financial services conglomerate founded in 1985 by Dan Gilbert. Rocket Companies is publicly traded on the New York Stock Exchange (NYSE: RKT) and is best known as the parent of Rocket Mortgage, the largest mortgage lender in the United States. The company reported approximately $18.2 billion in revenue for fiscal year 2024 and employs over 18,000 people across its brands, which also include Rocket Money (personal finance app), Rocket Homes (real estate marketplace), and Amrock (title and settlement services).
Rocket Loans is not a bank. All personal loans are originated by Cross River Bank, a New Jersey state-chartered commercial bank and FDIC member. Rocket Loans launched as a personal loan product in 2018, leveraging the Rocket brand’s existing technology infrastructure and customer base to enter the unsecured lending market. The personal loan division benefits from the parent company’s scale, brand recognition, and technology platform, but it operates as a separate product line from the mortgage business.
Rocket Loans is a speed-first lender backed by one of the most recognized financial brands in the country. Its core advantage is same-day funding: borrowers who complete their application and sign documents before 4:00 p.m. ET on a business day can have money in their bank account the same day. The APR ceiling of 29.99% is lower than most fintech competitors, and the autopay rate discount brings the floor down to 8.01%. The trade-offs are a high origination fee (up to 9.99%), only two term options (36 or 60 months), no co-borrower or secured loan pathways, no direct payment to creditors for debt consolidation, and a $45,000 maximum that limits borrowers who need larger loans.
Rocket Loans made our list of the best personal loans thanks to its streamlined prequalification process.
Rocket Loans Pros and Cons
Pros
- Same-day funding: Borrowers who sign loan documents by 4:00 p.m. ET on a business day can receive funds the same day. This is among the fastest funding timelines in the personal loan market.
- Lower APR ceiling: The maximum APR of 29.99% is below the 35.99% cap at most fintech lenders, reducing worst-case borrowing costs.
- Autopay rate discount: Selecting autopay at loan origination reduces the APR, bringing the minimum rate to 8.01%. This discount must be elected before funding; it cannot be added later.
- Low minimum loan amount: $2,000 minimum is lower than SoFi ($5,000), LightStream ($5,000), and Achieve ($5,000), making Rocket accessible for smaller borrowing needs.
- Strong brand and financial backing: Rocket Companies is publicly traded, has been operating since 1985, and holds an A+ BBB rating. The brand carries institutional credibility that many standalone fintechs lack.
- Soft pull prequalification: Borrowers can check their rate and view loan options without impacting their credit score.
Cons
- High origination fee: Up to 9.99% of the loan amount, deducted from proceeds before disbursement. On a $15,000 loan at the maximum fee, that is nearly $1,500 deducted.
- Only two term options: Borrowers must choose between 36 or 60 months. There is no 24-month option to minimize interest or a 72/84-month option to reduce monthly payments.
- No co-borrower or co-signer: Borrowers must qualify entirely on their own creditworthiness and income.
- No secured loan option: There is no way to pledge collateral to improve terms or approval odds.
- No direct payment to creditors: Borrowers using the loan for debt consolidation must receive the funds and then pay off creditors themselves.
- Not available in all states: Rocket Loans does not operate in Iowa, Nevada, West Virginia, or Maryland.
- Autopay discount is one-time only: The autopay rate discount must be selected before loan funding. Borrowers who initially decline autopay cannot add it later to receive the discount.
Rocket Loans Rates and Fees
Rocket Loans personal loan APRs range from 8.01% (with autopay discount) to 29.99% (without autopay discount). According to Federal Reserve data, the average interest rate on a 24-month personal loan from commercial banks was approximately 12.35% as of Q4 2024. Rocket’s floor rate of 8.01% is well below the industry average, though the company notes that qualifying for the lowest rate requires excellent credit (790+ FICO), meeting certain conditions, and selecting autopay at origination. The 29.99% ceiling is notably lower than the 35.99% maximum at most fintech lenders.
The origination fee is up to 9.99% of the loan amount and is deducted from the proceeds before disbursement. The company’s website states the maximum is 9.99%, though some sources report 9%. The fee varies by creditworthiness, loan amount, and term. For example, on a $16,000 loan with a 6.95% origination fee, $1,112 is deducted, and the borrower receives $14,888 while owing payments on the full $16,000. This is one of the highest origination fee ceilings in our review series, matched only by Upgrade (9.99%) and exceeded only by Upstart (12%).
Rocket Loans charges a $15 late payment fee and a $15 ACH return/returned check fee. There is no prepayment penalty; borrowers can pay off the loan early at any time. The only rate discount available is the autopay discount, which reduces the APR when the borrower enrolls in automatic payments at origination. The discount amount is not publicly specified, but based on the APR range (8.01% with autopay vs. a higher floor without), it appears to be approximately 0.50 percentage points.
Scenario | Monthly Payment | Total Interest | Total Cost |
$15,000 at 12% APR, 36 mo. | $498 | $2,928 | $17,928 |
$15,000 at 12% APR, 60 mo. | $334 | $5,040 | $20,040 |
$15,000 at 20% APR, 36 mo. | $557 | $5,052 | $20,052 |
$15,000 at 20% APR, 60 mo. | $397 | $8,820 | $23,820 |
Note: Figures are approximate and do not include the origination fee, which would reduce proceeds and increase effective cost.
Rocket Loans Loan Terms and Options
Rocket Loans offers personal loans from $2,000 to $45,000, with loan amounts up to $75,000 available to returning Rocket Loans clients in good standing or borrowers with an existing mortgage relationship with Rocket Mortgage or its affiliated companies. The $2,000 minimum is one of the lowest among lenders in our review series, making Rocket accessible for smaller borrowing needs like minor home repairs, medical bills, or emergency expenses.
Repayment terms are limited to two options: 36 months or 60 months. This is the most restrictive term structure in our 15-lender review series. Competitors like Upgrade offer terms from 24 to 84 months, LightStream offers up to 144 months, and most other lenders provide at least three or four term options. The two-term limitation means borrowers cannot choose a shorter term to minimize interest or a longer term to reduce monthly payments.
Rocket Loans does not accept co-borrowers, co-signers, or joint applications. There is no secured loan option. Loans can be used for almost any personal purpose, including debt consolidation, home improvement, major purchases, medical expenses, weddings, moving costs, and vehicle purchases. Loans cannot be used for post-secondary education, student loan payments, or illegal activities. Notably, Rocket Loans does not offer direct payment to creditors; borrowers consolidating debt must receive the funds and then pay off their existing accounts themselves.
Rocket Loans Eligibility and Application
Rocket Loans requires a minimum credit score of approximately 640, though some marketplace partners report a 680 minimum for applications routed through their platforms. The company also requires a minimum annual income of $24,000. Rocket Loans evaluates credit score, credit history, income, debt-to-income ratio, and other standard underwriting factors. The company states that borrowers need “excellent credit” to qualify for the lowest rates, which typically means a FICO score above 790.
Prequalification is available online with a soft credit pull. Borrowers provide their name, email, phone number, home address, Social Security number, and employment status. Rocket Loans returns one or more loan offers showing the APR, term, monthly payment, and origination fee. A hard credit inquiry occurs only when the borrower accepts an offer and proceeds with the formal application. Required documentation may include bank account information, pay stubs, and income verification.
Rocket Loans is licensed in 46 states plus Washington, D.C. The company does not offer personal loans in Iowa, Nevada, West Virginia, or Maryland. Borrowers must be U.S. citizens or permanent residents and at least 18 years of age. Customer support is available by phone and email Monday through Friday from 9:00 a.m. to 7:00 p.m. ET and Saturday from 9:00 a.m. to 6:00 p.m. ET.
Rocket Loans Funding Speed
Funding speed is Rocket Loans’ defining competitive advantage. The company offers approval decisions within minutes of a completed application, and same-day funding is available for borrowers who sign their promissory note by 4:00 p.m. ET on a business day. The ACH credit is submitted to the borrower’s bank the same day, though actual fund availability depends on the receiving bank’s processing policies.
For applications completed after the same-day cutoff, or submitted on weekends or bank holidays, funding typically occurs the next business day. In some cases, verification requirements (income documentation, identity verification) may delay funding by 1 to 2 business days. Rocket Loans’ same-day funding capability matches LightStream and is faster than most competitors in our review series, including SoFi (same-day to next-day), Upgrade (next business day), and LendingClub (2 to 4 days).
Rocket Loans Customer Experience
Rocket Loans is not individually ranked in J.D. Power’s consumer lending satisfaction studies for personal loans, though the parent company, Rocket Mortgage, ranked #1 in J.D. Power’s 2024 U.S. Mortgage Origination Satisfaction Study. On third-party review platforms, Rocket Loans performs exceptionally well. Trustpilot shows a 4.9 out of 5 rating based on approximately 8,700 reviews, one of the highest ratings in our review series. Consistent praise centers on the speed of the application process, ease of the digital experience, and responsiveness of customer support.
The BBB profile shows an A+ rating with accreditation since 2015. Individual BBB customer reviews average approximately 1.65 out of 5 stars, a common pattern among financial services companies, where dissatisfied customers are more likely to seek out the BBB. The CFPB has received only 8 personal-loan-related complaints about Rocket Loans since 2020, a remarkably low volume. The majority of CFPB complaints against Rocket Companies relate to the mortgage business. Rocket Loans does not have a standalone mobile app; borrowers manage their accounts through the Rocket Loans website.
Rocket Loans Financial Strength and Reputation
Rocket Companies (NYSE: RKT) is one of the largest financial services companies in the United States, with a market capitalization of approximately $25 billion as of early 2026. The company has been operating since 1985 and reported approximately $18.2 billion in revenue for fiscal year 2024. Fitch upgraded Rocket Mortgage’s credit rating to BBB- (investment grade) with a stable outlook in late 2024. Rocket Loans benefits from the parent company’s financial strength, technology infrastructure, and regulatory compliance apparatus.
Rocket Loans holds an A+ BBB rating with accreditation since 2015. Its Trustpilot score is 4.9 out of 5 based on approximately 8,700 reviews. The parent company has won multiple J.D. Power awards for mortgage origination and servicing satisfaction. There are no significant regulatory actions against the personal loan division. The 2002 FTC settlement involving Quicken Loans (the predecessor brand) related to failure to provide adverse action notices for online mortgage applicants and predates the personal loan product by over 15 years.
Who Is Rocket Loans Best For?
Rocket Loans is a good fit for:
- Borrowers who need money fast: Same-day funding (documents signed by 4:00 p.m. ET) is the fastest in our review series for consistent availability.
- Good to excellent credit borrowers (680+): The lowest rates (8.01% with autopay) are reserved for borrowers with excellent credit. Borrowers in this range will get the best value.
- Small-loan borrowers: The $2,000 minimum makes Rocket accessible for smaller expenses, where SoFi, LightStream, and Achieve require $5,000+.
- Existing Rocket ecosystem customers: Returning Rocket Loans clients or Rocket Mortgage borrowers may qualify for loan amounts up to $75,000.
- General-purpose borrowers: Rocket Loans supports a wide range of loan purposes, including home improvement, medical expenses, weddings, and vehicle purchases.
Rocket Loans may not be the best fit for:
- Fee-averse borrowers: The origination fee of up to 9.99% is among the highest in our review series. SoFi, LightStream, and Discover charge no origination fee.
- Borrowers who want term flexibility: Only 36 and 60-month terms are available. Borrowers who want 24, 48, 72, or 84-month terms should look elsewhere.
- Debt consolidation borrowers: No direct payment to creditors and no direct-pay rate discount. Happy Money, Achieve, and Upgrade are better consolidation-specific options.
- Borrowers who need a co-signer: Rocket Loans does not accept co-borrowers or co-signers. Achieve, Upgrade, and LendingClub offer these pathways.
- Large-loan borrowers: The $45,000 maximum ($75,000 for returning clients) is lower than SoFi and LightStream ($100,000).
How to Apply with Rocket Loans
- Check your rate: Visit rocketloans.com and enter your name, email, phone, home address, Social Security number, and employment status. Rocket Loans runs a soft credit pull with no impact on your credit score.
- Review your loan options: If prequalified, Rocket Loans presents one or more offers showing APR, term (36 or 60 months), monthly payment, and origination fee. Decide whether to elect the autopay discount (must be selected before funding).
- Complete the application: Provide bank account information, income verification (pay stubs or bank access), and any additional documentation. Rocket Loans performs a hard credit inquiry at this stage.
- Sign loan documents: Review the final loan terms, APR, origination fee, and repayment schedule. Electronically sign the promissory note. For same-day funding, sign by 4:00 p.m. ET on a business day.
- Receive your funds: Rocket Loans submits the ACH credit on the same business day. Funds are typically available in your bank account the same day or the next business day, depending on your bank’s processing.
How Rocket Loans Compares
The table below shows how Rocket Loans compares to three competitors that also serve borrowers with good to excellent credit.
Feature | Rocket Loans | SoFi | LightStream | Upgrade |
APR Range | 8.01–29.99% | 8.74–35.49% | 6.94–25.29% | 7.74–35.99% |
Loan Amounts | $2K–$45K | $5K–$100K | $5K–$100K | $1K–$50K |
Origination Fee | Up to 9.99% | None | None | 1.85–9.99% |
Min. Credit Score | ~640 | ~680 | ~660 | ~580 |
Funding Speed | Same day | Same/next day | Same day | Next biz day |
Terms | 36 or 60 mo. | 24–84 mo. | 24–144 mo. | 24–84 mo. |
Co-borrower | No | No | Yes | Yes |
Rate Discount | Autopay | Autopay | Autopay | Autopay, direct pay, checking |
Direct Pay to Creditors | No | Yes | No | Yes |
Final Verdict
Rocket Loans earns a 3.5 out of 5.0 in our scoring methodology. Its defining strength is speed: same-day funding with a completion deadline of 4:00 p.m. ET is consistently available and reliably executed, backed by the technology infrastructure of one of the largest financial services companies in the country. The 29.99% APR ceiling and autopay discount (bringing the floor to 8.01%) provide meaningful cost advantages for borrowers with strong credit.
The trade-offs are real. The origination fee of up to 9.99% is one of the highest in our review series and substantially increases the effective cost of the loan. The two-term limitation (36 or 60 months) is the most restrictive among the lenders we review. And the absence of co-borrower options, secured loan pathways, and direct creditor payment means Rocket Loans lacks the flexibility of competitors like Upgrade, Achieve, and LendingClub.
If you have good to excellent credit (680+), need funds quickly, and are comfortable with the origination fee, Rocket Loans delivers on its core promise of speed. Start by prequalifying with a soft pull, compare the APR (including the origination fee in your total-cost calculation) against offers from SoFi and LightStream, and keep in mind that neither of those competitors charges an origination fee. For debt consolidation specifically, Happy Money, Achieve, or Upgrade are better fits due to their direct-pay features and consolidation-specific rate discounts.
Methodology
This review is part of a 15-lender personal loan review series. Each lender is scored across six weighted categories: Rates & Fees (25%), Loan Terms & Flexibility (20%), Eligibility & Accessibility (20%), Speed & Application Process (15%), Customer Experience (10%), and Transparency & Reputation (10%). The weighted score formula produces a single rating out of 5.0, rounded to the nearest 0.5. Data sources include lender websites, the CFPB Consumer Complaint Database, J.D. Power’s 2025 U.S. Consumer Lending Satisfaction Study, Federal Reserve interest rate data, BBB and Trustpilot profiles, app store ratings, and TransUnion Credit Industry Insights. For the full methodology, see our Scoring Methodology page.
Frequently Asked Questions
Answers to your questions about Rocket Loans.
Rocket Loans requires a minimum credit score of approximately 640. Some marketplace partners require 680. The lowest rates are reserved for borrowers with excellent credit (790+).
Yes. The origination fee is up to 9.99% of the loan amount and is deducted from your loan proceeds before disbursement.
Same-day funding is available if you complete your application and sign loan documents by 4:00 p.m. ET on a business day. Actual availability depends on your bank’s processing speed.
Rocket Loans offers two options: 36 months or 60 months. No other term lengths are available.
Yes. Selecting autopay at loan origination reduces the APR (the minimum drops to 8.01%). The discount must be elected before funding and cannot be added later.
No. Rocket Loans does not accept co-borrowers, co-signers, or joint applications.
No. If you are using the loan for debt consolidation, funds are deposited into your bank account, and you must pay off your creditors yourself.
Rocket Loans is available in 46 states and Washington, D.C. It is not available in Iowa, Nevada, West Virginia, or Maryland.
