The Rocket Personal Loan full review

Like the name, you can receive your loan rocket-fast!

In 2016, RockLoans Marketplace LLC (Rocket Loans) was established. The internet lender is a subsidiary of Rocket Mortgage, a business that was established in 1985.

Since then, the original business has expanded to now encompass numerous other sister businesses, such as Rocket Auto and Rocket Homes, as well as a number of insurance providers.

Except in Nevada, Iowa, and West Virginia, Rocket Loans provides personal loans to citizens and legal residents of the United States.

Although personal loans cannot be utilized as student loans, they can be used to pay for a variety of expenses.

This lender provides personal loans that can be used for a variety of things, such as consolidating debt, making home improvements, paying for trips, financing an automobile, and other sizable expenditures.

The entire application procedure is completed online, and depending on your bank and how easily Rocket Loans can electronically confirm your personal information, cash is often paid immediately into your account within two business days.

You can also receive a 0.5% discount and avoid a $15 late fee by enrolling in their autopay option.

It is important to understand if all this quickness justifies some things that it might have.

Keep reading and learn more about this lender.

How does The Rocket Personal Loan work?

Personal loans from Rocket Loans are available for a range of uses, including but not limited to:

• Auto maintenance
• Vacation costs
• Medical expenses
• Consolidating debt or paying off debt
• Improvements to the home
• Business costs

All Rocket Loans’ loans are unsecured, which means that borrowers are not required to put up any kind of security. Instead, your credit score is the main factor in qualifying.

The fact that borrowers won’t have to worry about losing collateral, like their car or home, if they can’t keep up with loan payments, is one of the key advantages of this form of a loan.

Rocket Loans offers same-day funding in some circumstances. They recommend borrowers anticipate receiving their funds via ACH transfer the same day if they finish the loan application procedure and sign their Promissory Note by 1 p.m. ET on a business day.

Refinancing of personal loans is not yet available with Rocket Loans.

You could, however, decide to use the money from your personal loan to pay off debt.

Although Rocket Loans is a new company, the majority of its customers have given it excellent reviews. On Trustpilot, the lender has gotten an amazing 4.8 out of 5 stars from over 4,000 reviews.

Many reviewers point to the simple application process and quick financing turnaround.

The Rocket Personal Loan’s main benefits

Autopay reduction

A rate discount of 0.3 percentage points is available if you set up automated loan payments from your bank account; this is a higher discount than what other lenders provide. The rate discount and on-time payment assurance provided by autopay help to reduce interest charges.

Wide range of loan amounts

Borrowers can use Rocket Loans’ wide range of loan sizes, which vary from $2,000 to $45,000, to pay for a variety of costs like debt consolidation or home renovation projects.

Soft check to prequalify.

Rocket Loans enables you to check your rate with a soft credit draw, which doesn’t lower your credit score, before committing to a loan. If you accept the offer, Rocket will use a hard pull to validate your details, briefly lowering your score.

Rapid funding

The lender claims to be able to provide borrowers with same-day funding. Borrowers who sign their loan documents before 1 p.m. ET on Monday through Friday can obtain same-day funding, and approval can happen in less than five minutes.

Depending on your bank and how quickly the lender can verify your information, the precise timing will vary.

How to apply for The Rocket Personal Loan

If you got interested and need a fast loan for any reason, check out our next article on how to apply for The Rocket Personal Loan right away

Written by

Ricardo Guimarães