RocketLoans provides personal loans for many purposes, including:

  • Debt consolidation
  • Home improvement
  • Auto-related expenses, such as maintenance and repairs
  • Medical expenses
  • Small-business expenses
  • Large purchases
  • Special occasions, such as a vacation or wedding

RocketLoans personal loans have fixed interest rates. The minimum loan amount is $2,000, and the maximum is $45,000. Borrowers can choose a 36- or 60-month repayment term. RocketLoans offers same-day loan funding for loans up to $25,000.

Borrowers pay no application fee or prepayment penalty. The loan origination fee ranges from 1% to 6%. A $15 late fee applies to payments received past the due date.

RocketLoans requires a minimum credit score of 620, although a score of 680 or better is recommended. The maximum debt-to-income ratio allowed depends on the amount of debt owed, credit score, income and other factors associated with a borrower’s financial profile.

Personal Loan Finder

Select your desired loan amount and loan purpose, your credit score range, and your state to see estimated annual percentage rates and loan terms.

RocketLoans has an A+ rating with the Better Business Bureau.

The RocketLoans application process is completed online. Borrowers can get a preapproval rate quote, then choose their desired loan terms to apply for a loan. Borrowers must allow RocketLoans to validate bank account information. E-signing the loan agreement and providing bank account information for deposit are the final steps.

  • People who have a good credit score
  • People who prefer an online loan application and funding process
  • People who want to receive loan funding quickly

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By Richard

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