This review summarizes various aspects of personal loans offered by Rocket Mortgage: the loan terms, origination fees, and minimum requirements to apply.
You can check the full review for additional information: application process, approval criteria, funding speed, fees charged, the legitimacy of the company, suitability for debt consolidation, and alternative options.
Personal Loan Details: Rocket Mortgage provides unsecured personal loans ranging from $2,000 to $45,000 with a repayment term of 2-5 years. The Annual Percentage Rate (APR) varies from 9.116% to 29.99%. Loans are unsecured, meaning no collateral is required.
Origination Fee: Rocket Loans charges an origination fee as high as 9%, which is deducted from the loan amount. This is a high origination fee.
Credit Score Requirements: Rocket Loans focuses on "high quality, prime borrowers" and requires a minimum FICO score of 640 for applicants. However, it is suggested that approval may be more likely for those with a credit score above 680.
Application Process: Applying for a Rocket Loan is generally straightforward. Basic information such as full name, address, income details, social security number, and date of birth is required. Documentation like a driver's license and access to bank account data is also necessary. The application process may take one sitting for most people but could extend to a couple of days for some.
Loan Requirements: To qualify, applicants must be at least 18 years old, have an active bank account, and a personal income of $24,000 or more annually. Rocket Loans considers individual income only, and co-borrowers are not accepted.
Approval Criteria: Rocket Loans looks for applicants with a FICO score of at least 640, but a higher score (around 680) may increase the chances of approval. They assess credit history, particularly recent payment behavior, and consider debt-to-income ratio.
Funding Speed: Upon approval, borrowers may receive funds on the same day, depending on the bank used and acceptance of the loan before 1 pm Eastern. More commonly, funds are received within 1-3 days.
Fees: Rocket Loans charges an origination fee of up to 9%, a $15 late payment fee after a 10-day grace period, and a $15 fee for bounced checks or failed ACH payments.
Company Legitimacy: Rocket Loans is owned by the publicly traded company behind Rocket Mortgage, with Cross River Bank in New Jersey as the actual lender for personal loans. While their primary business is mortgages, Rocket Loans operates separately.
Suitability for Debt Consolidation: Rocket Loans may not be the best choice for debt consolidation, as they lack features like direct payment to creditors. This may affect the ability to adjust debt-to-income ratios based on the replacement of other debts.
For more information about personal finances and for access to financial services and products, visit www.TheYukonProject.com.
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