Would you like to explore all the intricacies of the Rocket personal loan? Responsible Economy offers you a thorough breakdown of the features provided by Rocket loans, complete with a comparison to leading personal loan options designed for individuals with lower credit score. Let’s get started!
Features
In this section, we analyze in detail all the features:
Fees
Rocket personal loans come with an origination fee ranging from 6.95% to 9%. This origination cost is relatively high compared to top personal loans. The origination fee is applied upon loan approval and acceptance. However, there is no prepayment penalty; you can repay the loan early without incurring any charges.
Interest rate
The loan’s interest rate ranges from 9.116%% to 29.99% APR. Both the minimum and maximum interest rates are relatively high when compared to the best personal loans available.
Terms
You have the option to repay the loan over a period of 3 to 5 years. Rocket provides favorable terms for loan repayment in this range.
Amount
The minimum amount of money that can be requested is $2,000, and the maximum amount is $45,000.
Credit score
The minimum credit score required to apply for a loan with Rocket is 640.
Summary table
Here is a summary table with al features:
| Feature | Description |
|---|---|
| Fees | Origination fee ranges from 6.95% to 9%. No prepayment penalty; early loan repayment doesn’t incur extra charges. |
| Interest Rate | Loan’s interest rate ranges from 9.116% to 29.99% APR. Rates comparatively higher than top personal loans. |
| Terms | Loan repayment options span 3 to 5 years, offering favorable terms for repayment. |
| Amount | Loan request range: $2,000 (minimum) to $45,000 (maximum). |
| Credit Score | Minimum credit score for Rocket loan application is 640. |
Best personal loans
We have created a comparative table of Rocket with the best personal loans for bad credit score. You have the key features of each loan:
- APR: 8.99-25.81%
- Terms: 2-7 years
- Amount: $5,000-$100,000
- Credit Score: no
- APR: 7.99-25.49%
- Terms: 2-12 years
- Amount: $5,000-$100,000
- Credit Score: 660
- APR: 6.50-35.99%
- Terms: 3-5 years
- Amount: $1,000-$50,000
- Credit Score: no
- APR: 10.50-29.99%
- Terms: 2-5 years
- Amount: $5,000-$40,000
- Credit Score: 640
- APR: 8.24-35.97%
- Terms: 2-7 years
- Amount: $1,000-$50,000
- Credit Score: 560
- APR: 8.99-35.99%
- Terms: 3-5 years
- Amount: $2,000-$50,000
- Credit Score: 600
- APR: 11.69-35.93%
- Terms: 3-5 years
- Amount: $1,000-$50,000
- Credit Score: 560
- APR: 6.99-24.99%
- Terms: 3-7 years
- Amount: $2,500-$40,000
- Credit Score: 660
- APR: 9.116-29.99%
- Terms: 3-5 years
- Amount: $2,000-$45,000
- Credit Score: 640
Pros
We have compiled a list of all the advantages of Rocket loans:
- Checking your rate won’t affect your credit score
- No prepayment fees.
Cons
You also have a list of all the negative features of Rocket loans:
- Very high interest rate.
Requirements
The minimum requirements to obtain a personal loan with Rocket are:
- Being a resident of the United States.
- Being over 18 years old.
- Credit Score 640.
- Completing the online process
- Having stable and steady income.
Loan Calculator
We’ve developed a personalized loan calculator that provides a clear breakdown of your interest payments. This tool gives you the ability to perform different calculations, enabling you to plan strategically and minimize your interest expenses. This intelligent approach has the potential to lead to substantial savings on long-term interest.
Rocket Loan Calculator
Conclusion
Following our analysis, our assessment is that Rocket doesn't provide competitive loans due to the minimum interest rate exceeding 9% APR and the high origination fee. However, the process is user-friendly, and there are no prepayment fees.
Frequent questions
Here is a list of the most frequently asked questions about Rocket loans:
More information about Rocket
We have created a table with information about Rocket:
| Information | Description |
|---|---|
| Website | https://www.rocketloans.com/ |
| https://www.facebook.com/RocketLoans/ | |
| https://twitter.com/rocketloans | |
| https://www.instagram.com/rocketloans |
Related content
Here you have related content about personal loans:
Do you want to learn about Clear View Loans’ personal loans? At Responsible Economy, we...
Do you want to know which are the best companies offering payday loans in the...
Do you want to learn all the information about payday loans? At Responsible Economy, we...
Would you like to explore all the intricacies of the Rocket personal loan? Responsible Economy...
Are you interested in discovering all the details about the Discover personal loan? Responsible Economy...
Universal Credit personal loan review
Do you want to learn about all the features of the Universal Credit personal loan?...
Do you want to learn about all the features of the Upgrade personal loan? At...
Happy Money personal loan review
Do you want to learn about all the features of the Happy Money personal loan?...
LightStream personal loan review
Do you want to learn about all the features of the LightStream personal loan? At...
Updated the day 1 September, 2023 by Alfredo Barandiarán
- Best secured business credit cards - 15 September, 2023
- How to Apply for a Secured Credit Card - 15 September, 2023
- Secured Business credit cards - 13 September, 2023
