Rocket personal loan review

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:

FeatureDescription
FeesOrigination fee ranges from 6.95% to 9%. No prepayment penalty; early loan repayment doesn’t incur extra charges.
Interest RateLoan’s interest rate ranges from 9.116% to 29.99% APR. Rates comparatively higher than top personal loans.
TermsLoan repayment options span 3 to 5 years, offering favorable terms for repayment.
AmountLoan request range: $2,000 (minimum) to $45,000 (maximum).
Credit ScoreMinimum credit score for Rocket loan application is 640.
Rocket personal loans features

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:

Logo SoFi loans
  • APR: 8.99-25.81%
  • Terms: 2-7 years
  • Amount: $5,000-$100,000
  • Credit Score: no
Logo LightStream loans
  • APR: 7.99-25.49%
  • Terms: 2-12 years
  • Amount: $5,000-$100,000
  • Credit Score: 660
Logo Upstart loan
  • APR: 6.50-35.99%
  • Terms: 3-5 years
  • Amount: $1,000-$50,000
  • Credit Score: no
Logo Happy Money loans
  • APR: 10.50-29.99%
  • Terms: 2-5 years
  • Amount: $5,000-$40,000
  • Credit Score: 640
Logo upgtrade loans
  • APR: 8.24-35.97%
  • Terms: 2-7 years
  • Amount: $1,000-$50,000
  • Credit Score: 560
Best Egg loan
  • APR: 8.99-35.99%
  • Terms: 3-5 years
  • Amount: $2,000-$50,000
  • Credit Score: 600
Logo Universal credit loans
  • APR: 11.69-35.93%
  • Terms: 3-5 years
  • Amount: $1,000-$50,000
  • Credit Score: 560
Logo Discover personal loans
  • APR: 6.99-24.99%
  • Terms: 3-7 years
  • Amount: $2,500-$40,000
  • Credit Score: 660
logo rocket loans
  • 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

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:

InformationDescription
Websitehttps://www.rocketloans.com/
Facebookhttps://www.facebook.com/RocketLoans/
Twitterhttps://twitter.com/rocketloans
Instagramhttps://www.instagram.com/rocketloans
Information about Rocket

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Updated the day 1 September, 2023 by Alfredo Barandiarán

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