How to apply for The Rocket Personal Loan
Speed up the process of applying for a Rocket Personal Loan and get your personal loan faster.
A Fast Funding Option for Fair Credit: The Rocket Personal Loan
When you need quick funding and have fair credit, the Rocket Personal Loan is an option worth considering. Whether you need money to pay off debt or make a large purchase, a personal loan can provide the necessary funds. It’s important to note that personal loans can be divided into two categories: secured loans and unsecured loans. Rocket’s unsecured loan does not require collateral, unlike secured loans.
One of the advantages of applying for a Rocket Personal Loan is that some lenders may offer a rate quote without conducting a hard credit check. However, it’s important to be aware that a hard credit check will typically be performed when you formally apply for the loan. To maintain a positive credit history, it’s crucial to repay the loan on time and have a strategy in place to minimize interest payments.
The annual percentage rates (APRs) for Rocket Personal Loans range from 8.416% to 29.99% when utilizing the autopay discount. It’s essential to consider that Rocket Loans adds a loan origination fee of 1% to 6% to the advertised APRs. This fee is deducted from the total loan amount before funding. To ensure that you borrow the desired amount, take this origination charge into account when calculating your loan needs. Additionally, late fees of $15 are charged for missed payments, with a 10-day grace period provided. Returned payments also incur a $15 fee.
Eligibility Requirements for a Rocket Personal Loan
To apply for a Rocket Personal Loan, a minimum credit score of 580 is required, although the average credit score of borrowers is typically 710. A recommended minimum credit history of two years is preferred, but an 18-year credit history is more commonly accepted. However, if you have no credit history, platforms like Upstart offer loans to borrowers without credit histories. The minimum annual income required by Rocket Loans is $24,000, while the average income of applicants is $85,000. Debt-to-income (DTI) ratio is another factor considered, with a maximum ratio of 40% and an average of 14% (excluding mortgage debt). Rocket Loans does not permit co-applicants or co-signers.
Application Process for a Rocket Personal Loan
To start the application process and determine your eligible rate, you’ll need to provide your name, address, income, Social Security number, and birthday. The initial credit check conducted at this stage will not negatively impact your credit score. Based on the information provided, Rocket Loans will display the available loan options, allowing you to select the loan amount, duration, and interest rate that best suits your needs. Additional information, such as a bank account number, will be required to complete the application and verify your personal data, including your salary. Rocket Loans aims to evaluate borrower information in real-time but may request further documentation if necessary. Once the relevant paperwork has been signed, the loan is approved and funded. While same-day funding may be available for applications completed before 1 p.m. Eastern time on a business day, the usual timeframe to receive funds is two to four days.
Comparison: The Rocket Personal Loan vs. Avant Personal Loan
Both the Rocket Personal Loan and the Avant Personal Loan cater to individuals with fair credit. However, there are notable differences between them. The Rocket Personal Loan is ideal for those seeking fast funding. On the other hand, if time is not a crucial factor, Avant offers additional features such as a mobile app to manage your loan more efficiently.
Benefits of the Rocket Personal Loan
- Pre-qualification option with a soft credit check.
- Autopay discounts on interest rates.
- Quick funding.
- Flexible loan amounts.
Benefits of the Avant Personal Loan
- Rapid financing (though not as fast as Rocket Loans).
- Pre-qualification option with a soft credit check.
- Ability to adjust the payment date.
- Convenient mobile app for loan management.
How to Apply for an Avant Personal Loan
If you’re interested in applying for an Avant Personal Loan, refer to our dedicated article that provides a step-by-step guide on the application process.
