The Rocket Personal Loan full review
If you are in need of a fast application process for a personal loan, be sure to read our assessment of this loan option.
A Fast and Convenient Loan Experience with Rocket Loans
Rocket Loans, a subsidiary of Rocket Mortgage, has been providing online lending solutions since 2016. With the expansion of its parent company to include other sister businesses such as Rocket Auto and Rocket Homes, as well as insurance providers, Rocket Loans has established itself as a reliable and versatile lender in the industry.
Available in most states across the United States, Rocket Loans offers personal loans for a variety of purposes. Whether you need to consolidate debt, finance home improvements, cover medical expenses, plan a vacation, or fund a business venture, Rocket Loans has you covered.
One of the standout features of Rocket Loans is its quick and convenient application process. The entire process is conducted online, and once your personal information is electronically verified, you can expect to receive the loan amount in your bank account within two business days. Additionally, you can enjoy a 0.5% discount and avoid late fees by enrolling in their autopay option.
Before deciding if Rocket Loans is the right choice for you, it’s important to consider the benefits and factors associated with their loans. Let’s explore the key details.
How Does The Rocket Personal Loan Work?
Rocket Loans offers unsecured personal loans, meaning you don’t need to provide collateral. Instead, they consider your credit score as the main qualifying factor. This provides peace of mind as you don’t have to worry about losing any assets if you encounter difficulties repaying the loan.
The loan amounts offered by Rocket Loans range from $2,000 to $45,000, allowing you to address various financial needs. Whether you’re looking to consolidate debt, cover medical expenses, or invest in home renovations, you’ll find a suitable loan option.
For eligible applicants, Rocket Loans provides same-day funding in specific situations. By completing the loan application and signing the Promissory Note before 1 p.m. ET on a business day, you can anticipate receiving your funds via ACH transfer on the same day.
While Rocket Loans doesn’t offer refinancing options, you can utilize the funds from a personal loan to pay off existing debts, helping you streamline your financial obligations.
Customer satisfaction is an essential factor to consider when choosing a lender. Rocket Loans has garnered an impressive rating of 4.8 out of 5 stars on Trustpilot, based on over 4,000 reviews. Many customers applaud the simplicity of the application process and the quick funding turnaround provided by Rocket Loans.
The Main Benefits of The Rocket Personal Loan
Autopay Reduction
With Rocket Loans, you can enjoy a rate discount of 0.3 percentage points by setting up automated loan payments from your bank account. This is a higher discount compared to what other lenders offer. Autopay not only reduces interest charges but also provides peace of mind by ensuring timely payments.
Wide Range of Loan Amounts
Rocket Loans offers a diverse range of loan sizes, enabling borrowers to address various financial needs. Whether you require a small loan for auto maintenance or a substantial amount for home renovations, Rocket Loans has flexible options available.
Soft Check to Prequalify
Rocket Loans allows you to check your rate with a soft credit draw, which doesn’t impact your credit score. This provides an opportunity to assess the loan terms before committing. If you decide to proceed, Rocket Loans will conduct a hard pull to validate your information, resulting in only a temporary decrease in your credit score.
Rapid Funding
When time is of the essence, Rocket Loans aims to provide same-day funding. Applicants who complete their loan documents before 1 p.m. ET from Monday to Friday can expect expedited funding, with approval often granted in less than five minutes. Please note that the exact timing of fund disbursement may vary depending on your bank and verification process.
Applying for The Rocket Personal Loan
If you’re interested in securing a fast loan for any purpose, consider applying for The Rocket Personal Loan today. To learn more about the application process and take advantage of this convenient lending solution, continue reading our next article.
