Learn How to Apply for a The Rocket Personal Loans
If you're seeking a personal loan and desire a faster application process, discover how to apply for a Rocket Personal Loan.
What do I need to know before applying for a The Rocket Personal Loans?
Rocket Loans provides borrowers with the freedom to take advantage of its diverse selection of loan amounts, ranging from $2,000 to $45,000, to address various financial needs, like consolidating debt or funding home improvement endeavors.
Rocket Loans offers personal loans that can be used for a variety of purposes, such as vehicle maintenance, vacation expenses, medical bills, debt consolidation, home improvements, and business expenses.
These loans are unsecured, meaning borrowers don’t need to provide collateral; instead, their credit score determines eligibility.
This eliminates the worry of losing assets like a car or home if you are unable to make payments, making it a key advantage.
In some cases, Rocket Loans provides same-day funding, especially if borrowers complete the application and sign the promissory note by 1 p.m. ET on a business day.
While personal loan refinancing isn’t currently an option, borrowers can use the loan proceeds to pay off existing debts.
Despite being a relatively new company, Rocket Loans has received overwhelmingly positive reviews from customers.
With an impressive 4.8 out of 5 stars on Trustpilot from over 4,000 reviews, many customers highlight the easy application process and fast funding turnaround as standout features.
Who can Apply?
While Rocket Loans typically requires a borrower’s credit score to be around 710, a minimum of 580 is necessary to qualify for a personal loan.
The recommended credit history is two years, though 18 years is more common. If you lack a credit history, platforms like Upstart may be an option.
Rocket Loans sets the minimum yearly income for approval at $24,000, but the average applicant earns $85,000 annually.
They consider the debt-to-income (DTI) ratio, with a maximum of 40% and an average of 14% (excluding mortgage debt). Co-applicants and co-signers are not allowed by Rocket Loans.
How do I Apply for The Rocket Personal Loans?
To initiate the application process and determine your eligibility for loan rates, input your personal details, including name, address, income, Social Security number, and birthdate.
This preliminary credit check won’t harm your credit score.
Once this information is provided, Rocket Loans will present eligible loan options, enabling you to choose the loan amount, duration, and interest rate that align with your needs.
Upon selecting your preferred loan terms, proceed by supplying additional details, such as your bank account number. Rocket Loans will then verify your personal information, including your income.
While Rocket Loans aims to evaluate borrower data in real-time, additional documentation may be requested if necessary.
At the conclusion of the application process, you’ll receive a promissory note and loan terms summarizing the information provided and the choices made.
Upon signing the relevant paperwork, loan approval and funding are swiftly processed.
Rocket Loans offers same-day funding for applicants completing their application and promissory note before 1 p.m. Eastern time on a business day.
Though same-day funding may occur, the typical timeframe to receive funds ranges from two to four days.
More Details
Rocket Loans offers borrowers several advantages, including an automatic payment discount of 0.3 percentage points for those who enroll in automated loan payments from their bank accounts.
With loan amounts ranging from $2,000 to $45,000, borrowers have flexibility in addressing various expenses, such as debt consolidation or home renovation projects.
Additionally, Rocket Loans allows applicants to prequalify using a soft credit check without affecting their credit score.
The lender prides itself on its swift funding process, with the possibility of same-day funding for applicants who finalize their loan agreements before 1 p.m. ET on weekdays.
Want to learn another option?
ZippyLoan is an online platform that links borrowers with a wide network of lenders providing personal loans ranging from $100 to $15,000.
Through its straightforward application process, borrowers can swiftly obtain funds for a variety of purposes.
ZippyLoan prioritizes simplicity and convenience, offering competitive rates and flexible repayment plans tailored to individual financial requirements.
