Is Rocket loans legit? (2024)

Is Rocket loans legit?

Trustpilot features almost 6,000 reviews, and 91 percent of users award Rocket Loans with a 5-star rating.

Is Rocket Loans a legit company?

Customer Reviews

Rocket Loans receives 4.8 stars on TrustPilot based on over 3,000 reviews. It also boasts positive ratings on the Better Business Bureau (BBB) website, and the company has a 4.89-star customer rating and an A+ BBB rating.

Is it hard to get a loan with Rocket Loans?

Rocket Loans generally requires a credit score of 640 or higher. On the other hand, you can generally expect to go through a prequalification process that includes a soft credit check. You might also be able to benefit from additional offers, such as no fees or variable interest during repayment.

Does Rocket Loans hurt your credit score?

Before committing to a loan, Rocket Loans allows you to pre-qualify and check your rate with a soft credit pull, which doesn't hurt your credit score. If you accept the offer, Rocket will verify your information with a hard pull, which can temporarily drop your score a few points. Quick funding.

Is Rocket Loans for bad credit?

To get approved for a Rocket Loans personal loan, you'll need a credit score of at least 640. While this requirement makes Rocket Loans accessible to borrowers with fair credit, it's on the higher end of fair credit. A fair credit score is usually considered to be a score from 580 to 669.

What is the minimum credit score for rocket loans?

The minimum credit score for a Rocket Loan is 640. However, even if you have a credit score higher than that number, you'll need to meet other criteria to be eligible.

What is the minimum credit score for a rocket loan?

Typically, the minimum credit score for personal loan approval is 610 – 640. The best credit score for a personal loan with good rates and terms, though, is most often 650 or higher.

Can you pay off rocket loan early?

Pros and Cons of Rocket Loans Personal Loans

Autopay discount available: You can get an interest rate discount if you sign up for autopay. There's also no prepayment penalty if you pay off your loan early.

How long does it take to get money from rocket loans?

It takes 2 to 4 business days to get money from a Rocket Loans personal loan, in most cases. That includes both the time it takes to get approved and the time it takes for the funds to be delivered after approval. Keep in mind that this is a typical applicant's experience, and in some cases it could take longer.

How long does it take to get money from rocket loan?

Receive your money

In some cases, we can transfer your funds on the same business day, but based on the bank you use, and the process of getting money into your account, it could take a couple business days. Either way, you'll be hours away from getting the money you need.

What is the maximum rocket loan amount?

Loan Terms, Fees and Discounts

RocketLoans personal loans have fixed interest rates. The minimum loan amount is $2,000, and the maximum is $45,000. Borrowers can choose a 36- or 60-month repayment term. RocketLoans offers same-day loan funding for loans up to $25,000.

What credit score do I need for a $4000 loan?

Whether you have good credit or bad credit, you may qualify for a $4,000 personal loan. To increase your chance of approval you should have a credit score of 580 or higher. If you have a lower credit score you should consider adding a cosigner to your application or apply for a secured personal loan.

What bank does Rocket Loans use?

Rocket Loans

Clients can apply online, be approved in minutes and get funded the same day. Rocket Loans provides loans offered by its partner, Cross River Bank.

Does Rocket Loans call your employer?

No, Rocket Loans does not call your employer. Rocket Loans instead uses the financial information and documents you provide during the application process, like a W-2 form, bank statement or pay stub, to verify that you are employed and that you have enough income to afford the loan.

How does Rocket Loans verify income?

Income. Your income is another key factor that impacts how much you may qualify to borrow. Rocket Mortgage will verify your employment status and income through your pay stubs, bank statements and W-2s.

Does Rocket Loans require collateral?

Some types of personal loans are collateral loans, however, so personal loans can be secured or unsecured. Rocket Loans℠ offers unsecured personal loans at fixed rates.

What size loan can I get with a 580 credit score?

You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

How big of a loan can you get with 500 credit score?

How does Rocket Loans work?

It's an installment loan, so you borrow a lump sum of money and pay it back within a set amount of time. Your interest rate will depend largely on your creditworthiness. The higher your credit score, the lower your interest rate will likely be, meaning you'll pay less over the life of the loan.

What is the interest rate for rocket loans?

Is Rocket Mortgage easy to get?

Rocket Mortgage allows slightly lower credit scores than many other VA lenders. To get a VA loan with this lender, you'll need a score of at least 580 (many lenders require scores of 620 or higher on these loans). It also accepts debt-to-income ratios up to 60% on VA loans, according to its website.

Is Rocket Loans the same as Rocket Mortgage?

Along the way, Rocket became a word that defined what Quicken Loans did best. That's why on July 31, 2021, Quicken Loans changed its name to Rocket Mortgage. Rocket Mortgage inspired sister companies like Rocket Homes® and Rocket Loans® to do the same and revolutionize the way people find homes and get personal loans.

How long does it take Rocket loan to review application?

Rocket Loans may approve you after the same day you apply. After your application is approved and you accept the offer, it takes 1 business day to receive your funds, which Rocket Loans will send to you by electronic bank transfer.

Is it better to pay off a loan right away or wait?

The faster you can pay off a loan, the less it will cost you in interest. If you can pay off a personal loan early, it can lower your total cost of borrowing, potentially saving you a considerable amount of money.

What happens if I pay 2 extra mortgage payments a year?

Make 2 Extra Mortgage Payments a Year if…

You'll be in your current home for most or all of the life of the loan. The value of extra payments is realized through a reduction in the life of the loan and interest savings over 20+ years; you won't realize nearly the same benefits if you'll only be in the home 5-10 years.