This article will give you full details on How to Get a Rocket Loan Personal Loan. Therefore, try reading through the entire article to get the full information.
Rocket Loans Review
Want to get some accurate information about Rocket loans? This part of the article will give an overview on Rocket loans. We will try our best to cover the basic information that you require. Read on to get a good review on Rocket loan.
Want to get an unsecured loan? Rocket loan is a very good option. The platform makes applying for an unsecured personal loan simple. Potential borrowers can verify their rates and eligibility without a hard query on their credit report, and those who are authorized can apply online and receive funding the same day.
Who is Rocket Loans For?
You should be looking to get a loan from this platform if you fall under the following category;
- You have a fair credit score.
- You want fast funding.
- If you do not want a very high minimum APR loan.
Rocket Loans Advantages
Here are some of the major reasons why some people prefer Rocket loans;
Quick funding is a very important factor for emergency loans. The lender claims to be able to provide borrowers with same-day funding. If you sign your loan documents before 1 p.m. ET Monday through Friday, you can receive same-day funding. The exact timing will be determined by your bank and the ease with which the lender can verify your information.
Discounts on Autopay
You can receive a rate discount of 0.3 percentage points if you set up automatic loan payments from your bank account, which is a larger discount than some other lenders offer. Choosing autopay ensures that payments are made on time.
Rocket Loans allows you to check your rate with a soft credit pull before committing to a loan, which does not harm your credit score. If you accept the offer, Rocket will use a hard pull to verify your information, which may temporarily lower your score.
Large Loan Amounts
Rocket Loans provides a variety of loan amounts ranging from $2,000 to $45,000, allowing borrowers to cover a variety of expenses such as debt consolidation or home improvement projects.
Rocket Loan Personal Loan Uses
At Rocket Loans, you can take loans for various reasons such as;
- Investing in solar energy for your home.
- Medical expenses.
- Going for vacations.
- Consolidating debts from high-interest credit cards and other sources.
- Buying a new or used car.
- Home enhancements.
However, you cannot use Rocket loans for;
- Expenses on illegal activities.
- Student loans.
Rocket Loans Requirements
Here are some information on the eligibility requirements of Rocket Personal loans;
Minimum Income Requirements
At Rocket Loans, borrowers are required to have a minimum annual income of $24,000 in order to be approved, but the average borrowers’ income is much higher ($85,000)
Similarly, Rocket Loans takes into account each applicant’s debt-to-income (DTI) ratio, with a maximum of 40% and an average of 14% With exception to the applicant’s mortgage debt.
Co-signers and Co-applicants
This platform does not allow cosigners and co-applicants.
Rocket Loans Credit Score
A Rocket Loans personal loan requires a minimum credit score of 640. The average Rocket Loans borrower, on the other hand, has a credit score of 710.
Borrowers should have at least two years of credit history, but the average is 18 years. Borrowers with no credit history should check out Upstart, a platform that lends to those with no credit history.
How to Apply for a Rocket Loan Personal Loan
The summary of the application process is simply pre-qualifying for a rate, applying for a loan and waiting for the approval of your loan. However, here are the detailed steps below;
- First, go to the official website of Rocket loans.
- Fill up the form that appears with the required details such as purpose of your loan, annual income, phone number, current address, email address, date of birth, full name, ssn, etc.
- Read and agree to the terms, conditions and other written documents.
- After that, click “see my options”.
- Rocket loan then performs a soft credit check to see whether you qualify for a personal loan.
- If you do, a list of loan options will be revealed to you on the screen with unique rates and terms.
- You may be required to submit your Photo ID to verify your identity and bank statements, such as pay stubs or tax forms to confirm your income.
- Now, click on the question marks given on the screen to reveal the loan options and their terms.
- Choose from the options given and set up a password for your loan amount.
- Now, you can consent to the funding of your loan and Rocket loan will perform a hard inquiry on your credit report.
- When your loan is approved, you will be asked to submit your account details for funding.
- As stated before, you may receive your funds within a day.
When Will I Receive Funds?
For borrowers who complete their application as well as sign the promissory note before 1 p.m. Eastern time on a business day, Rocket Loans provides same-day loan funding. However, the average time to receive funds is two to four days.
Rocket Loans Log in
The Platform allows you to login to your account anytime you want if you want to view the details of your Rocket loans personal loan. To login to your Rocket Loan account, follow the steps below;
- First, go to the official website of Rocket loan; www.rocketloans.com.
- When you get to the home page, click “sign in” at the top right part of the home page.
- If you have an account with Rocket Loans, scroll down and click “login”.
- Now, follow the instruction given on screen to complete the login process.
Is Rocket Loans Legit?
Yes it is. The Online loan lender offers personal loans to people who are in need of them. The steps to take these loans are given above.
Rocket Loans Fees and Penalties
Rocket Loans charges an upfront origination fee of up to 7% of the loan amount, which varies depending on the information in your application and your creditworthiness.
This fee is deducted from your loan proceeds, so someone borrowing $20,000 with a 6% origination fee would only receive $18,800 in loan proceeds. They would, however, be required to repay the entire $20,000 loan, plus interest.
If you do not make a payment within the 10-day grace period, Rocket Loans will charge you a $15 late payment fee. If your check or ACH transfer is rejected by your bank due to insufficient funds or for any other reason, you may be charged a $15 returned check fee.
How Much Money Can You Borrow With Rocket Personal Loans?
You can get a personal loan of up to $45,000 from Rocket Loans. Your offer amount is determined by your income, debt-to-income ratio, credit score, and credit history.