Rocket Loans, Inc. is a subsidiary of Rocket Companies, Inc. and an online personal loan lender. It is based in Detroit, MI. Rocket Companies is a recent rebranding of Quicken Loans. It was originally known as Rock Financial, a brick and mortar mortgage company. The company has had many rebrandings since its inception, as well as expanded to include financial products other than mortgages.
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Rocket Loans (a personal loan lender), Rocket Mortgage, a mortgage lender, Rocket Homes (a real-estate listing site) and Rocket Auto (an internet car marketplace) are all part of the Rocket Companies portfolio. Despite having the same name and parent company, each subsidiary operates independently and is managed by its own management team.
Rocket Loans personal loans can be obtained in 48 states through Cross River Bank of New Jersey. The loan amounts can range from $2,000 up to $45,000. However, there are only two terms: 36 or 60 months. Rocket Loans offers an AutoPay discount which is incorporated into the lowest rate advertised on the site. It’s easy to compare rates online, without having to pull your credit report. You may be eligible for same-day funding in certain cases.
Fast funding is a great perk for those who require cash fast, but the lender has some drawbacks like a 1%-6% origination fee and a lack of secured loan options.
How to Get a Personal Loan?
A personal loan is a way to get funding to consolidate your debts or pay for a major purchase. There are two types of personal loans: unsecured and secured. Secured loans require collateral while unsecured loans don’t need any security.
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Compare rates and terms with multiple lenders when applying for a personal loan. Check to see if there are origination charges and any other fees. Be aware that the personal loan rate offered by a lender may not be what you expected. Your credit score, income and other factors could all impact your final rate.
Alternatives to Personal Loans
A personal loan is not always the best option. However, it can help you get quick cash. Consider these options before you apply for a personal loan.
Cash-out refinance, HELOC or home equity loan. A home equity loan, HELOC or cash-out refinance can tap into your home’s equity. This will allow you to pay a lower interest than personal loans. It is important to weigh the pros and cons before borrowing against your home equity. You could lose your home if your payments are not made on time.
Balance transfer credit card A balance transfer credit card may be a good option if you are looking to consolidate your debt. These credit cards have introductory periods that can last from 18 to 20 month and an APR of 0%. You can reduce your high-interest debt by switching to a balance transfer credit card. This will allow you to pay off your debt faster and avoid interest charges. You must have a plan in place to repay your debt by the end of the introductory period or you will be subject to high credit card interest rates.
Save. Savings strategy. Personal loans can be reduced by having an emergency fund. Experts recommend keeping at least three to six months of expenses in an emergency fund.
Credit counseling is free. Credit counseling is a great way to address your debt problems. Non-profit organizations may offer low-cost or free credit counseling to help manage your finances and debt. Although you won’t receive money directly, credit counseling offers expert financial advice to help you manage your finances.
How do I Qualify to Receive a Rocket Loans loan?
To be eligible for a Rocket Loans personal loans, you must be either a U.S. citizen (or a permanent resident) and at least 18 in most states. Alabama and Nebraska require that you be 19. The state in which the company is headquartered must also be your residence. This includes all of the states, except for West Virginia, Iowa, Nevada, and Iowa. Rocket Loans personal loans cannot be granted to residents outside the United States.
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Who should get a Rocket Loans loan?
Rocket Loans, like most personal loans can be used to pay for large purchases, finance home improvements, consolidate debt or cover an emergency. They cannot be used to pay for student loans or other illegal purposes.
How to apply for a Rocket Loans loan
- Choose the loan amount and terms you prefer
Before you apply for a personal loan, make sure you decide if you need it. Also, determine how much money you would like to borrow and create a repayment plan. Rocket Loans allows you to borrow up to $45,000, and can choose between a 36-month or 60-month loan term. While a longer term will result in lower monthly payments, a loan with higher interest rates could cost you more overall.
- Online rate check
Next, use the online pre-qualification tool to check your rate and receive loan offers from Rocket Loans. Rocket Loans will perform a soft inquiry to provide you with a rate quote. This is to ensure that your credit score does not suffer. After you have compared the Rocket Loans rate, compare it with other lenders to make sure you are getting the best rate for you.
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- Complete the application and send it in
Complete the application if you feel Rocket Loans is right for you. This step will require a credit inquiry. It will have an impact on your credit score. Gather all the documents you need to submit a loan application. This could include proof that income is proven and a government-issued identification.
