Finally, you’ll be presented with a promissory note and loan terms that summarize everything you’ve entered and chosen throughout the application process. Rocket Loans may also need to request supplemental documentation, although the lender aims to validate borrower information in real time. This is also the point at which Rocket Loans will verify your personal information, including income. Next, submit your application by providing additional details like bank account information. Once you enter that information, Rocket Loans will show you what loan options you qualify for so you can choose the loan amount, term and rate that fits your needs. This involves a soft credit check and will not negatively impact your credit. To start the application process, provide basic information-name, address, income, Social Security number and birthday-to see the rate you’ll qualify for. Follow these steps to apply for a Rocket Loans personal loan: Rocket Loans does not allow co-signers or co-applicants.Īpplying for a personal loan typically involves prequalifying for a rate, submitting a formal application and awaiting loan approval. Likewise, Rocket Loans considers each applicant’s debt-to-income (DTI) ratio with a maximum ratio of 40% and an average of 14% (exclusive of the applicant’s mortgage debt).
Rocket Loans requires borrowers to have a minimum annual income of $24,000 for approval, but the average income among borrowers is much higher-$85,000. Borrowers without any credit history should consider a platform like Upstart that lends to those with no credit history. The minimum credit score required for a Rocket Loans personal loan is 640, although the average credit score of a Rocket Loans borrower is 710.īorrowers should have a minimum credit history of two years, but the average is 18 years. Meeting the requirements below won’t guarantee approval, but they can help you decide if a personal loan is the right fit for you. All lenders have their own unique underwriting requirements, but these typically include information from an applicant’s credit profile and other factors that demonstrate the ability to repay the loan, such as income. Personal loan applications are approved or declined based on a number of factors. Consider an alternative if you want to tap into similar bells and whistles. Some lenders provide perks like financial hardship assistance and flexible payments dates. Rocket Loans does not charge borrowers a prepayment penalty for paying off their loans before the end of their loan term.Īside from the autopay discount Rocket Loans offers, it doesn’t provide additional perks or features that are seen on other top personal loan lenders. Likewise, borrowers whose payments are returned due to insufficient funds or other reasons are charged $15 per occurrence. Borrowers who are late with a payment must pay a $15 late fee for each payment cycle the payment is late. Therefore, if you need to borrow a specific amount of money, you should consider this when requesting a total loan amount. As with other lenders, the origination fee is deducted from the balance of the loan prior to funding. Rocket Loans charges a loan origination fee of 1% to 7% that is in addition to advertised APRs. APRs range from 8.416% (rate with the autopay discount) up to 29.99% (rate without autopay discount).
Borrowers can choose from 36- or 60-month loan repayment terms. Rocket Loans offers borrowers unsecured, fully amortized loans from $2,000 to $45,000.
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