RocketLoans is a leading private lender in the US. It is a part of the Quick Loans group of companies. Its service basket includes personal finance covering debt consolidation, medical situations, home renovation, vehicle expenses, and even small business. The company also offers mortgage finance including first purchase, refinance, and reverse mortgage.
The company operates through its online portal and is recognized for its friendly, fast, and courteous services.
RocketLoans personal loans are ideal for those having a good credit score and are looking for easy and fast access to cash.
For a handy reference, a snapshot of RocketLoans personal loans structure as compared to other companies is given below:
5.98% to 28.99%
5.99% to 29.99%
6.67% to 29.98%
Loan amount range
$2,000 to $35,000
$2,000 to $35,000
$5,000 to $35,000
3 or 5 years
3 or 5 years
3 or 5 years
RocketLoans personal loan application process
The company’s online loan application procedure is simple and fast to execute in just three steps:
- Application: This process can be completed swiftly due to its simple format
- Processing and approval: It is done promptly, while the applicant is still logged in
- Loan amount disbursal: In the case of loan approval, the amount is deposited in the borrower’s bank account within 24 hours or on the next working day
Who can avail a RocketLoans personal loan?
These loans are available to US citizens and permanent residents with the following criteria:
- Must be above 18 years of age
- Must have an active and valid bank account on applicant’s name
- Must have a credit history of at least 2 years
- A credit score of or above 640
- Verifiable yearly income of $24,000 or more
Requirements for loan application and processing:
The below-mentioned papers/documents are needed to process a RocketLoans personal loan:
- Full name and contact details
- A valid personal identification
- Income proof
- Details of bank account
Safe, secure, and seamless online experience
RocketLoans has invested significantly in its company-wide digital transformation. In particular, it has focused on the strong firewall of the company portal. Considering that RocketLoans is a 100% online venture, this is of paramount importance in the context of data privacy and secure transactions.
The RocketLoans portal’s architecture is equipped with encryption technology which converts data into codes. This prevents data theft and hence ensures its safety.
In addition, the company has also ensured that its portal is robust and sturdy, enabling it to handle heavy traffic with speed and efficiency. This portal rarely faces a breakdown or speed issues. Customers do not face ‘website down’ or ‘website hang-up’ situations. This is hazardous for financial transactions apart from being frustrating and time-consuming.
This policy gives a guarantee to the portal users that their personal and confidential details such as SS number, bank details, financial documents, income proof, phone number, email address, age, occupation, and other confidential data will be used by the company for only two purposes: to verify their credentials and for future contact. Moreover, RocketLoans vouches never to share this data with any third party.
Why are RocketLoans personal loans popular?
The reason appears to be simple but profound. The company has a higher mission than just earning profits. It is a socially conscious business well aware of the fallouts of unmet financial commitments.
A deserving and brilliant student may have to drop out of school if there is a default in tuition fees.
A home will face forced black-out if the electricity bill is unpaid and the supply is cut off. Worse, an unattended medical condition may cause grave consequences if the individual does not receive timely cash to treat the illness.
In due consideration of the mental, material, and emotional distress associated with a financial crunch, RocketLoans has created a compassionate, customer-friendly personal loan archetype that takes care of the borrower’s needs while maintaining the company’s decent top-line and bottom-line. This creates a win-win situation.
Apart from this, the RocketLoans personal loans have gained popularity because of its unique offerings:
- Comparatively lower interest rates. This is a true blessing in an industry noted for high interest rates
- One of the fastest and most friendly loan processing journey. The RocketLoans personal loan staff is trained to treat the customers with respect and courtesy while handling the loan requests, and to process the application as fast as possible.
- No hidden costs. While approaching RocketLoans for a personal loan, a borrower can rest assured that she or he is not going to face any unpleasant surprises like undisclosed charges, sudden escalation of borrowing cost, arbitrary add-on costs, and more. The company charges what it claims at the time of preparing the loan documents.
That said, it is always recommended that the borrower studies the loan document in detail before signing it, so that they are fully aware of the repayment terms, amount, fees, interest, and other matters.
- Free quotes. The main benefit of a free quote is a comparison of options. The RocketLoans free quote assesses your eligibility criteria on a no-obligation basis.
- No prepayment fees. In case the borrower presses the button for early payment, RocketLoans will close their account without any prepayment penalties or charges.
These features have helped RocketLoans build a strong word-of-mouth good-will.
What people say
Ethics and integrity are the best advertisers of one’s business. They attract customers and catch the industry’s attention. RocketLoans has proved this notion true in letter and spirit.
Two of the personal loan industry’s salient online reviewers have given excellent ratings to RocketLoans personal loans. While TrustPilot has given the highest, 5-star rating to the company, Nerdwallet.com has given it a 4-star rating, implying it is a very good company with many customer-friendly features.
While assessing a company’s performance externally, the best place to look for is consumer reviews. The customer-speak about the company is the ultimate performance parameter.
We’ve put together some of the most authoritative reviews on the net. These reviews will help you decide if Rocket Loans is the best place to get your personal loan.
Better Business Bureau
The BBB gives Rocket Loans an A+ score. That means the company follows BBB guidelines in terms of their advertising, customer service approach, business practices, and other factors.
Unlike other personal loan companies, Rocket loan has just as many positive reviews as negative reviews with the BBB. There are 13 total reviews 6 of them are positive. There’s one neutral review and six negative reviews. Also, there are only 5 total customer complaints logged against Rocket Loans. That’s an extremely small number given the number of loans the company issues every day.
Rocket Loans has a 1.5 out of 5 stars on Yelp. Most of the reviews are negative. However, many of the negative reviews talk about problems the customer has with Rocket Loans’ parent company, Quicken. Therefore, many of them aren’t helpful for people looking to get a personal loan for themselves.
Other reviewers actively state that they weren’t sure if the company was the problem or the particular loan officer they dealt with. It’s important to keep in mind that most people don’t go out of their way to write positive reviews about their personal loan company. As a result, it’s not surprising that most of the reviews on Yelp are negative.
Consumer Affairs gives Rocket Loans a 2.5 out of 5 stars. That total is based on 384 ratings from the previous year. Most of the complaints focus on individual issues. But some of the reviews focus on the high closing costs that Rocket Loan charges customers. One customer argues that the closing costs are three times higher than they are at a bank. There are also complaints that the interest rate offered on closing day is different from the rate initially quoted.
Personal loans – use only when genuinely needed
Cash on hand is a very tempting prospect! You could get carried away by the easy availability of cash, be it earned money or a loan. When your pockets are flush with cash, you tend to either over-spend, or utilize the money in an unplanned or even reckless manner. As a result, the money is spent in other places and the original need still exists! You need to take out another loan!
The simple fact is, if you are not astute about managing your money, it can become a vicious vortex.
To avoid this type of situation, it is necessary for the borrower to first assess correctly whether they need a personal loan. If they do, how much, and for what specific purpose?
If all the above criteria justify taking out a personal loan, then you must check out all the options available to you before finalizing the lender.
This pre-loan exercise is necessary because:
- Personal loans are unsecured in most cases. They are more like instant cash advances in nature, offered without a thorough investigation of the borrower’s financial profile. The lender merely looks up the data provided by the applicant and sanctions the loan promptly. This obviously carries high risk on the part of the lender, and to compensate for it, they charge a high interest and loan charges. Some unscrupulous lenders have a lot of fine print attached to loan sanctions.
- Interest rates on personal loans are the killer factors in many cases. That is why, be wary of taking out personal loans without thinking the situation through.
- Online channel: Because of the digital transformation, most of the lenders have either gone completely online, or maintain a mix of physical and virtual channels for loan processing. When this process is online, it means a faceless transaction on both the ends. From the lender’s point of view, this is a sort of disadvantage. The traditional personal interaction, which would have given them a chance to intuitively gauge and assess the borrower’s repayment capacity as well as their healthy intention, is bypassed. Hence, the risk in lending money increases.
- This again contributes to a high interest rate – one more reason for borrowers to open the door for a personal loan only if truly necessary.
- No collateral: It is a general trend that lenders don’t ask for collateral pertaining to personal loans. With that said, this effects the interest rate. To cover up their risk, the lenders are obviously going to hike the interest rates and add on some other charges.
Considering these factors, personal loan beneficiaries often default during the repayment session. The aftermath is troublesome, to put it modestly.
You have to be careful here.
Remember, there are no free lunches.
The personal loan landscape in the US
The country has come off the recessionary period when the demand for personal loans of all kinds exploded. However, the market is not going down and because of tax cuts things are looking pretty rosy. Personal loans are steadily in demand. The trend suggests that borrowers have now changed their outlook on personal loans. From perceiving it as a need-based financial instrument, they now view it as an alternate financing tool.
It is interesting to study the market in some detail.
Who takes out personal loans in America?
There are some interesting insights.
- Vehicle finance accounts for a largest chunk of 31% personal borrowing
- Next in the line is payment of overdue bills and other contingencies, at 26% of market share
- 21% of personal loans are accessed by the blue collar for emergency and unexpected expenses
- Students come next, with a 19% share of personal borrowing
- And 15% borrow to consolidate their debt
The gender-based division of personal loans has an interesting revelation: Both men and women borrow almost equally, with the respective percentages being 36% and 31%.
Demographic divide of personal loan access
Gen X, and not the millennials borrow the most for personal needs. The average loan size is $8,592.
Being single or a couple matters
Couples, both married and live-in partners, borrow more than singles. The average loan size is again $8,152.
What do the numbers say?
The conclusions throw light on these personal borrowing traits in the country:
- A balanced mix of emergency needs, unmet needs, and planned needs attract personal borrowing
- Both the genders borrow equally
- Gen X borrows the most. This trend indicates that the age-related demand for excess money is a reality
- Being a couple means enhanced domestic and social needs, and this forces many couples to borrow
These deductions are heartening for the personal loan industry. They will be in business for a long time! Especially when so many people try to live beyond their means. But no one is in debt like the federal government which continues to pay people not to work which only promotes laziness but this is another topic.
No matter who you are you may need a personal loan at some point.
Rocketloans provide a valuable financial need for so many!
Christine has a solid background in personal finance as she spent the last eight years working at one of the biggest banks in the US. She managed her own team of financial advisors that helped hundreds of people with their financing needs. Her innate understanding of different financial products and loans helped her move up the ranks quickly after graduating with a degree in Business Administration.