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Rocket Loans Personal Loans Calculator & Overview

Updated 10 Aug 2023

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Rocket Mortgage is a mortgage loan provider located in Detroit, Michigan. In January 2018, the company became the largest overall retail lender in the U.S. Rocket Mortgage relies on wholesale funding to make its loans, closing more than $400 billion of mortgage volume across all 50 states from 2013 through 2017. Aside from Rocket Loans or personal loans, they offer FHA loans, VA loans, cash-out refinance, and auto loans.

Personal loans can be a great way to cover expenses but it’s a decision that shouldn’t be taken lightly. Curious whether you’re eligible to borrow from Rocket Mortgage? Check the Rocket Loans personal loans calculator for your EMIs (equated monthly installments).

Personal loans have an annual percentage rate (APR) varying from around 3% to 36% APR. The interest rates you can receive will depend on a range of factors, such as your credit score, income, and debt-to-income ratio. On a loan of $10,000 over 5 years, the cost could vary between $10,781 and $21,680. The interest cost is between $781 and $11,680.

Rocket Loans at a glance

It is important to know about the features and benefits of a personal loan from Rocket Mortgage. Read on to find out if any of the items below correspond to what you’re looking for in a personal loan:

Here’s a breakdown of the key features and benefits of a Rocket Mortgage personal loan:

Loan amounts: minimum $2,000 to $45,000
Loan terms: from 36 to 60 months
Origination fee: 7%
Prepayment penalty: $0
Interest rates: from 8.416%% to 29.99% APR
Turnaround time: 1 to 3 business days
Required credit score: minimum 580

Requirements for Rocket Loans

To get a personal loan from Rocket Loans, you must meet the following requirements:

Be over the age of 18 years
Be a US citizen or permanent U.S. resident alien residing in the United States
Indicate preferred repayment term
Submit documents pertaining to your monthly source of income
Show proof of home ownership or rental agreement
Provide your FICO score and debt-to-income ratio

Rocket Loans personal loan calculator

Loan amount

Term

Provider

Product Information

EST Monthly
Repayment

Interest
Rate

Repayment
Period

Loan
Amounts

Sort loans by

Loan Amount

$20,000

Term

3 months

Change

Rocket Loans personal loans

Estimated Month Repayments

$608 Inclusive of fees

Interest Rate

5.97%
APR

Repayment Period

36 months
to 60 months

Loan Amounts

1000
to $20,000

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Personal loans are unsecured and used for general purposes. This means that you can use one of our personal loans for everything from consolidating your high interest debt to updating your kitchen to complement your unique style

Featured

Wells Fargo personal loans

Estimated Month Repayments

$606 Inclusive of fees

Interest Rate

5.74%
APR

Repayment Period

12 months
to 84 months

Loan Amounts

$3,000
to $10,000

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Checking and savings accounts and credit cards for your everyday business expenses and cash management.

Featured

Eastman Credit Union personal loans (Shared Secured Personal Loan)

Estimated Month Repayments

$848 Inclusive of fees

Interest Rate

29.90%
APR

Repayment Period

12 months
to 12 months

Loan Amounts

$1,000
to $20,000

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ECU offers extraordinary products & services that make life just a little easier.

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

Pros and cons of Rocket Mortgage personal loans

Pros

Wide range of borrowing limits
No prepayment penalty
Option to pre-qualify with a soft credit check
Rate discount for autopay
Clear list of borrower criteria and requirements

Cons

Only two repayment term options
Charges an origination fee
No option to choose initial payment date
No direct payment to creditors with debt consolidation loans
No co-sign or joint loan option

Frequently asked questions

What are the minimum and maximum loan amounts for a Rocket Mortgage personal loan?

You can borrow between $2,000 and $45,000 from Rocket Mortgage.

What are the repayment terms for a Rocket Mortgage personal loan?

You have between 36 and 60 months to repay your personal loan from Rocket Mortgage.

What interest rates does Rocket Mortgage have?

Interest rates for Rocket Loans can range between 8.416%% and 29.99%.

Does Rocket Mortgage charge an origination fee?

Yes. Rocket Mortgage charges a 7% origination fee which will be deducted from the loan balance before the funds are disbursed to the client.

How soon can I have access to funds?

There is a short wait time for eligible applicants of a Rocket Mortgage personal loan. The money will be deposited to your choice of account within the same business day.