Consequently, Rocket Loans is an inferior option if you have excellent credit that could help you qualify for a personal loan with more competitive rates and terms elsewhere. High rates for excellent credit: Some personal loan companies offer starting APRs that are lower than those of Rocket Loans.Since a handful of personal loan providers don’t charge this fee, you should keep the extra cost in mind. Origination fee: Rocket Loans charges an origination fee between 1 percent and 6 percent of the loan amount.Rapid funding: Borrowers can receive loan proceeds the same business day they apply.No prepayment penalties: You can pay off your personal loan at any time without paying a prepayment penalty.Check your rate with no impact to your credit score: Using Rocket Loans’ prequalification form will help you determine eligibility and estimate loan costs before you apply with only a soft credit inquiry.Easy online application process: You can apply online and receive funding as soon as the same business day.Here are the main advantages and disadvantages. Pros and cons of Rocket Loans personal loansīefore you apply for a personal loan from Rocket Loans, you should know about the upsides, as well as any potential pitfalls to watch out for. Rocket Loans is transparent about its loan process, although consumers with excellent credit can likely get a personal loan with lower fees elsewhere. Prospective borrowers can check their rate and determine eligibility without a hard inquiry on their credit report, and those who are approved can apply online and receive funding as soon as the same day. Rocket Loans makes it easy for consumers to apply for an unsecured personal loan. What to do when you lose your 401(k) match Should you accept an early retirement offer? How much should you contribute to your 401(k)?
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