Getting a good loan with a bad or fair credit score is tricky. Some services accept co-borrowers who drag their numbers up, ensuring that you are eligible. Others, however, are unwilling to give these users a chance and only allow people with excellent credit to apply.
Rocket Loans works quite differently. The application process will focus much more on your income and ability to pay your tuition than on your score – which must be at least 580 points. If you’re looking for flexibility, large amounts of money and lots of perks, you’re sure to find something to enjoy with Rocket Loans.
You can get up to $45,000 in soft loans with low interest rates. Those seeking Rocket Loans 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 same-day funding.
Pros and Cons from Rocket Loans
The Rocket Loan is available for almost all the US and offers great interest rates for most users. But there is a little more to this line of credit that may convince you to get a loan and make your financial dreams come true. Some advantages include:
- TAEG 6.72% a 29.99%
- No prepayment penalties
- Easy online application process
- Soft credit pull for loan pre-approval
- Rate discount available with automatic payment
- Approval within 24 hours and funding the same day
- Check your rate with no impact to your credit score
Cons from Rocket Loans
Certainly Rocket Loans is not perfect. For starters, the payment date is completely inflexible, meaning that people who want to close a loan are not able to choose their payment date when signing the loan agreement – the process is plastered on.
In addition, we also have to talk about the repayment terms. They are quite limited, being only a choice of three or five years. There is no option to choose a shorter term and pay less interest or a longer term to reduce your monthly payments. And finally, the famous fees appear. In this case the origination fee hits the 6% ceiling – that is, up to 6% of the loan amount can go out before it reaches your pocket.
How to qualify for a loan from Rocket Loans
Rocket Loans works with a combination of the user’s credit history and ability to pay. See what you need to qualify:
- Minimum credit score of 580
- Minimum credit history of two years
- Minimum annual income of $24,000
- Must provide Social Security number
- Must be at least 18 years old in most states
How to Apply
Rocket Loans offers a simple online application process for those interested in a personal loan. To apply, follow these steps:
- Pre-qualification – Start by filling out the Rocket Loans online pre-qualification form.
- Select Your Loan – View your offers and choose your loan amount, term, and rate.
- Submit Your Application
If you are approved for a Rocket Loans personal loan, you can receive the funds the same day.
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