Subsidiary of Rocket Companies

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An online personal loan lender. It is based in Detroit, MI. Rocket Companies is a recent rebranding of Quicken Loans. It was originally known as Rock Financial, a brick and mortar mortgage company. The company has had many rebrandings since its inception, as well as expanded to include financial products other than mortgages.

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Rocket Loans (a personal loan lender), Rocket Mortgage, a mortgage lender, Rocket Homes (a real-estate listing site) and Rocket Auto (an internet car marketplace) are all part of the Rocket Companies portfolio. Despite having the same name and parent company, each subsidiary operates independently and is managed by its own management team.

Rocket Loans personal loans can be obtained in 48 states through Cross River Bank of New Jersey. The loan amounts can range from $2,000 up to $45,000. However, there are only two terms: 36 or 60 months. Rocket Loans offers an AutoPay discount which is incorporated into the lowest rate advertised on the site. It’s easy to compare rates online, without having to pull your credit report. You may be eligible for same-day funding in certain cases.

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How to Get a Personal Loan

A personal loan is a way to get funding to consolidate your debts or pay for a major purchase. There are two types of personal loans: unsecured and secured. Secured loans require collateral while unsecured loans don’t need any security.

Compare rates and terms with multiple lenders when applying for a personal loan. Check to see if there are origination charges and any other fees. Be aware that the personal loan rate offered by a lender may not be what you expected. Your credit score, income and other factors could all impact your final rate.

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Alternatives to Personal Loans

A personal loan is not always the best option. However, it can help you get quick cash. Consider these options before you apply for a personal loan.

Cash-out refinance, HELOC or home equity loan. A home equity loan, HELOC or cash-out refinance can tap into your home’s equity. This will allow you to pay a lower interest than personal loans. It is important to weigh the pros and cons before borrowing against your home equity. You could lose your home if your payments are not made on time.

Balance transfer credit card A balance transfer credit card may be a good option if you are looking to consolidate your debt. These credit cards have introductory periods that can last from 18 to 20 month and an APR of 0%. You can reduce your high-interest debt by switching to a balance transfer credit card. This will allow you to pay off your debt faster and avoid interest charges. You must have a plan in place to repay your debt by the end of the introductory period or you will be subject to high credit card interest rates.

Save. Savings strategy. Personal loans can be reduced by having an emergency fund. Experts recommend keeping at least three to six months of expenses in an emergency fund.

Credit counseling is free. Credit counseling is a great way to address your debt problems. Non-profit organizations may offer low-cost or free credit counseling to help manage your finances and debt. Although you won’t receive money directly, credit counseling offers expert financial advice to help you manage your finances.

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Rocket Loans: The Pros and the Cons


  • Available same-day financing
  • Rate discount for autopay
  • Borrow between $2,000- $45,000
  • Pre-qualification and rate quotations require soft credit.
  • No prepayment penalties


  • Origination fee of 1% – 6%
  • There are only two options for loan terms (36 and 60 months).
  • Secured loans are the only option
  • If you fail to pay your monthly payment within 10 days, $15 late payment fee
  • In NV, IA and WV, it is not available