Rocket Loans Review: Is It Legit Or A Scam?

Rocket Mortgage, LLC, Rocket Homes Real Estate LLC, RockLoans Marketplace LLC (doing business as Rocket Loans) and Rocket Auto LLC are all separate legal entities that operate independently from one another. Each company has its own management and governance structure in place that is required by the state of incorporation and applicable legal and regulatory requirements. They advertise their services at rocketloans.com.

Rocket Loans Summary

Rocket Loans is a personal loan provider that has been gaining popularity in recent months. We decided to investigate the company and see what they are all about. Our research led us to give them a 3-star rating.

We came across some interesting facts during our investigation of their website and fine print.

• All loans are made by Cross River Bank, a New Jersey state chartered commercial bank, Member FDIC, and Equal Housing Lender.
• All loans are unsecured, fully amortizing personal loans.
• Eligibility for a loan is not guaranteed.
• If you’re a qualified client, depending on your credit profile, you can choose loan terms of 36 or 60 months. APRs range from 7.727% to 29.99%.
• An origination fee of 1% – 6% is charged for each loan.
• Rates and Terms are subject to change at any time without notice.

Loans are not available in Nevada, Iowa, and West Virginia. Check their State License Disclosure here.

What are Rocket Loans?

Rocket Companies, Inc. operates several subsidiaries, each focused on a different area of the lending industry. These include Rocket Mortgage, LLC, Rocket Homes Real Estate LLC, RockLoans Marketplace LLC, and Rocket Auto Loan. They are all doing business as Rocket Loans.

Rocket Loans is a financial company that offers personal loans and other financial services. They are located in Detroit, Michigan, and have been in business since 2015. You can contact them at (800) 333-7625.

The company has an A+ Better Business Bureau rating and is accredited since 11/6/2015. With an average of 134 customer reviews, the company has had 7 complaints closed in the last 12 months.

How do Rocket Loans work?

All loans are made by Cross River Bank, a New Jersey state chartered commercial bank. To apply for their loan, all you need to do is provide some basic information about yourself and explore your loan options.

After you have selected the best loan program for your situation, you can complete your application. They will then perform any required validation of the information provided. Once everything has been validated, you can accept the final terms and receive your money.

How much do Rocket Loans charge?

If you are a qualified client, Rocket Loans can offer you loan options with terms of 36 or 60 months. Your APR will depend on your credit profile and could range from 7.727% (with autopay discount) to 29.99% (without autopay discount).

Each loan comes with an origination fee of 1% to 6%, which is deducted from the balance before funds are disbursed to you.

Their website’s fine print stated the following example:

“For example, a 5-year $10,000 loan with a 10.5% interest rate and a 2.99% ($299) origination fee would have 60 scheduled monthly payments of $214.94 for an APR of 11.855% (rates assume autopay discount).”

Rocket Loans Reviews

Rocket Loans is a trusted lender with an A+ BBB rating. They have been accredited since 11/6/2015 and have an average of 133 customer reviews. In the last 3 years, they have had 11 complaints closed.

Here are some of the reviews they have on their BBB profile.

Alisha G 10/15/2021

Horrible Technical Support……….. I started an application after being pre-approved for a personal loan and midway through the process, the system would not recognize my uploaded documents. When I tried to log back in the next day the page would load for minutes and route me back to the log-in page. I called and spoke to a nice representative who told me that she would advise the technical support team.

But I have never experienced a technical issue with a company where I have not been transferred to actually speak with a technical support representative to help solve a technical problem. How can they troubleshoot without speaking to the customer? I also haven’t received any information on what the issue may be, an incident/technical support ticket number, or an ETA of resolution.

This issue is reaching its 5th day with absolutely no information. If I am having this issue at the application stage, I am not confident in the ability to do future transactions such as making payments or submitting requested documentation if it gets to that point. This is an unfortunate situation and a horrible process after I read good reviews about this company.

Michele S 09/20/2020

The process was easy and the results were fast! The interest was a lot higher than I expected though as my credit score at the time was excellent.

Leonard P 08/20/2021

Once they deny your loan you will get no explanation or detailed reason why. Happened to me twice and both times I reached out to receive no response.

Nancy A 09/16/2020

Five stars on the response time. Needed a home repair done and this was my solution.

Katie R 03/05/2021

Unfortunately, they over-promise and under-deliver. My husband is paid via 1099 and despite providing years’ worth of tax returns to prove income and discussing our income set-up up front, we got weeks into the process before they determined they couldn’t lend to us because of my husband being paid via 1099.

They “couldn’t find” his income even though it was noted on our tax returns each year. Unless you are a simple W-2-only type income, I wouldn’t waste your time or energy. To make matters worse, they are STILL calling me a year later trying to get my business. When I asked the gentleman who called to please remove me from their lists, his tone changed and he cut me off mid-sentence. I wouldn’t recommend this treatment to anyone.

Rocket Loans FAQs

How to qualify for Rocket Loans’ services

If you’re looking to take out a personal loan with Rocket Loans, there are a few things you’ll need to qualify. First, you must be at least 18 years old – in Nebraska and Alabama, borrowers must be 19 years old. You’ll also need to be a U.S. resident and reside in a state where the lender does business. Other factors that come into play when qualifying for a personal loan include your credit score, monthly income, and amount of existing debt.

How much can you borrow from Rocket Loans? And for how long?

Rocket Loans offers loans starting from $2,000 to $45,000. Repayment terms range from 36 to 60 months. We take into consideration your credit profile, income, and debt Income ratio to present you with offers they believe you can comfortably repay. There are no prepayment penalties on any of their programs, so you can pay off the remaining balance at any time without additional fees.

Are there any pre-payment penalties?

There are no pre-payment penalties when you take out a loan, but you will be charged an origination fee. This fee is 1%-6% of the loan amount and is paid to Cross River Bank. It will be deducted from your balance before you receive the money.

If you fail to make a payment within 10 days of the due date, you will be charged a Late Payment Fee of $15. Also, if an automated clearing house (“ACH”) transfer or check is rejected or returned (including for non-sufficient funds), you will also be charged an ACH Return Fee/Returned Check Fee of $15.

How long does it take to receive your money?

Depending on your bank, and the lender’s ability to validate your information electronically, you may be able to receive Same Day Funding.

Do Rocket Loans affect your credit score?

When you’re considering taking out a loan with Rocket Loans, it’s important to know that your credit score won’t be affected by simply viewing your rate with them. This is because they use a soft inquiry instead of a hard inquiry when generating your rate. However, if you decide to move forward with the loan and they confirm your identity, a hard pull of your credit report will be required and this will likely impact your credit score.

What can you use a personal loan for?

Personal loans from this company can be used for a variety of purposes, including consolidating debt, taking a dream vacation, purchasing an engagement ring, or getting money for a new project. Their personal loans cannot be used for student loans or illegal purposes.

So, is Rocket Loans legit?

If you’re considering a Rocket Loans personal loan, you may be wondering if the company is legitimate. The answer is yes – rocketloans.com has an A+ rating from the Better Business Bureau and has been accredited since 2015. However, it’s important to keep in mind that their rates and terms are subject to change at any time.

Before making any major financial decisions, it is important to do your research and read as many customer reviews as possible. This way, you can be sure you are making the best decision for your specific situation.

Thank you for reading!

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