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Rocket Loans Review

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Rocket Loans Beyond Mortgages: Diving into Debt Consolidation Loans 

While Rocket Loans reviews often laud their mortgage prowess, their offerings extend far beyond home loans. A hidden gem lies in their rapid debt consolidation loans, and that’s where we’ll focus our review! Buckle up for a transparent breakdown, exploring both the positives and negatives of this well-rated lender’s debt consolidation program.

rocket loans reviews feature image

Rocket Loans Review Key Takeaways:

  • Better Business Bureau (BBB) and Trustpilot Ratings: Rocket Loans has an A+ grade at the BBB and a 4.8 of 5 stars rating at Trustpilot – both of which are excellent. However, Rocket Loans BBB customer reviews have an average rating of 1 out of 5 stars. This is a low rating.
  • How Rocket Loans Works: A Rocket Loan debt consolidation is really an unsecured personal loan dedicated to merging multiple debts into one. Rocket Loans offers no provisions for dealing directly with your creditors. Instead, the company treats your debt consolidation like any other personal loan. This method can provide some flexibility in how consumers use the funds.
  • Rocket Loans is a Direct Lender: The company is a direct lending organization focusing on fast delivery of your loan funding. Often, through the company’s lending partner, Cross River Bank, member FDIC, Rocket Loans can provide same-day access to the money. Using direct lenders for personal loans can result in faster approvals (a positive), but also the potential for higher fees (a negative).
  • Rocket Loans Complaints: One of the biggest complaints against Rocket Loans is its high fees. However, there are less than 15 complaints against Rocket Loans at the BBB, which is an exceptional record considering they have over 29.3 million customers, indicating it has outstanding customer service.
  • Rocket Loans Origination Fees and APR: Rocket Loans charges a 9% loan origination fee with interest rates for fair credit applicants that cost on average 10.34% to 24.99%. That means if you borrow $10,000, you could end up paying back around $14,504.54, with a $900 up-front fee coming out of the loan before it hits your account. Compare top-rated lenders through Credible to find personal loans with the lowest rates and low or no loan origination fees. Top-rated personal loans for fair to excellent credit, with no origination fee, include Discover and LightStream.

Rocket Loans debt consolidation caters to borrowers with fair credit scores and better. Approval typically requires a credit score of 640 or above. However, lower scores may qualify in some cases.

Compare Rocket Loans vs. Upstart, LendingClub & Other Lenders

Lender Fixed (APR) Loan Amounts
Minimum Credit Score
Upstart Personal Loan 6.40% to 35.99% $1,000 to $50,000 620
LightStream Personal Loan 7.49% to 25.49% $5,000 to $100,000 700
Discover Personal Loan 7.99% to 24.99% $2,500 to $40,000 660
PenFed Credit Union Loan 8.49% to 17.99% $600 to $50,000 700
Upgrade Personal Loan 8.49% to $35.99% $1,000 to $50,000 600
Sofi Personal Loan 8.99% to 25.81% $50,000 to $100,000
Does Not Disclose
Best Egg Personal Loan 8.99% to 35.99% $20,000 to $50,000 600
LendingClub Personal Loan 9.57% to 35.99% $1,000 to $40,000 660
Avant Personal Loan 9.95% to 35.99% $20,000 to $35,000 550
Universal Credit Personal Loan 11.69% to 35.99% $1,000 to $50,000 560
OneMain Financial Personal Loan 18% to 35.99% $1,500 to $20,000
Does Not Disclose
Zable Personal Loans 8% to 30% $1,000 to $25,000 600
Happy Money Debt Consolidation Loan 11.72% to 24.67% $3,000 to $40,000 640

Source: Top 5 Best Personal Loans for Fair Credit, Good Credit and Excellent Credit

Get Prequalified Loan Offers


  • Funds are often available same-day

  • Autopay discount available

  • credit score not affected by pre-qualification

  • Available in all 50 states

  • No prepayment penalties

  • At the BBB, RocketLoans is A+ rated and accredited


  • An origination fee of up to 9% may apply

  • Low credit scores may not qualify for debt consolidation loan

  • Higher low-end interest rate than some competitors

  • Doesn’t offer direct payments to creditors

  • Auto-pay set up at loan origination required for discounts

Rocket Loans Features and Benefits

Rocket Loans provides debt consolidation loans through its partner lending institution, Cross River Bank. Rocket Loans offers some nice features, such as the potential for same-day funding and a discount for setting up auto-pay. However, there are some limitations with the company as well. Below are its primary statistics.

  • Potential same-day funding is available
  • Consolidation loan amounts from $2,000 to $45,000
  • Credit score not affected by prequalification
  • Autopay discounts available
  • No direct lender payments available
  • Repayment terms are 36 or 60 months
  • Interest rate range is  9.116 – 29.99%
  • Lowest interest rate only available with auto-pay
  • An origination fee of up to 9% may apply
  • Best for fair credit scores and higher
  • Also offers personal loans and other financial services
  • Co-signers not allowed
  • Available in all 50 states
  • Direct lending company

Rocket Loans Review | Editorial Rating

Trusted Company Rating Score for Rocket Loans: 6.9

Rocket Loans reviews range from dissatisfied to ecstatic from a wide selection of customers and experts. The company didn’t make our best debt consolidation companies list—not because of a lack of high ratings, but due to restrictions listed below that aren’t likely to be present when borrowing from many other online lenders.
1. The company offers competitive interest rates. However, the lowest interest rate is only available for those who choose the auto-pay option at the loan origination. Those who choose auto-pay later won’t qualify for the discounted rate.
2. Instead of offering a range of loan length terms, Rocket Loans only provides a 36 or 60-month option. However, there are no early payment penalty fees.
3. Rocket Loans doesn’t list a minimum loan origination fee. However, the fee could be as much as 9% of the financed amount.
4. Many other online lenders offer debt consolidation consideration for customers with low credit scores. Although Rocket Loans doesn’t list a minimum score to qualify, it often only approves loans for those with scores of 640 or higher.

Rocket Loans Debt Consolidation Review Facts

Rocket Loans is an online lending company that partners with Cross River Bank to provide debt consolidation through personal loans. The company offers a pre-qualification step on its website that allows consumers to input their personal and financial information and receive multiple loan offers for which they’re likely to receive approval.

Pre-qualification draws only a soft inquiry on your credit report and doesn’t affect your score. Only after pre-qualifying and formally applying for your debt consolidation loan will Rocket Loans perform a hard inquiry that will likely have a slightly negative score effect.

Review Rocket Loans Cost & Origination Fee

Rocket Loans offers debt consolidation interest rates from 9.116% with the auto-pay option to 29.99%—representing the maximum rate without setting up auto-pay. Loan amounts can range from $2,000 to $45,000 and may or may not include an origination fee of up to 9%.

Interest Rates *9.116 – 29.99%
Origination Fee 0 – 9%
Loan Terms 36 or 60 months
Minimum Credit Score 640
Loan Amounts $2,000 – $45,000
BBB Rating 1.0 / A+

Cost of a $10,000 Rocket Loan

Let’s assume you get–

  • a $10,000 personal loan with Rocket Loans
  • with a 9.00% origination fee and a
  • 15.49% APR for a 3-year term.

Here’s how the total cost and payments would break down:

  • Origination Fee: $900 ($10,000 loan amount x 9.00%)
  • Loan Amount: $10,000
  • Total Loan Amount after Fee: $10,900 ($10,000 + $900)
  • Interest: $3,604.54 (calculated using an online loan calculator)
  • Total Payment: $14,504.54 ($10,900 + $3,604.54)
  • Monthly Payment: $402.80 ($14,504.54 total payment / 36 months)

Note: This is just an example, and your actual costs and payments could be higher or lower depending on your specific loan terms and creditworthiness.

Tips for Getting a Good Deal with Rocket Loans:

  • Shop around: Compare rates from multiple lenders before accepting a loan from Rocket Loans.
  • Improve your credit score: The higher your credit score, the lower your interest rate will be.
  • Consider shorter loan terms: Shorter loan terms will have lower overall interest costs, even if the monthly payments are higher.
  • Read the fine print: Make sure you understand all of the fees and terms of your loan before you sign on the dotted line.

Rocket Loans Interest Rates

Many online lenders providing debt consolidation loans offer interest rates as low as around 6%. However, rates at the low end of the scale are typically reserved for borrowers with excellent credit scores. Rocket Loans’ lowest interest rate offering is 9.116%. The rate is available only to those who qualify with excellent credit and opt for the company’s auto-pay options.
The maximum interest rate charged by Rocket Loans is 29.99%, which is 6% lower than the maximums of many other online lenders and lending marketplace providers. The maximum interest rates don’t include the auto-pay option discount.
Rocket Loans uses several factors, including your FICO credit score, income, debt-to-income ratio, number of recent credit inquiries, and others, to determine the interest rate for your debt consolidation loan.

How to Get Rocket Loans Same Day Funding

There are a few steps involved when taking advantage of Rocket Loans’ fast funding availability. The process starts with the consumer entering financial and personal information into the company’s website. The site then returns information within minutes, including multiple debt consolidation or personal loan offers if your initial information qualifies. The offers will include terms, interest rates, and origination fee amounts.
After choosing one of the loan offers, you can formally apply for your selection. You’ll be asked to provide proof of identity, income, and personal and financial records. After providing the documentation, Rocket Loans will evaluate and verify it and provide a final approval or denial, often on the same day.
If you become approved by 1:00 p.m. on a business day, you could receive the money on the same day by way of direct deposit into your bank account. While this situation is the ideal scenario, some verifications and approval can take up to several days to complete. Most transactions are complete by the following business day.

Rocket Loans Pre-Approval and Acceptance

Pre-approval on the Rocket Loans website doesn’t equate to debt consolidation loan approval. Final loan approval requires verification of the personal and financial records you supply when formally applying for a loan after the pre-approval step.
Pre-approval is based on a soft credit inquiry and the information you provide before submitting documentation. Ultimately, final loan approval is highly likely if the information provided during pre-qualification step is accurate and up-to-date.

Required Credit Score for Rocket Loans

Rocket Loans doesn’t officially list a minimum credit score to qualify for financing. However, most sources state that qualifying and receiving approval from the company is most common for borrowers with credit scores above 640.

However, consumers with scores lower than that may still apply for pre-approval without affecting their credit scores.

Rocket Loans Debt Consolidation Loan Requirements

Debt consolidation approval with Rocket Loans is most common for borrowers with credit scores over 640. However, that’s not a hard and fast rule. While the company doesn’t provide minimum qualifying requirement information, general assumptions, such as having the following items, will apply.

  • Social Security number
  • 18 years of age or older in most states
  • No in-progress bankruptcies
  • Proof monthly income

Rocket Loans Reviews

Rocket Loans ratings range from a single star out of five at the BBB to an excellent score of 4.8 of 5 stars at Trustpilot. While that’s a wide range, the company’s average star rating over numerous online review pages hovers around 4.0.
According to general reviews, customers tend to appreciate the rapid funding Rocket Loans provides and the simplicity of the application process. Some complaints are the result of loan denials after pre-qualifying. However, further details are generally unavailable. Other complaints have to do with technical issues and customer service communications.

Is Rocket Loans Legit?

Rocket Loans is a legitimate lending branch of Rocket Companies that operates Rocket Mortgage and several other branches. Rocket Mortgage was once Quicken Loans before changing its name. Rocket Loans partners with Cross River Bank for loan funding and is accredited by the Better Business Bureau.

Rocket Loans Vs. Top Debt Consolidation Lender Reviews

Rocket Loans Vs. Credible

Rocket Loans and Credible can both provide debt consolidation from their respective online platforms—And both companies offer a pre-qualification step to help determine your borrowing power.
However, that’s where the similarities end. While Rocket Loans provides funding from a single banking source, Credible partners with over 20 lending organizations to offer financing solutions to a wide range of consumers.
Our Credible review highlights the company’s ability to work with debt consolidation customers with varying backgrounds and credit histories. Rocket Loans offers excellent benefits for borrowers with fair credit and higher.
However, Credible can often accommodate borrowers with lower credit scores—For customers with higher scores, Credible may be able to offer more options to choose from than Rocket Loans.

Rocket Loans Vs. LendingClub

Rocket Loans is a direct online lender that partners with a single bank and provides debt consolidation loans. LendingClub is a full-service online bank with a full suite of financial products, including debt consolidation loans.
Both companies offer debt consolidation loans for which consumers can pre-qualify without harming their credit scores. Both companies can also supply several borrowing options for debt consolidation after pre-qualifying.
In fact, when it comes to debt consolidation, the only differences between Rocket Loans reviews and our LendingClub review discoveries are slight variations in interest rate availability and customer ratings. Customers looking for more banking tools may be better served by LendingClub. However, Rocket Loans may offer a faster turnaround time for speedy money.

Rocket Loans Vs. Upstart

Comparing Rocket Loans to Upstart is similar to comparing Rocket Loans to Credible. Our Upstart review states that Upstart is an online lending marketplace similar to Credible. The company partners with numerous lenders to provide the most appropriate debt consolidation loan options to as many consumers as possible.
While Rocket Loans caters primarily to consumers with higher credit scores, Upstart can often accommodate borrowers with lower scores. The only aspect of fair comparison between the two is that they both offer a pre-qualification step indicating the loan terms you may be accepted for.

Feature Rocket Loans Credible LendingClub Upstart
BBB Grade / Rating 1.0 / A+ 1.29 / A+ 4.56 / A+ 1.24 / A+
Average Reviews Rating 4.0 4.6 4.4 3.4
Interest Rates *9.116 

(w/auto-pay) – 29.99%

4.60 – 35.99% 6.34 – 35.89% 5.39 – 35.99%
Origination Fee 0 – 9% 0 – 12% Varies by Lender 3 – 8% 0 – 12% Varies by Lender
Loan Terms 36 or 60 months 12 to 84 months 36 or 60 months 36 to 60 months
Minimum Credit Score 640 No minimum stated 600 300
Loan Amount $2,000 to $45,000 $600 to $100,000 $1,000 to $40,000 $1,000 to $50,000
Joint Applicants Accepted No No Yes No
Mobile App Available Yes Varies by lender Yes Yes

Frequently Asked Questions

How long does Rocket Loans take to approve?

Does Rocket Loans verify income?

Is Rocket Loans a direct lender?

Is Rocket Loans safe?

Is it hard to get a loan from Rocket Loans?


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Dr. Ali
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Last Updated: February 26, 2024