![]() The online lender is a sister company of Rocket Mortgage, which was founded in 1985. RockLoans Marketplace LLC (Rocket Loans) was launched in 2016. For a $20,000 loan, that would amount to a $1,200 fee. Applicants with lower credit scores may expect to pay that full 6%. By contrast, Rocket Loans origination fee ranges up to 6%. Other online lenders like LightStream can beat its APR range while charging no fees. While Rocket Loans offers convenience, it doesn’t offer the most competitive terms. You can also choose to set up autopay during the application process and get an APR discount. The all-online process can result in same-day funding, and borrowers with less-than-stellar credit may be approved. Rocket Loans offers a quick and easy process for applicants to see their rate quote and apply for a personal loan. ![]() Individual applications only: Having a co-signer or co-applicant can help your chances of getting approved for a loan or help you get better rates, but Rocket Loans doesn’t allow joint applications at this time.Limited repayment terms: Some lenders allow you to choose from several repayment terms, but with Rocket Loans, you only have the choice of 36 months or 60 months.Origination fee up to 6%: This fee ranges from 1% to 6% and is deducted from your loan funds before you receive them, which means you may need to apply for more money than you actually need to borrow.Soft credit pull for loan pre-approval: Viewing a quote on your loan terms won’t hurt your credit scores, since Rocket Loans performs a soft credit pull in order to provide your quote.ET, you may receive funds within the same business day. Same-day funding available: If you complete the loan process and sign your paperwork by 1:00 p.m.Applicants can fill out a simple online form and see their pre-approved loan amount, repayment term, and rate within seconds. Pre-approval available within seconds: Rocket Loans offers a simple and fast experience.
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