![]() Paying for home improvements and large purchases were the next two most common reasons. Of the potential borrowers we surveyed, 29% said debt consolidation was the reason they were seeking a personal loan. Eastern), but it may also take a few business days for the deposit to clear, depending on your bank.ĭebt consolidation was the top reason why 48% of current borrowers got a personal loan. After signing, you may be eligible to receive same-day funding (if signed before 1 p.m. To receive funding, you will need to sign the promissory note and other required documentation to complete the process. ![]() This includes submitting bank documents, but you may also be required to submit additional documents for verification, including: Once you select your loan details, you will need to complete the application. There are two repayment terms to choose from: 36 or 60 months. Select your loan amount, repayment terms, and rate. Rocket Loans will show you the loan options you qualify for. You will need to provide the following information: Rocket Loans offers a one-page application online for pre-qualification, allowing you to see your potential loan terms before completing your application. Rocket Loans has a simple application process, which is broken down into four steps. How to Apply for a Rocket Loans Personal Loan Reviews state the easy application process and quick funding as reasons for the high rating. But reviewers on third-party sites give Rocket Loans good marks. Power Consumer Lending Satisfaction Study. Rocket Loans is a newer lender and is not ranked in the latest J.D. If you need a loan, you must qualify for a personal loan on your (New Borrowers)ĩ a.m. Rocket Loans does not support co-signers or co-applicants at this time. Its main claim to fame is its same-day funding, which can give you access to money much faster than many competitors. Rocket Loans doesn’t offer much in the way of extra loan features. Loans are disbursed using ACH payments, so you must have an open bank account to receive payments. Rocket Loans doesn’t explicitly state the income or credit score requirements to qualify for a loan, but does use the following qualification factors to determine eligibility: ![]() Eastern, the funds may reach bank account the same day. If you complete the loan process and sign the Promissory Note by 1 p.m. Same-day funding will be based on your financial situation and how quickly Rocket Loans can verify your information. Loans also cannot be used in connection with any illegal activities.Īpplications can be made entirely online, and funds are usually disbursed within a few business days, but you may be able to receive same-day funding. Loans cannot be used for student loan debt payments or to pay for any post-secondary educational expenses.
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