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Rocket Loans Private loan rates and interest rates
Rocket Loans Loan Rates from $ 2,000 to $ 45,000, And the company receives applications from residents of 47 states and from Washington, DC. You cannot get a loan in Iowa, Nevada or West Virginia.
Depending on your credit score and other financial conditions, your APR ranges from 5.97% to 29.99%, which is the highest compared to other major competitors APR regions. For example, Marx rates range from 6.99% to 19.99%, while Apprentice loans have APR between 5.55% and 35.99%.
Read on for more options for personal loans online.
Rocket Loans Advantages and disadvantages of private loans
Who is best for rocket loans?
Rocket loans can be a good option for borrowers who need immediate financial support and do not want to choose between two payment options. You can also borrow up to $ 2,000 from the lender, so it can be a great choice if you only want a small loan amount.
How Rocket Loans Compare Private Loans
Rocket loans are average compared to the competition. Here’s how rocket loans stack up with Marcus and Upstart.
Both Rocket Loans and Upstart have a down payment. Rocket loans range from 1% to 6% of the total loan rate and Upstart can charge you up to 8%. Marcus has no charge.
Upstart may be the best option for borrowers who want very little money; You can spend up to $ 1,000 with the lender. However, rocket loans are not far behind, as they cost at least $ 2,000. Marcus has a maximum of $ 3,500.
Upstart allows you to borrow up to $ 50,000 if you want more money, which is the maximum of three. Rocket loans offer up to $ 45,000 and Marcus offers up to $ 40,000.
None of the three lenders will allow you to add to your lender so you need to look elsewhere for one.
How Rocket Loans Private Loans Work
Rocket Loans provides unsecured private loans to US citizens or 18 or older permanent residents (19 years or older in Nebraska and Alabama). Unsecured personal loans are those that do not require a mortgage, such as a house, car, or loan. If you live in Nevada, Iowa, or West Virginia, you will not be able to get a loan.
Rocket Loans Private loan applications are available online, and you can complete one in several minutes. You can choose between a 36-month or a 60-month period. The company does not allow you to apply with a commander.
You can use unsecured private loans for a variety of purposes, including unlimited, debt consolidation, home improvement and vacation. To qualify for the best rates for rocket loans, you must have a good credit score, select AutoPay (with discount) and meet other requirements.
When your loan is backed up, you pay between 1% and 6% of the initial down payment, which is earned from your total loan. In addition, you will be charged $ 15 for payments made within 10 days from the expiration date and $ 15 for a refund check.
Depending on your ability to electronically verify your bank and rocket loans information, financial support for your personal loan will be available on the same day if you sign your loan agreement before 1pm on that working day.
If your application is rejected, you can reapply after your circumstances change. For example, you may increase your credit score or lower your debt to income ratio.
For customer support, call for a rocket loan Monday through Friday from 9 a.m. to 1 p.m., or Saturday from 9 a.m. to 6 p.m., 00 pm ET. You can email the company for any help you need.
Rocket Loans currently has no mobile application.
Are Rocket Loans Loyal?
Rocket Loans is a non-profit organization focused on consumer protection and trust with an A + rating from the Best Business Bureau. The company is also a BBB accredited business. BBB looks at companies by evaluating their responses to customer complaints, ad-hoc advertising, and transparency about their business practices.
Although the sister company Rocket Mortgage was involved in the 2019 mortgage fraud scandal, Rocket Loans is not the same as Rocket Loans – a common misconception. They both have the same parent company, rocket companies. Rocket Loans has not been involved in any recent controversy.
You can decide whether you feel comfortable borrowing from Rocket Loans because of its clean history and great BBC results.