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Rocket Loans Debt Consolidation Loan Review

Headquartered in Detroit, Michigan, Rocket Loans has made it its mission to deliver simple, rocket-fast personal loans to eligible consumers.

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Rocket Loans offers debt consolidation loans ranging from $2,000 to $45,000 with 36 or 60 month terms.

They will consider your credit profile, income, and “Debt to Income” ratio before displaying a list of suitable offers.

This means only borrowers with splendid credit will see Rocket Loans’ lowest rates. However, those with decent income and credit can still save by consolidating high-interest accounts into manageable payments.


  • Type of Debt Relief – Debt Consolidation Loan
  • Eligibility & Requirements – must be 18 years of age and a U.S resident
  • Fees – $15 late fee; 1%-6% origination fee; $15 ACH return fee/returned check fee; 7.727%-29.99% APR
  • Credit score impact – Minimal
  • Consumer Reviews – Mixed

How Rocket Loans’ Program Works

Like most online lenders, Rocket Loans offers a smooth application process that lets you know your interest rate and savings in minutes. Here’s a basic outline of how to apply for a debt consolidation loan.

  1. Enter personal information: To view your rate, you’ll need your full name, current address, income information, social security #, and date of birth.
  2. Select loan: Rocket Loans shows you a list of loans you qualify for, and you choose the amount, rate, and term that aligns best with your goals.
  3. More reviews: The lender will review some additional security information, like your bank account and employment status. At this point, you may need to provide some more documents like a driver’s license, pay stubs, bank statements, and tax forms.
  4. Receive money: This is the final review stage. If you choose to move forward with the loan, Rocket Loans will begin the process to approve and fund your loan. You could get funds on the same business day, but it depends on the bank you’re with and the transfer process you elect. Most borrowers will see funds within a few business days.

Rocket Loans Eligibility & Requirements

To qualify for debt consolidation with Rocket Loans, you must be 18 years old (19 in Nebraska and Alabama) and be a U.S. resident. You must also reside in a state where Rocket Loans does business.

Your credit score, monthly income, and amount of existing debt are considered when determining your eligibility.

The company runs a soft credit check that won’t impact your credit score. Soft credit scores let lenders verify your identity and assess financial risk. However, a hard credit check will confirm your identity and security information to proceed with the loan. This will impact your credit for a short while.

Fees for Rocket Loans’s Services

Rocket Loans determines your rate based on your credit history, yearly income, debt amount, loan term, home ownership, and number of credit inquiries. It calls this your financial profile—APRs range from 7.727% to 29.99%. Your financial profile will also determine the amount you pay in origination fees. The lender charges a 1%-6% origination fee, deducted before you receive your loan.

A $15 late fee may result from insufficient funds in the account or a late check sent via snail mail. Rocket Loans will send you a reminder email before each payment is due, so avoiding late fees should be doable.

Pros & Cons of Debt Consolidation with Rocket Loans

Rocket Loans lives up to its name, offering fast funding and no prepayment restrictions. Borrowers can rev up the payment process without worrying about getting smacked with fees for paying their loan early. However, there’s still an origination fee of up to 6% of your loan amount.

Pros of Debt Consolidation with Rocket Loans

  • No prepayment penalty
  • Same Day Funding
  • Autopay discount

Cons of Debt Consolidation with Rocket Loans

  • 1%-6% Origination fee
  • $15 Late and insufficient funds fee
  • Does not service NV, IA, or WV

Is Rocket Loans Right for Me?

Rocket Loans has some restrictions regarding loan terms. You can choose 3 or 5 years, which doesn’t offer much wiggle room for those seeking more flexibility in repayment options. However, once approved, funding is quick and efficient. Rocket Loans is a worthwhile option if you need money fast. Note that borrowers seeking same-day funding should aim to complete their applications before 1 p.m ET.

Borrowers with a credit score over 640 will have the best chance at approval. However, Rocket Loans encourages borrowers to re-apply if they’ve met with a change in circumstances. For example, you raised your credit score, your debt to income ratio changed for the better or a recent increase in income.

Alternatives to Rocket Loans

Rocket Loans is one of many solutions for borrowers climbing out of debt. Unfortunately for some, credit score and income play a significant role in qualifying for a loan with a rate low enough to save you money. The upside is there are plenty of options for those working to build up their credit profiles.

Debt Management lets you consolidate unsecured credit card debt without taking out a loan. These programs can help borrowers reduce the interest they pay on credit cards and aid with expense tracking and budget management. Counselors are on-call to answer questions and keep you on track to reach your financial goals. These programs can also halt the nonstop phone calls from creditors demanding payment.

LightStreamgets extra points for its paperless, eco-friendly application process. It offers loans of up to $100,000 with rates ranging from 5.73% to 19.99%. A minor downside is borrowers have to apply to view rates; no pre-approval process means you may have to submit to a hard credit pull to see how much you can save. 

PenFed Credit Union has been servicing borrowers worldwide since 1935. It’s a longstanding and stable financial institution with $31 billion in assets. It offers low APRs (6.74%-17.99%) and won’t bog down borrowers with fees. Borrow up to $50,000 with terms of up to 60 months.

Rocket Loans Reputation & Consumer Reviews

When it comes to financial products, reviews are continually a mixed bag. The comments fluctuate from “absolutely great experience” to “total waste of time.” However, they’re still helpful in gauging the legitimacy and professionalism of an organization. Here’s what some applicants had to say about Rocket Loans.

Positive reviews say the lender lived up to its name. The service was fast, efficient, and reliable. One reviewer noted that the entire process took about 3 hours, and they received funds the very next morning. Some reviews from borrowers with poor credit praised Rocket Loans for saving them from dealing with triple-digit interest rates offered by pay-day lenders.

However, it can be hard to predict just who will qualify. Some applicants were left wondering why their financial profiles were deemed inadequate despite being homeowners or long-time professionals with good credit. Rocket Loans doesn’t list a credit score requirement on its website, but some customers say one should aim for a 640 to qualify.

About The Author

Bents Dulcio

Bents Dulcio writes with a humble, field-level view on personal finance. He learned how to cut financial corners while acquiring a B.S. degree in Political Science at Florida State University. Bents has experience with student loans, affordable housing, budgeting to include an auto loan and other personal finance matters that greet all Millennials when they graduate. He has a prodigious appetite for reading, which he helps feed with writing from Scottish philosopher Adam Smith, the “Father of Capitalism.” Bents writing also has been published by JPMorgan Chase, TheSimpleDollar and


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