Everything You Need To Know About Quicken Loans Personal Loans

Perhaps youâre looking for a personal loan to pay for home improvements, an alternative to credit card debt or to consolidate overall debt. Then again, it could just help to have a little extra spending money around to help cover everyday expenses. In any event, personal loans can help you put cash in your pocket fast.

But before you do that, itâs a good idea to know how personal loans work, the types that are available and how you can apply for one.

Personal loans are a great option for many people looking to get extra cash. Whether you need to pay off high interest debt fund home improvements or cover emergency expenses, a personal loan from a trusted lender like Quicken Loans can provide you with funds quickly and easily.

In this comprehensive guide we’ll explain everything you need to know about Quicken Loans personal loans so you can decide if they are the right choice for your financial needs.

What Is A Personal Loan?

A personal loan is a fixed-rate installment loan that you repay in equal monthly payments over a set period of time usually between 2 to 5 years. Quicken Loans offers personal loan amounts from $2,000 up to $45000.

The interest rate, fees, loan amount, and repayment terms are agreed upon upfront and don’t change over the life of the loan. Personal loans can be used for almost any purpose as they are not secured by any type of collateral.

Benefits Of Quicken Loans Personal Loans

Quicken Loans personal loans offer many advantages such as:

Fast funding – You could get funds deposited into your bank account as soon as the next business day after approval.
Fixed rates – Your interest rate stays the same for the entire repayment period so your monthly payments are predictable.
No collateral – Personal loans are unsecured so you don’t put your home or other assets at risk.
Credit building – Making on-time payments can help improve your credit score over time.
Simple application – The quick and easy online application only takes about 5 minutes.
No prepayment penalties – You can pay off your Quicken Loans personal loan early with no extra fees.

How Do Personal Loans Work?

When you get a personal loan from Quicken Loans, here is a basic overview of how it works:

You complete a simple online application that only takes about 5 minutes.
Quicken Loans reviews your credit history, income, debts, and other information to make a loan decision.
If approved, you get a loan offer detailing the interest rate, fees, loan amount, and repayment terms.
After accepting the offer, the loan funds are quickly deposited into your bank account, often as soon as the next business day.
You repay the loan in fixed monthly installments over the agreed loan term until it’s completely paid off.

It’s a straightforward process that puts cash in your hands fast! Quicken Loans has an easy-to-use website and helpful customer service team to guide you through every step.

What Can You Use A Quicken Loans Personal Loan For?

The flexibility of personal loans make them useful for all sorts of financial needs. Here are some of the most popular uses for Quicken Loans personal loans:

Consolidate high-interest credit card balances – Save money by rolling multiple card payments into one lower monthly personal loan payment.
Pay for home improvements – Remodel your kitchen, finish your basement, or fix your roof with a personal loan.
Fund a vacation – Get the funds you need for the dream trip you’ve been wanting to take.
Cover medical bills – Pay off unexpected medical expenses with predictable monthly payments.
Pay tuition – Use a personal loan to cover education costs.
Buy a car – Purchase a used car or make a downpayment on a new one.
Start a business – Launch your small business dream with extra startup capital.
Deal with emergency costs – Be prepared for surprise expenses like emergency home or auto repairs.
Pay off tax debt – Get the IRS off your back by paying off owed back taxes over time.

No matter what you need extra money for, a Quicken Loans personal loan provides a simple borrowing solution.

What Credit Score Do You Need For A Quicken Loans Personal Loan?

Quicken Loans looks at a variety of factors when reviewing your personal loan application, including your credit history, income, and existing debts. Each applicant is different, but generally you’ll have the best chance of approval and lowest interest rate if your credit score is in the good to excellent range.

Here are general credit score guidelines for Quicken Loans personal loans:

Excellent credit – Scores of 720 or higher have the best approval odds and lowest rates.
Good credit – Scores from 670 to 719 can still qualify but may have slightly higher rates.
Fair credit – Scores around 640 have decent approval chances but pay higher interest rates.
Poor credit – Scores under 639 will have the toughest time qualifying for a personal loan.

Even if you don’t have perfect credit, it’s still possible to get approved as Quicken Loans looks at your full financial picture. The higher your credit score, the better off you’ll be.

Quicken Loans Personal Loan Interest Rates

The interest rate you qualify for on a Quicken Loans personal loan depends on multiple factors like your credit history, income level, existing debts, and loan amount requested.

Rates for 3-year personal loans range from about 7% – 36%, while 5-year loan rates range from about 10% – 36%. Keep in mind these are general ranges and your specific rate may differ.

You’ll never pay any origination or prepayment fees with a Quicken Loans personal loan. The exact interest rate is locked in when your loan is approved so you know your monthly payments will stay the same for the entire repayment term.

Getting pre-qualified lets you check potential personal loan rates without impacting your credit score. This helps you shop around to find the best loan offer.

How Long Does It Take To Get Loan Funds From Quicken Loans?

One of the big benefits of Quicken Loans personal loans is how fast you can get your money. Here is an overview of common funding timelines:

If approved by 4:30pm ET on a weekday, loan funds are often deposited the next business day.
Applying and getting approved early in the day increases the chances of same day funding.
At the latest, expect funds in your bank within 5 business days of final approval.

Once approved, be sure to electronically sign your loan agreement right away so the funding process can begin. Quicken Loans has some of the quickest loan funding turnaround times to get cash in your hands fast.

What Is The Easiest Personal Loan To Get Approved For?

The easiest personal loans to get approved for are those with minimum eligibility requirements regarding credit score, income, and other qualifications.

Based on their approvals process, some of the easiest personal loan lenders to get approved with are:

Quicken Loans – No minimum credit score and reviews multiple aspects of your finances. Offers same day funding.
Upgrade – No minimum credit score. Considers income and credit history.
LendingClub – Looks beyond just credit scores for approval decisions.
SoFi – Doesn’t have a stated minimum credit score and offers unemployment protection.

While they may approve applicants with lower credit scores, it’s important to note these lenders will still offer better rates to those with good/excellent credit. Improving your credit score can help you qualify for a lower interest rate on any personal loan.

Alternatives To Quicken Loans Personal Loans

While they are a great option for many, personal loans aren’t the only financing choice. Here are a few alternatives to consider:

Home Equity Loan/Line of Credit – If you have sufficient home equity, you can borrow against it with possibly lower rates and flexible repayment options.

Credit Cards – 0% balance transfer cards offer interest-free financing for a certain period of time.

Auto Loan – Get a better interest rate when borrowing specifically for a car purchase.

Payday Alternative Loan – Credit unions offer small, short-term loans as an alternative to risky payday loans.

Borrow From 401(k) – You can take a loan from your 401(k) and repay it over time.

Cash-out Mortgage Refinance – Tap into your home’s equity by refinancing and taking some cash out.

The Bottom Line

Quicken Loans personal loans provide fast access to funds that can be used for almost any purpose. If you need extra cash to reach your goals, their online loan process, quick funding, fixed rates, and flexible terms make personal loans a borrowing option worth considering. Just be sure to only borrow what you can comfortably afford to repay.

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How Does A Personal Loan Work For Borrowers?

A personal loan is a form of installment loan. Banks, credit unions, online lenders and other financial institutions grant them to qualified borrowers. With personal loans:

You borrow a lump sum upfront and agree to repay what you owe in fixed-monthly payments over the course of the loan term.
You pay back the loan at a fixed interest rate or annual percentage rate (APR).
The repayment period ranges from 2 â 5 years.

When does it make sense to use a personal loan?

You may be wondering, should you get a personal loan? It might make sense to consider a personal loan rather using a credit card as your rate may be lower. While there are many reasons to use a personal loan and reasons not to, the key thing to remember is that youâre taking on a debt and should make sure your budget can handle the payments.

How To Get A Personal Loan In 7 SIMPLE Steps | Quicken Loans

FAQ

What credit score is needed for Quicken Loans?

You’ll need a minimum credit score of 620 if you want a shot at getting approved for a conventional loan from Quicken Loans. The higher your credit score the higher your chances of approval. But your credit score isn’t the only important stat that Quicken Loans will consider.

Does Quicken Loans still exist?

Rocket Mortgage was formerly known as Quicken Loans, but officially changed its name in 2021.

What is the easiest loan to get approved for?

What is the easiest loan to get approved for? The easiest types of loans to get approved for don’t require a credit check and include payday loans, car title loans and pawnshop loans — but they’re also highly predatory due to outrageously high interest rates and fees.

What credit score do you need for a $15,000 loan?

Requirements for a $15,000 Personal Loan In many cases, you’ll need a good credit score of 670 or above to apply. While some lenders lean more heavily on credit scores, others take into account occupation, education and income. A lower DTI ratio is also more favorable to lenders.

How do I get a personal loan?

If you’re securing a personal loan for yourself, you’ll need to apply for a loan and be qualified to obtain it by a financial lender. On the bright side, applying for a personal loan is a straightforward process. It begins by reaching out to a lender. Steps involved in the process often include: 1. Get Prequalified By Lenders

What is a personal loan?

A personal loan is a type of financing designed to serve any number of purposes. You can borrow a large amount of cash – from $2,000 to $45,000 with Rocket Loans℠ – and put it toward the expense or purchase of your choosing.

What can you do with a personal loan?

Personal loans are repaid in equal monthly installments over a specified repayment period, with a fixed, personalized interest rate. Pay off credit card debt. Get out of the revolving cycle of credit card debt and consolidate with a solid payoff plan. Invest in your home. Tackle home improvement projects and add value to your home.

How do I find a good personal loan lender?

Much like looking for the right mortgage lender, you’ll want to compare offers from multiple personal loan lenders before locking in your choice. Most lenders perform a “soft” credit inquiry to show you prequalified offers. This allows you to compare each lender’s offerings without affecting your credit score. 5.