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Celebrate Cyber Monday with 50% off your origination fee when you close on your loan today.1 Act fast, you only have until midnight to take advantage of these savings.
1Cyber Monday Deal expires at 11:59 p. m. PT on November 29, 2021 and at 12:59 a. m. MT/1:59 a. m. CT/2:59 a. m. ET on November 30, 2021. Only customers who complete a personal loan before the deal expires are eligible for the offer. Offer is not transferable and cannot be used to refinance loans that have already closed or loans that are currently being processed. Offer cannot be combined with other Rocket Loans offers.
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What is a Personal Loan?
A personal loan is a fixed-rate, unsecured installment loan that must be repaid in equal monthly installments. You might be eligible to receive up to $45,000 by the following business day to take charge of your financial objectives, whether they involve debt consolidation, home improvements, or large purchases.
Benefits of Rocket Loans
To get you the money you require as soon as possible, our Rocket Loans procedure is simple, practical, and entirely online. With a single, fixed monthly payment on a personal loan, you can streamline your finances. There are no pre-payment penalties or hidden fees.
What Should I Know?
The Rocket Loans platform operates by electronically exchanging data, so we require that you:
The total cost of the loan, including all interest and fees paid at the time of origination, is known as a finance charge (i e. fees that are financed). See below for an example:
Rocket Loans Personal Loan
Time to Pay Off
Time to Pay Off
Rocket Loans Personal Loan
Time to Pay Off
Time to Pay Off
In the previous credit card illustration, a $10,000 balance and a $217 monthly payment were assumed. 42 at 16. 00% APR as calculated using the Bankrate. com Credit Card Payoff Calculator versus a $10,000 Rocket Loans Personal Loan with interest and a 5% origination fee, paying $217 each month. 42 based on an 11. 00% interest rate and 13. 26% APR with an autopay discount. Actual savings may differ depending on the APRs of your current credit cards and any personal loans you might get from Rocket Loans.
Overview of a $10,000 Loan
| Origination Fee (2.99%)* | Net Funds Deposited Into Your Account | Term | Monthly | Annual Percentage Rate (APR) | Interest Rate | Total Interest | Total Finance Charge |
|---|---|---|---|---|---|---|---|
$299 |
$9,701 |
60 Months |
$214.94 |
11.86% |
10.5% |
$3,204.03 |
$3,503.03 |
| Origination Fee (2.99%)* |
$299 |
|---|---|
| Net Funds Deposited Into Your Account |
$9,701 |
| Term |
60 Months |
| Monthly |
$214.94 |
| Annual Percentage Rate (APR) |
11.86% |
| Interest Rate |
10.5% |
| Total Interest |
$3,204.03 |
| Total Finance Charge |
$3,503.03 |
The interest shown assumes automatic repayment with full monthly payments for the duration of the loan. Personal loans from Rocket Loans never have pre-payment penalties, so the loan can be paid off at any time by paying the entire outstanding balance plus accrued interest.
When using Rocket Loans, qualified customers will see loan options with terms of 36 or 60 months and an APR starting at a minimum of 8. 416% (rate with autopay discount) to a maximum of 29. 99% (rate without autopay discount).
*Each loan incurs an origination fee of up to 7%. Before the money is disbursed to the client, the fee will be subtracted from the remaining loan balance.
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FAQ
Is Quicken loan the same as Rocket Mortgage?
Due to this, Quicken Loans changed its name to Rocket Mortgage on July 31, 2021. Rocket Mortgage revolutionized the way people find homes and obtain personal loans by inspiring sister businesses like Rocket Homes® and Rocket Loans® to follow suit. Now that Quicken Loans has added Rocket to its name, it has joined them.
What is the difference between Quicken and rocket?
Is Rocket Mortgage the Same as Quicken? Yes. Rocket Mortgage used to be called Quicken Loans. To be consistent with the name of its parent company, Rocket Companies, the corporate name was altered in May 2021.
What is the downside to Rocket Mortgage?
Cons. A credit check is necessary to receive a personalized interest rate, and this could lower your credit score. Doesn’t offer home equity loans or lines of credit. The most recent federal data show that origination costs are higher than those charged by other lenders.
How do I pay my Rocket Mortgage over the phone?
If Rocket Mortgage® is currently providing services to you, you have access to the system whenever you need it. To do so, simply call 800-508-0944 and follow the prompts. Dial 800-646-2133 to speak directly to the payment option to make a payment, schedule a future payment, obtain account details, or activate autopay.