Rocket Loans are an online loan provider company that specializes in personal loans and is part of the Rocket Holdings. This makes Rocket loans are parent company of popular Quicken loans. Rocket Loans was launches as a company back in the February of 2016. It shares its headquarters with Quicken loans and in a year it has become one of the very large mortgage loan lenders. The personal loans offered by Rocket Loans come through a partnership with Cross River Bank which is known for its billions of Dollars of investments per year in personal loans.
Rocket Loans: The Works
This company basically functions by giving you personal loans. These loans are best because when it comes down to having trouble paying back the amount, the lenders cannot hold your personal property as collateral. These loans are also fixed at its rates and the amount can be used for variety of purposes; such as beginning a small business, covering auto expenses, medical expenses, unexpected payments, home improvements, debt consolidation and so on.
Rates and Fees of Rocket Loans
The rate can vary according to your credit history and financial health. The APR range of Rocket Loans is between 5.983% to 28.99% bases on your FICO scores, debt to income ratio, monthly income, credit report, and home ownership. The length of your loan term also affects your APR rate.
With that, Rocket loans will charge you an origination fee that is in between 1% to 6%. This fee will be deducted from the amount you will borrow so you do not have to give anything from your pocket as a borrower, initially. So, when you apply for a loan, remember that they need to determine the loan amount accordingly.
Your application will be processed in about ten minutes and you can receive your loan in one to three days after you are approved. Just provide your SSN, date of birth, address, name, ID, income information and so on. You can borrow an amount between $2,00 to $35,000 only, however. So, if you were wishing to opt for a bigger loan, considered secured personal loans. Though, they will hold your property as collateral damage.