All lenders have their own unique underwriting requirements, but these typically include information from an applicant’s credit profile and other factors that demonstrate the ability to repay the loan, such as income. Personal loan applications are approved or declined based on a number of factors. Consider an alternative if you want to tap into similar bells and whistles. Some lenders provide perks like financial hardship assistance and flexible payments dates. Rocket Loans does not charge borrowers a prepayment penalty for paying off their loans before the end of their loan term.Īside from the autopay discount Rocket Loans offers, it doesn’t provide additional perks or features that are seen on other top personal loan lenders. Likewise, borrowers whose payments are returned due to insufficient funds or other reasons are charged $15 per occurrence. Borrowers who are late with a payment must pay a $15 late fee for each payment cycle the payment is late. Therefore, if you need to borrow a specific amount of money, you should consider this when requesting a total loan amount. As with other lenders, the origination fee is deducted from the balance of the loan prior to funding. Rocket Loans charges a loan origination fee of 1% to 7% that is in addition to advertised APRs. APRs range from 8.416% (rate with the autopay discount) up to 29.99% (rate without autopay discount). Borrowers can choose from 36- or 60-month loan repayment terms. Rocket Loans offers borrowers unsecured, fully amortized loans from $2,000 to $45,000.
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