|Financing Option||Loan Amount||Interest / APR||Months to Repay||Total Interest|
|Personal Loan||$15,000||12.5% / 15.742%||36 months||$3,064.96|
|Credit Card||$15,000||17.99% / 17.99%||253 months||$14,581.65|
What Is a Personal Loan?
A personal loan is an unsecured installment loan with a fixed interest rate that is repaid in equal monthly payments.
You may be able to receive up to $35,000 by the next business day* to take control of your financial goals - whether that's consolidating debt, making home improvements, or making a major purchase.
*This is just a representative example. Loan offers and eligibility will depend upon your individual credit profile. Funds availability may vary based upon your specific bank's policies.
Benefits of a Personal Loan
A RocketLoans personal loan provides you with a simple, automated process to get your money into your bank account quickly and efficiently. Personal loans are most popular as Debt-Consolidation Loans, which allow you to consolidate high-interest credit card accounts into a single, low, fixed monthly payment with a specific time period to eliminate the debt. Other popular uses are to make Home Improvements, or to make major purchases.
What Should I Know?
RocketLoans platform is simple, fast and secure. Our platform works by sharing data electronically, so we'll need you to:
- Verify your identity electronically
- Verify your income electronically
- Log into your bank account
- Validate your bank account electronically
A finance charge is the total cost of the loan, including all interest and fees incurred at the time of origination (i.e. fees that are financed). See below for an example:
Loan Amount: $10,000 Origination Fee (4%)*: $400 Net Funds Deposited Into Your Account: $9,600 Term: 36 Months Annual Percentage Rate (APR): 10.8% Interest Rate: 8.0% Monthly Payment: $313.36 Total Interest: $1,281.09 Total Finance Charge: $1,681.09
The interest represented assumes full payments each month for the entire term of the loan using autopay repayment. RocketLoans Personal Loans never have a pre-payment penalty, so the loan can be repaid at any time by making a full payment of the remaining balance and incurred interest at the time of payoff.
Qualified clients using RocketLoans will see loan options for a 36 or 60 month term, and APR ranges from a minimum of 5.983% (rate with autopay discount) to a maximum of 29.99% (rate without autopay discount).
*An origination fee of 1% - 6% is charged to each loan. The fee will be deducted from the balance of the loan before the funds are disbursed to the client.