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 LoanA 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
Finance ExampleA 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.