Personal Loan Basics

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Different types of personal loans

There are different types and categories of personal loans, each designed for unique purposes. Here’s how each one works.

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Which is better? Debt consolidation vs. debt settlement

The difference between debt consolidation and debt settlement is how debts are settled. Here are some basics you should know.

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Learn more about all your short-term lending choices

A short-term loan is a type of financing that uses a shorter repayment period. Learn about short-term lending like personal loans and other alternatives.

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Comparing payday loans vs. personal loans for fast cash

Payday loans and personal loans can both offer fast cash. Learn more about payday loan meaning and terms of the loan. Find out if a personal loan or a payday loan is your best option.

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How does debt settlement work?

Debt settlement can help you eliminate some of your debt with lenders. What is debt settlement and how does it work? Learn more from Rocket Loans.

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How to apply for a personal loan: A complete guide

Thinking about applying for a personal loan but not sure how to get started? Use Rocket Loans’ guide explaining the personal loan process steps and apply today.

5-minute read

Do you pay taxes on personal loans?

Generally, they’re not—except in specific cases. Learn about exceptions, when interest may be tax-deductible, and what to consider for tax season.

Image of women couple at dinner table, looking down at tablets with child.

4-minute read

Should you use a home equity loan to consolidate your debt?

Taking out a home equity loan to consolidate debt may be a good idea. Learn about the advantages and disadvantages before doing so.

Senior woman wearing yellow filling out financial papers in her kitchen.

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Personal loan scams: How to spot and avoid them

Personal loan scams are very common, but there are ways to avoid them and protect yourself. Here are the signs you need to look out for.

A young woman going over finances at her kitchen counter.

4-minute read

Are online personal loans safe?

Are online personal loans safe? We’ll discuss the safety of these loans in comparison to in-person loans and how you can verify a lender’s authenticity.

Woman sitting against couch, reviewing loan offers on computer.

8-minute read

Should You Get A Personal Loan? What To Know Before You Apply

A personal loan may be right for a lot of people, but ask yourself, “Is a personal loan right for me?” Learn how to know whether you should get a personal loan.

6-minute read

How Much Personal Loan Can You Get?

You can typically borrow $1,000 – $50,000 with a personal loan, depending on certain factors. Learn what factors affect how much of a personal loan you can get.

Image of couple cooking breakfast in new home kitchen.

5-minute read

Will getting a personal loan affect getting a mortgage?

Considering using a personal loan to help pay your mortgage? Learn how this decision can affect your chances of mortgage approval and your financial future.

Image of couple reviewing loan in new home.

7-minute read

Everything You Need To Know About Refinancing A Personal Loan

Refinancing a personal loan means taking out a new loan and using it to pay off the old one. Discover the pros and cons of a personal loan refinance.

Image of man and woman taking a coffee break during home improvement project.

8-minute read

How Do Home Improvement Loans Work?

A home improvement loan can fund a renovation project. Learn how home improvement loans work, including their application process, and see their pros and cons.

Woman using power drill to install new kitchen appliances in kitchen remodel.

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How A Home Renovation Loan Works

A home renovation loan can finance upgrades and repairs for a new home or your current home. See different types of renovation loans and their pros and cons.

Man paying taxes on phone at coffee shop.

6-minute read

Using A Personal Loan To Pay Taxes, And If It’s A Good Idea

If you need funds to pay a hefty tax bill, you could use a personal loan to pay your taxes. Learn how using a loan to pay taxes works, plus the pros and cons.

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6-minute read

How Long Does It Take To Get A Personal Loan?

Approval and disbursal time for most loans is 1 – 7 business days. Discover how long it takes to get a personal loan through different types of lenders.