Not sure how the whole personal loan process works? Perhaps you're still even wondering what a personal loan is and which types of personal loans we offer. Well, you'll be happy to know that our friendly Personal Loan Experts are here to answer any questions you may have about the process, your loan, or anything else you can think of! But we've made our process so simple and transparent that we don't think you'll be left with any questions to ask. Working with us is a breeze, and applying for one of our loans requires little effort on your part-- because it's all done online.
Getting your personal loan options is easy. Really easy. We'll ask you some basic questions that you probably know off the top of your head: Your full name, income and employment status, phone number, email, SSN, where you live, and your date of birth. Thats it!
This is where you take the reins. We'll show you the loan options you qualify for, and you'll be able to choose the amount, term, and rate that best fit your needs.
This is where you'll complete your application by providing some additional information, including your bank account information, and allow us to securely validate all of the information provided. We attempt to validate everything real-time, but in some cases, we may need to request additional documentation (for example, driver's license, pay stubs, bank statements and/or tax forms) to support the information you filled out on your application.
Once you agree to the final terms (recapping everything you've already seen), we'll start the process to approve and fund your loan. In some cases, we can transfer your funds on the same business day, but based on the bank you use, and the process of getting money into your account, it could take a couple business days. Either way, you'll be hours away from getting the money you need.
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All personal loans are made by Cross River Bank, a New Jersey state chartered commercial bank, Member FDIC, Equal Housing Lender. All loans are unsecured, fully amortizing personal loans. Eligibility for a loan is not guaranteed. Please refer to our Disclosures and Licenses page for state-required disclosures, licenses, and lending restrictions.
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) depending upon their credit profile. An origination fee of 1% - 6% is charged for each loan. This fee is deducted from the balance before funds are disbursed to the client. For example, a 3 year $10,000 loan with an 8% interest rate and a 4% ($400) origination fee would have 36 scheduled monthly payments of $313.36 for an APR of 10.796% (rates assume autopay discount). Borrower must be a U.S. citizen or permanent U.S. resident alien at least 18 years of age (in Nebraska and Alabama a borrower must be at least 19 years of age). All loan applications are subject to credit review and approval and offered loan terms depend upon credit score, requested amount, requested loan term, credit usage, credit history and other factors. Not all borrowers receive the lowest interest rate. To qualify for the lowest rate, you must have excellent credit, meet certain conditions, and select autopay. Rates and Terms are subject to change at any time without notice.
Same Day Funding availability for loan amounts up to $25,000, and client must complete loan process and sign Promissory Note by 1:00PM ET on a business day. Also note, the ACH credit will be submitted to your bank the same business day. This may result in same day funding, but results may vary and your bank may have rules that limit our ability to credit your account. We are not responsible for delays which may occur due to incorrect routing number, account number, or errors of your financial institution.
NMLS #1399530. Click here for RocketLoans' NMLS consumer access page.