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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 $45,000 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.
Our Rocket Loans process is simple, convenient, and completely online to get you the money you need as quickly and efficiently as possible. A personal loan allows you to simplify your finances with a single, fixed monthly payment. There are no pre-payment penalties or hidden fees.
Rocket Loans platform works by sharing data electronically, so we'll need you to:
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:
Credit Cards |
||
|---|---|---|
Loan Amount/Balance |
$16,000 |
$16,000 |
Monthly Payment |
$376.83 |
$376.83 |
Origination Fee |
$1,112 |
N/A |
APR |
17.90% |
23.24% |
Time To Pay Off |
60 months/5 years |
91 months/7.6 years |
Finance Charge |
$7,744.48 |
$17,940.48 |
$10,196Personal Loan Cost Savings |
Credit Cards |
|
|---|---|
Balance |
$16,000 |
Monthly Payment |
$376.83 |
Origination Fee |
N/A |
APR |
23.24% |
Time To Pay Off |
91 months/7.6 years |
Finance Charge |
$17,940.48 |
Loan Amount |
$16,000 |
Monthly Payment |
$376.83 |
Origination Fee |
$1,112 |
APR |
17.90% |
Time To Pay Off |
60 months/5 years |
Finance Charge |
$7,744.48 |
$10,196Personal Loan Cost Savings |
Savings example assumes a $16,000 credit card balance making 91 monthly payments of approximately $376.83 at 23.24% APR for a total of $17,940.48 in interest paid as calculated using the Calculator.net Credit Card Calculator versus a Rocket Loans Personal Loan of $16,000 with a 6.95% origination fee and making 59 scheduled monthly payments of approximately $376.83 and 1 final monthly payment of approximately $399.09 based on a 14.55% interest rate and 17.90% APR for a total of $6,632.06 paid in interest. Actual savings may vary based on the actual APR of existing credit cards and the APR of a personal loan you may obtain through Rocket Loans.
Overview Of A $16,000 Loan |
|||||||
|---|---|---|---|---|---|---|---|
Origination Fee (6.95%)1 |
Net Funds Deposited |
Term |
Monthly Payment |
APR |
Interest Rate |
Total Interest |
Total Finance Charge |
$1,112 |
$14,888 |
60 |
$376.83 |
17.90% |
14.55% |
$6,632.06 |
$7,744.48 |
Overview Of A $16,000 Loan |
|
|---|---|
Origination Fee (6.95%)1 |
$1,112 |
Net Funds Deposited |
$14,888 |
Term |
60 |
Monthly Payment |
$376.83 |
APR |
17.90% |
Interest Rate |
14.55% |
Total Interest |
$6,632.06 |
Total Finance Charge |
$7,744.48 |
The interest represented assumes full payments each month for the entire term of the loan. Rocket Loans personal loans never have pre-payment penalties, 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 Rocket Loans will see loan options for 36 or 60 month term, and APR ranges from a minimum of 9.116% (rate with autopay discount) to a maximum of 29.99% (rate without autopay discount).
1An origination fee of up to 9% is charged to each loan. The fee will be deducted from the balance of the loan before the funds are disbursed to the client.
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