Rocket Loans offers personal loans and provides financial assistance towards auto and medical expenses, home improvement, and other large purchases. The company has an online application process and claims to provide financial assistance within 24 hours. It claims to be very fast at providing the funds and says that 90% of requests get processed within a day. Rocket Loans provides same day loans for amounts up to $25,000, given that the documentation processes are completed within 1 pm on that day. Further, the ability of the company to credit your account depends on the limit placed by your bank.
By request, you can get a soft loan estimate without impacting your credit scores. A change occurs in this only if you decide to move ahead with the loan, and acquire a final rate. According to them, interest rates issued to applicants during pre-qualification does not change. They charge you an origination fee between 1% and 6%, which would be reduced from the loan before funding. The repayment period is usually between 3 and 5 years. Further, the minimum credit score they require to proceed with your request is 640, although the average score is found to be higher among clients.