Rocket Loans Credit Score – Is it Right For You?

Rocket Loans Credit Score – Is it Right For You?

If you need cash fast, you may want to try Rocket Loans. It offers online loans for various financial situations, including home improvements and debt consolidation. Rocket Loans provides a list of loan options, based on your needs and financial history. To apply, you will need to provide personal information and a photo ID. You may also have to provide bank statements and tax returns to prove your income. After filling out the application, the lender will validate the information provided. Depending on your financial situation, the loan may be approved in the same day.

When choosing between Rocket Loans and LightStream, it’s important to keep in mind that each lender has different requirements for qualifying. If you’re a borrower with excellent credit, you may want to consider applying with LightStream, which has a lower minimum loan amount and a longer repayment period. LightStream also doesn’t require a hard credit check. Those with poor credit may find that Rocket Loans is not for them.

In addition to requiring a preapproval, the lenders have their own requirements. With Rocket Loans, you’ll need to submit your income and credit score. Then, you’ll have to agree to a loan agreement and provide information about your bank account. After that, you’ll be required to e-sign the loan agreement and provide a bank account number for the loan deposit. In most cases, your credit score must be 640 or higher.

When it comes to credit scores, Rocket Loans scores well in both categories. Its reputation for transparency and clean reputation are two key factors in its favor. WalletHub uses 17 key metrics to measure loan providers, and groups them into three categories. They then assign a score to each section on a 0 to five scale, based on their score and reputation. The average score of all three sections is based on the scores of those three categories.

Another advantage of Rocket Loans is its low interest rates and convenient service. While other online lenders beat its APR range, Rocket Loans has a higher origination fee. You may have to pay a full 6% origination fee if your credit score is less than 640. That’s a significant cost if you have a lower credit score. A 6% origination fee on a $20,000 loan would be $1,200. In addition to Rocket Loans, the company’s parent organization, RockLoans Mortgage LLC, launched a new online marketplace in 2016. Since then, RockLoans has expanded to include Rocket Auto and several insurance vendors.

While Rocket Loans offers same-day funding, it is best to check your credit before applying. The company charges an origination fee ranging from 1.00% to 6.00%, which is deducted from the overall loan amount. In addition, Rocket Loans’ minimum loan amount is $2,000, but the terms are only 36 months or 60 months. This may not be enough for people with low credit. Its high interest rates might make it unattractive for those with bad credit.