Quicken Loans Personal Loan- Important Review Facts!
Quicken Loans Personal Loan- Important Review Facts!
Name: Quicken Loans/RocketLoan
Owners: Dan Gilbert, Lindsay Gross, & Gary Gilbert
Origination Fee: 1% – 6% of the loan amount
Overall Rating: 5 out of 10
In this review, we will be talking about the advantages and the disadvantages Quicken Loans Personal Loan.
Going to the bank for a loan can be the longest procedure you can ever go through if it can ever be possible.
Unlike students loans that you got to get started with your school or college, with a personal loan you could do whatever you want.
However, before you take out personal loans, did you ask is Quicken Loans Personal Loan the best option for you?
So before you click on the Quicken Loan “Submit Application” you need to read this. Read further for more information.
What Is Quicken Loans Personal Loans All About?
Quicken Loans Personal Loans (also known as RocketLoans) is one of the online loan services that are gaining popularity today because they allow you to complete the online application and get approved as little as eight minutes and get the money in 24 hours.
They offer personal loan an up to $35,000 for the applicant that qualifies. The loans have fixed terms of three to five years. The credit and interest are determined by the amount you are loaned.
Quicken Loan Can be used for:
- To pay for the high interest of your credit card
- Home Repairs
- You can get the loan for vacation
- You can obtain the loan to buy a car
- Medical expenses
- Start small business
- Large purchase
- Pay for special occasion or event
- Receive money quickly for unexpected expense
If you are desperately I need of money in the future and don’t want to go through the long process of banks. RocketLoans is here to help you out as long as it’s not beyond $35,000.
The Qualification Process
If you were to apply for personal loans with this lending network, you will want to follow 4 step:
Step 1: Select your loan
In this step, you are required to give them some basic information like your full name, income and employment status, phone number, email address, social security number, where you live, and your date of birth.
Step 2: Explore your option
After you have given some basic information, they will show you the loans options you qualify for.
This is where you will want to choose the loan amount, terms, and rate that best fit your needs.
Step 3: They’ll review your information
You will need to provide them with some additional information like your account. Sometimes you will need to give them your driver’s license, pay stubs, bank statement or tax form to support your application.
Step 4: Get your money
You will want to agree to their terms and conditions here. Then they’ll start the process to approve and fund your loan. They usually credited your account with 24 hours after your application was approved.
In some cases, depending on the bank you are using, it could take a couple of business day.
Am I qualified For The RocketLoan?
To qualify for a personal loan, you must be at least 18 years old and be U.S redient. You must also reside in a state where they do business.
You are not entitled to this loan if you have a FICO credit that is below 600, but higher credit score is also not an automatic qualification.
Besides age and location, qualification for a personal loan is largely dependent on your credit score, monthly income, and amount of your existing debt, and among other items.
Your personal loan rate is determined by your financial profile which made up of your credit history, yearly income, debt amount, loan term, home ownership, and a number of credit inquiries, and among other items.
Note: Annual Percentage Rates (APR) of their loan offers range from 5.983% to 28.99% nationally.
Fees Associated With Your Personal Loan
Before you are taking out your loan, you will be charged the Origination Fee. You will be charged 1% – 6% depending on the amount of your loan. This is a one-time fee at funding and it is not refundable.
If you fail to make any monthly payment within 10 calendar days of its due date, you will have to pay Late Payment Fee. This will cost you $15 per occurrence.
Note: Any Payment made after 3.00 PM Eastern Time is deemed made on the next business day.
You are entitled to pay (ACH Return Fee/Return Check Fee) when the automatic clearing house transfer or checks are rejected or returned. This will cost you $15.00 per occurrence.
If you are choosing to pay your monthly payment through remitting checks you will be charged $5 for Check Processing Fee per occurrence.
Let’s Take A Look At The Pros Vs. Cons Of RocketLoans
- The loans are easy to apply for compare with a mortgage or home equity line of credit
- It can be a good way to consolidate existing debt such as credit card
- If you urgent money for unexpected expenses, personal loans often will have lower interest than a credit card advance
- They offer personal loans rates of 6% or 7% of the most creditworthy consumers
- They are not available for all states.
- If you use personal loan for debt consolidation, you are just transferring your debt from one creditor to another
- You hardly qualify for low-interest rate which only the best qualifies people will get a low rate
- If you are not creditworthy customer, you will be charged much higher interest rate
My Final Opinion On Quicken Loans Personal Loan (RocketLoan)
The lending process of RocketLoans is very clean and it’s legit. However, you will want to ensure the various terms to the loan are fully disclose to you.
Terms like the repayment period and which method you will be required to repay with are important otherwise you will be charged without notice.
Also, you do a thorough check of the different network that offers loan they have out there. You can check for their comments and other things that that will inform you about the company.
If you want to loan money it’s your responsibility to know the lender that is better.
Do you happen to have any previous with Quicken Loans personal loans you would like to share with everyone else today? If you do so, tell us all about it in the comment below!
Thanks for reading.
Wish you all the best!