Rocket Loans 2021 personal loan review – Forbes Advisor
The best personal loans offer competitive rates, flexible loan amounts, and a wide range of terms. Here’s how Rocket Loans personal loans compare to other popular lenders:
Rocket Loans vs. SoFi
SoFi offers loans ranging from $ 5,000 to $ 100,000, making it a good option for borrowers who need more cash than what is available through Rocket Loans. SoFi Personal Loans also offer competitive APRs starting around 6% with automatic payment and increasing to around 20%, well below Rocket Loans. SoFi also does not charge origination fees, prepayment penalties, or late fees.
Related: Review of SoFi Personal Loans
Rocket Loans vs. LightStream
Personal loans offered through LightStream range from $ 5,000 to $ 100,000, more than double the maximum loan amount available through Rocket Loans, depending on the purpose of the loan. LightStream APRs are also much more competitive, starting below 3% for qualifying loan types with automatic payment and reaching a high of around 20%, which depends on the purpose of your loan and your creditworthiness.
Additionally, the LightStream loan repayment terms are more flexible than those available to Rocket Loans borrowers and range from two to 12 years only, depending on the purpose of your loan. Borrowers are also not charged any set-up fees or prepayment penalties.
Related: LightStream Personal Loan Review
Rocket Loans vs. To improve
The personal upgrade loans are available from $ 1,000 to $ 50,000, similar to the loan amounts offered by Rocket Loans. However, Upgrade APRs may be higher than those available through Rocket Loans, ranging from around 6% to around 36%. That said, Upgrade offers a much broader range of loan terms than Rocket Loans (24-84 months).
Related: Personal Loan Review Upgrade