Rocket Loans is available by Quicken loans, it is fast and quick way to get a mortgage approval. Beside bad credit history, there are other factors which Rocket Loan consider while application processing. Rocket loans is a marketplace and a well renowned lender who is specialized to offer personal loans online. In the market of personal loan lenders today, rocket loan is supposed to be most user friendly and customer caring lender. In the family of quicken loans, rocket loans are, no doubt, a very good and successful addition. Rocket loan is getting its name to the whole next level day by day because of the convenience it provides to borrowers and secure approach of the amount.
Loans that are rocket loans use to lend are made by the help of an FDIC insured bank named Cross River Bank and New Jersey State Chartered Commercial Bank. Parent company of quicken loans is Rock Holding and Rocket Holding is the newer official member of it. In 2015, Quicken loans remained as the second biggest mortgage lender.
Where You Can Use Rocket Loan
For any of the applicant’s purpose, rocket loans are offering the unsecured personal loan. With the quick approval and no lengthy documentation, rocket personal loan can help to meet the desired needs. Rocket loans cannot be used as a student loan. Rocket loans have been used for a variety of purposes like:
– To consolidate the debt you might have taken from a credit card with interest. Rocket loan actually has been introduced to all those people who have to pay high amount of debt.
– Newlywed couples wish to have an awesome marriage plan, it can be used for wedding ceremonies.
– To make new start up or run a small business, amount can be availed.
– For medical expenses of any member of the family.
– To install a pool, extend a washroom or to make any other home improvement.
Debt to income ratio, credit card score and income are the major factors which rocket loan lender uses to notice while giving free prepayment penalty loan. Financial health and credit history of borrowers affect the interest rates and it do change as based on FICO. Dummy applications for loan can lower the interest rate up to 6%. The Origination fee is also there from 1% to 6%.
Loan Application Online Process For Rocket Loans
With the newest technology and the latest arrival of rocket loans, application process is kept quite easy and fast. Within just 10 minutes, an applicant will be able to get approval. Loan amount in the form of cash will be deposited within 1 to 3 days. An individual is supposed to provide income, name, address, SSN and date of birth to check the rate and carry out the process. Soft credit check helps to check the rate.
Is Rocket Loan Better than Other Lenders
Analyzing the following details, rocket loan is the best choice someone can get as:
– Competitive interest rates
– One is not required to fax or mail any of its documents to the office.
– The Online process is fast and easy.
– The Credit score does not get hurt by checking interest rate as variety of rates are being offered.
– Rocket loan is working on “immediate funding” which will allow applicants to get $10,000 within just a few minutes.