Rocket Loans 2022 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 money than is available through Rocket Loans. SoFi Personal Loans also offer competitive APRs starting at around 6% with automatic payment and increasing to around 20%, well below Rocket Loans. SoFi also does not charge set-up fees, prepayment penalties, or late fees.

Related: SoFi Personal Loans Review

Rocket Loans Vs. LightStream

Personal loans offered by LightStream range from $5,000 to $100,000, more than double the maximum loan amount available from Rocket Loans, depending on the purpose of the loan. LightStream APRs are also much more competitive, starting below 3% for eligible autopay loan types and peaking at around 20%, depending on your loan purpose and creditworthiness.

Additionally, LightStream loan repayment terms are more flexible than those available to Rocket Loans borrowers and range from just two to 12 years, depending on the purpose of your loan. Borrowers also do not pay origination fees or prepayment penalties.

Related: LightStream Personal Loans Review

Rocket Loans Vs. Improve

Upgrade personal loans are available from $1,000 to $50,000, similar to the loan amounts offered by Rocket Loans. However, Upgrade APRs can be higher than those available through Rocket Loans, ranging from around 6% to around 36%. That said, Upgrade offers a much wider range of loan terms than Rocket Loans (24 to 84 months).

Related: Personal Loans Review Upgrade

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