How does Rocket Loans work?

Rocket Loans operates as a digital lending platform that provides personal loans to eligible borrowers. When an individual applies for a loan through Rocket Loans, they begin by submitting an online application that requests personal and financial information. The platform then utilizes proprietary underwriting algorithms to assess creditworthiness, income, and other factors that may affect the borrower's ability to repay the loan. If approved, the borrower may choose from various loan options with differing terms and interest rates. Once the loan agreement is finalized, Rocket Loans typically disburses funds quickly—often by the next business day. Throughout the repayment period, borrowers make regular payments that cover both principal and interest. Rocket Loans prides itself on its efficient application process, transparent fee structure, and user-friendly customer interface, which streamline borrowing for consumers seeking personal loans.