What are Rocket Loans and how do they work?

Rocket Loans are a product of Rocket Mortgage, LLC, which is part of the Quicken Loans family of companies. They offer personal loans to eligible borrowers across the United States. The application process for a Rocket Loan is conducted online, allowing for a quick and convenient way to apply for and manage a loan. Prospective borrowers fill out an application with their personal and financial information. Rocket Loans then performs a soft credit check that does not impact the borrower's credit score to determine initial loan eligibility. Once a borrower has been approved, they review the loan options provided, select a loan that suits their needs, and digitally sign the necessary documents. After approval and e-signature, the funds are generally deposited into the borrower’s account within one business day. Rocket Loans emphasizes speed and efficiency in its lending process, positioning itself as a provider of fast funding solutions for consumers seeking access to personal loans.