Ever found yourself in need of some cash for a home improvement project, a medical emergency, or maybe even getting your debts in order? Well, the good news is, there are options out there, and one of them is taking a personal loan from Quicken Loans. They’re one of the big players in the online lending game, known for their reliability.
Now, let’s break it down a bit. A personal loan is like that financial Swiss Army knife – you can use it for pretty much anything. And here’s the cool part: you don’t have to put up any collateral, like your house or car. Nope, you just need a decent credit history, a steady income, and a not-too-crazy debt-to-income ratio.
In this guide, we’re going to give you the lowdown on how Quicken personal loans work, what’s good about them, what to watch out for, and how to get your hands on one. Plus, we’ll tackle some of the burning questions you might have about personal loans from Quicken Loans. So, stick around if you’re curious about your financial option
How Do Quicken Personal Loans Work?
Quicken Loans offers personal loans through its partner company, Rocket Loans. Rocket Loans is an online platform that works with Cross River Bank, a federally insured bank, to provide fast and easy personal loans to qualified borrowers.
You can apply for a personal loan from Quicken Loans online or over the phone. You can choose the loan amount, the loan term, and the interest rate that suit your needs and budget. You can borrow from $2,000 to $45,000 with a loan term of 36 or 60 months. The interest rate ranges from 7.161% to 29.99% APR, depending on your credit score and other factors.
Once you submit your application, you will get an instant decision on whether you are prequalified or not. If you are prequalified, you will see the loan options that are available to you. You can then choose the one that you prefer and verify your information.
After you complete the verification process, you will receive the final approval and the loan agreement. You will need to sign the loan agreement electronically and provide your bank account information. Rocket Loans will then deposit the funds into your account within one to three business days.
You will need to repay your personal loan in monthly installments over the loan term. You can choose to pay by automatic withdrawal from your bank account, by check, or by phone. You can also pay off your loan early without any prepayment penalty.
What Are The Benefits Of Quicken Personal Loans?
There are many benefits of getting a personal loan from Quicken Loans, such as:
- You can use the money for any purpose you want, such as home improvement, debt consolidation, medical expenses, wedding, vacation, etc.
- You can get a competitive interest rate that is lower than most credit cards and other types of loans.
- You can get a fixed monthly payment that is easy to budget and manage.
- You can get a fast and simple application process that can be done online or over the phone.
- You can get an instant decision on your prequalification and see your loan options right away.
- You can get your money in as little as one business day after approval.
- You can improve your credit score by making timely payments on your personal loan.
- You can pay off your loan early without any penalty or fee.
What Are The Drawbacks Of Quicken Personal Loans?
There are also some drawbacks of getting a personal loan from Quicken Loans, such as:
- You need to have a good credit score of at least 600 to qualify for a personal loan.
- You may not get the lowest interest rate available if you have a lower credit score or other negative factors on your credit report.
- You may have to pay an origination fee of 1% to 6% of the loan amount, which is deducted from your loan proceeds.
- You may have to pay a late fee of $15 or 5% of the unpaid amount if you miss a payment or make a partial payment.
- You may have to pay an insufficient funds fee of $15 if your payment is returned due to insufficient funds in your bank account.
- You may have to pay additional fees or charges if you request any changes or modifications to your loan terms or payment schedule.
How To Apply For A Quicken Personal Loan?
Ready to take the plunge and apply for a personal loan from Quicken Loans? Here’s your roadmap:
First up, head over to the Rocket Loans website or give them a call at 800-333-7625 to kickstart your application.
They’ll want to know the basics about you, like your name, address, phone number, email, date of birth, social security number, income, and your employment status. You know, the usual stuff.
Now, it’s decision time. Pick how much moolah you need and how long you want to take to pay it back. Of course, read through the terms and conditions and give ’em the nod.
Keep an eye on your email; they’ll shoot you a verification code. Enter that code either on the website or over the phone.
Time to browse your options. See what you prequalify for and choose the one that suits you best.
Sometimes they’ll need a little more info, like documents to make sure you’re you, and that income is the real deal. Don’t sweat it; just provide what they ask for.
The moment of truth – check out the final loan approval and the loan agreement. If all looks good, sign on the virtual dotted line.
Pop in your bank account info and get ready to welcome those funds. They’ll drop into your account before you know it.
Frequently Asked Questions About Quicken Personal Loans
Q: How can I check the status of my personal loan application?
A: You can check the status of your personal loan application online by logging into your Rocket Loans account or by calling 800-333-7625.
Q: How can I contact Quicken Loans customer service?
A: You can contact Quicken Loans customer service by calling 800-333-7625, by emailing help@rocketloans.com, or by using the live chat feature on the website.
Q: How can I change or cancel my personal loan application?
A: You can change or cancel your personal loan application by calling 800-333-7625 or by emailing help@rocketloans.com. However, you may not be able to change or cancel your application once it is approved and funded.
Q: How can I make a payment on my personal loan?
A: You can make a payment on your personal loan by setting up automatic withdrawal from your bank account, by mailing a check to Rocket Loans, P.O. Box 320436, Detroit, MI 48232, or by calling 800-333-7625.
Q: How can I pay off my personal loan early?
A: You can pay off your personal loan early by making extra payments or paying the full balance at any time. You will not be charged any prepayment penalty or fee for doing so.
Conclusion
A personal loan from Quicken Loans can be a great option for borrowing money for your needs. You can get a competitive interest rate, a fixed monthly payment, and a fast and easy application process. However, you also need to be aware of the drawbacks, such as the origination fee, the late fee, and the credit score requirement.
Before you apply for a personal loan from Quicken Loans, you should compare other lenders and options to find the best deal for you. You should also make sure that you can afford the monthly payments and that you have a plan to use the money wisely.
If you have any questions or concerns about Quicken personal loans, you can contact Quicken Loans customer service or visit their website for more information.
