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1Based on Rocket Mortgage data in comparison to public data records.
All loans are made by Cross River Bank, a New Jersey state chartered commercial bank, Member FDIC, Equal Housing Lender. All loans are unsecured, fully amortizing personal loans. Eligibility for a loan is not guaranteed. Please refer to our Disclosures and Licenses page for state-required disclosures, licenses, and lending restrictions.
Qualified clients using Rocket Loans will see loan options for a 36 or 60 month term, and APR ranges from a minimum of 9.116% (rate with autopay discount) to a maximum of 29.99% (rate without autopay discount) depending upon their credit profile. An origination fee of up to 9% is charged for each loan. This fee is deducted from the balance before funds are disbursed to the client. For example, a 5-year $16,000 loan with a 14.55% interest rate and a 6.95% ($1,112) origination fee would have 59 scheduled monthly payments of approximately $376.83 and 1 final monthly payment of approximately $399.09 for an APR of 17.90%. Borrower must be a U.S. citizen or permanent U.S. resident at least 18 years of age. All loan applications are subject to credit review and approval and offered loan terms depend upon credit score, requested amount, requested loan term, credit usage, credit history and other factors. Not all borrowers receive the lowest interest rate. To qualify for the lowest rate, you must have excellent credit, meet certain conditions, and select autopay. Rates and Terms are subject to change at any time without notice.
Ohio Residents: All loans to Ohio residents must be greater than $5,001. The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law.
Married applicants may apply for a separate account.
Same Day Funding available for clients completing the loan process and signing the Promissory Note by 1:00PM ET on a business day. Also note, the ACH credit will be submitted to your bank the same business day. This may result in same day funding, but results may vary and your bank may have rules that limit our ability to credit your account. We are not responsible for delays which may occur due to incorrect routing number, account number, or errors of your financial institution.
Please refer to our Terms of Use for additional terms and conditions, and to Rocket Loans' Privacy Notice and Cross River's Privacy Notice to learn more about what we do with your personal information. For California residents, please see the California Financial Privacy Opt-Out Form .
NMLS #1399530. Go here for Rocket Loans' NMLS consumer access page.
Rocket Mortgage, LLC, Rocket Homes Real Estate LLC, RockLoans Marketplace LLC (doing business as Rocket Loans) and Rocket Auto LLC are separate operating subsidiaries of Rocket Companies, Inc. (NYSE: RKT). Each company is a separate legal entity operated and managed through its own management and governance structure as required by its state of incorporation and applicable legal and regulatory requirements.
RockLoans Marketplace LLC dba RocketLoans dba Rocket Loans | 1274 Library Street, 2nd Floor, Detroit, MI 48226
Certainly! The provided text relates to various concepts within the realm of personal loans and lending, as well as legal and financial aspects associated with borrowing. Here's a breakdown of the key concepts and terms mentioned:
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Loan Types and Characteristics: The article discusses unsecured, fully amortizing personal loans, specifying they can range from 36 to 60 months in duration. It highlights the Annual Percentage Rate (APR), ranging from 9.116% to 29.99% depending on credit profiles. An origination fee, up to 9% of the loan amount, is also mentioned. For instance, a 5-year $16,000 loan with a 14.55% interest rate and a 6.95% ($1,112) origination fee leads to specific payment schedules.
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Eligibility Criteria: The text outlines criteria for loan eligibility, mentioning US citizenship or permanent residency, age requirements (at least 18 years old), credit review and approval processes, credit score importance, and the impact of factors like credit usage and history on loan terms.
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State-Specific Laws and Regulations: References are made to lending restrictions, disclosures, and licenses specific to different states, such as Ohio, highlighting the requirement that loans to Ohio residents must exceed $5,001 and the compliance with discrimination laws.
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Terms and Conditions: The text mentions the possibility of Same Day Funding for clients completing the loan process by a specific time, emphasizing that results may vary based on bank rules and errors in provided banking information. It also directs readers to review additional terms, conditions, and privacy notices associated with the loan process.
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Legal and Corporate Information: There's information about legal entities involved in the lending process, including the parent company (Rocket Companies, Inc.), its subsidiaries (Rocket Mortgage, LLC, Rocket Homes Real Estate LLC, RockLoans Marketplace LLC, Rocket Auto LLC), and their separate operational structures, managed as per legal and regulatory requirements.
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Contact and Location Details: The article provides the address (1274 Library Street, 2nd Floor, Detroit, MI 48226) and various regulatory identification numbers (NMLS #1399530) associated with the lending entity, offering avenues for consumers to access more information or contact them directly.
This information demonstrates a comprehensive understanding of the lending process, regulatory aspects, and legal frameworks involved in providing personal loans through entities like RockLoans Marketplace LLC, operating as Rocket Loans under Rocket Companies, Inc.
