4/20/2023 0 Comments Rocket loansRocket Loans also charges a $15 late payment fee if you fail to make a payment within the 10-day grace period. However, they would need to repay the entire $20,000 loan plus interest. This fee is deducted from your loan proceeds, meaning that someone who borrows a $20,000 loan with an origination fee of 6 percent would only receive $18,800 in loan proceeds. Rocket Loans charges an upfront origination fee of 1 percent to 6 percent of your loan amount, which can vary based on the details in your application and your creditworthiness. However, it does explain that your loan eligibility is determined by the following criteria: Rocket Loans doesn’t list a minimum credit score. There are no prepayment penalties to worry about if you decide to pay off your loan early. You can borrow between $2,000 and $45,000 and repay your loan over 36 or 60 months. The rate you receive depends on your credit history, current debt load, annual income, requested loan amount, requested repayment term and housing costs. Rocket Loans offers qualified borrowers personal loans with APRs between 7.727% percent and 29.99 percent.
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