DETROIT, Feb. 2, 2016 /PRNewswire/ -- In the short span of an afternoon, consumers can now apply, and receive funding, for a personal loan through RocketLoans, the newest member of Rock Holdings, Inc. (parent company of Quicken Loans, Title Source and others). Whether a consumer is looking to take on a home improvement project, pay unexpected medical bills or consolidate debt, RocketLoans can deliver the appropriate financing while providing robust online, high-quality underwriting on every loan.
The launch of RocketLoans builds on the financial technology (fintech) innovations coming from Detroit's technology corridor. In November 2015, RocketLoans' sister company, Quicken Loans, the nation's second largest retail mortgage lender, introduced Rocket Mortgage – the first fully online process allowing consumers to apply, receive full approval and lock interest rates for home purchases and refinances.
RocketLoans was developed from the ground up and created with proprietary technology. The digitally-driven experience puts clients in the driver's seat - from application to receiving funding - without the lengthy delays and hassles common in the personal lending space. Most applications and approvals take less than 10 minutes, with funding expected in less than 24 hours.
"RocketLoans provides the most convenient and efficient personal loan experience in the industry, giving clients access to the funds they need without any hidden tricks or gimmicks," said Todd Lunsford, RocketLoans CEO and veteran Quicken Loans executive. "Today's consumers have made it clear – they want simplicity and transparency from lenders. With RocketLoans, we have met that demand, while also streamlining the process and ensuring our clients have the cash they need quickly."
The company's initial products will offer loan amounts up to $35,000, fixed interest rates and 36- or 60-month terms. In March, RocketLoans will unveil an 'immediate funding' feature that will allow clients to receive funding for loans under $10,000 in virtually minutes.
In mere seconds, RocketLoans has the ability to evaluate and display all of the loan options available to the client based on their need and credit profile. The company prides itself on transparency, only offering loan options that each client qualifies for based on income, credit score and debt-to-income ratio. All loans are fully underwritten and clearly presented, without hidden fees or prepayment penalties. Although the RocketLoans technology will allow underwriting and funding with unprecedented speeds, there will be no erosion of quality. In fact, it is the opposite due to the third party portal-to-portal verification of nearly all aspects of the borrower's credit profile, employment verification and asset verification, among other underwriting rules and regulations.
Born from Quicken Loans' heritage as a digital lending pioneer, and built by some of the most skilled and experienced financial technology and lending professionals, RocketLoans will share the same award-winning, client-focused legacy Quicken Loans is known for. In the same way Quicken Loans has repeatedly revolutionized the mortgage industry, RocketLoans is poised to reinvent the personal loan sector.
"The launch of the RocketLoans' platform, coming right on the heels of the very successful launch of Rocket Mortgage, has established Detroit as one of the nation's fintech leaders, and an epicenter of financial innovation," said Dan Gilbert, Chairman and Founder of Rock Holdings. "We have been able to leverage some of the best minds in both the mortgage and technology industries to create two distinct fintech breakthroughs that have, and will continue to, revolutionize how people think about the process of securing mortgages and personal loans right here in downtown Detroit."
Detroit-based RockLoans Marketplace LLC (d/b/a RocketLoans) is a national marketplace lending company specializing in online personal loans. As a recent addition to the Quicken Loans Family of Companies, RocketLoans is committed to providing the most user-friendly lending process available today. The company boasts a client-centric, convenient and secure approach to the personal loan process that is best-of-breed in the marketplace lending industry. Loans received through RocketLoans are made by Cross River Bank, an FDIC insured, New Jersey State chartered commercial bank, and serviced by RocketLoans. For more information please visit RocketLoans.com.