Rocket Loans and NextDay Loans are two popular options for people looking for a simple way to borrow money.

Both offer simplified solutions, low credit requirements, and there is no collateral requirement. They do have some key differences, though, which are detailed in the article below. Check it out!

Rocket Loans is an appealing lender to a broad base of borrowers. It has lower credit requirements when compared to other lenders. 

However, even if they do not require a good credit score, borrowers must have a minimum credit history of two years. 

A score as low as 580 will suffice for loans between $2,000 and $45,000. But, you know what they say: “there is no such thing as a free lunch”. 

So keep in mind a low credit score means that fees may apply. Origination fees, for example, can be as high as 6% of the loan amount. Not to mention other additional costs.

There are minimum income requirements if you would like to borrow money from Rocket Loans. You must have an annual income of at least $24,000 to get approved.

On average, however, borrowers have much higher incomes – of about $85,000 a year. Your income matters because Rocket Loans will take into account your debt-to-income ratio (or DTI).

You can not have a DTI of more than 40%. To give you some insight into it, the average is 14%.

Check out the highlights, as well as the pros and cons below. 

Rocket Loans offers unsecured personal loans and only requires a fair credit score from its borrowers. 

One of its biggest highlights resides in the fact that you can get fast access to funds. Another one would be that their maximum APRs are lower than some other lenders.

In spite of the added fees, the possibility of same-day funding may come in handy.

If you would like to apply for a loan with Rocket Loans, you must go through a prequalification process. But do not worry. This only requires a soft credit check.

Your approval may come out on the same day you apply, and it is even possible to get the money on the same day as well.

Do not worry about prepayment penalties. They do not charge those. And, on top of that, a rate discount is available with autopay.

Depending on your credit score, origination fees may apply. Not to mention late payment fees and fees for insufficient funds.

For debt consolidation loans, Rocket Loans does not offer direct payment. They also do not allow co-signers or co-applicants, and loan repayment terms are limited.

NextDay Loans is a US-based company. You do not need to worry about having a good credit score to start your relationship with them. Why?

NextDay is not a lender. It is an online aggregator that focuses on connecting borrowers with lenders. 

The way they do this is by collecting some basic personal information that users provide on their online forms. That single form is then matched with potential lenders.

For this reason, the company attends to an even wider audience of borrowers than the previously mentioned lender. 

There are no fees associated with this service. The way their business function gets them referral fees from lenders when the aggregator connects them with qualified borrowers

NextDay’s personal loans range from $100 to $40,000, and there are no collateral requirements to secure the loans. They also do have any minimum credit score requirements.

This happens because each lender has its own qualification criteria. With NextDay Loans, you only file a single application form, which is then matched with the appropriate lenders.

You can make loans for a number of purposes. Some of them include auto refinance, auto purchase, wedding, travel, small business, relocation, and many more.

Repayment options come in a wide variety, ranging from 2 months to 180 months. Also, if you are a borrower with a good credit history, you may get access to very affordable interest rates.

Submitting an application with NextDay Loans is a quick and easy process. Once you have submitted your application, lenders will be competing for your business.

Before agreeing to a specific loan, you have access to the lenders’ proposed terms. You do not have to close the deal if you do not like the terms you get.

Another excellent point is that you can have access to funds in as little as 24 hours. 

NextLoan may connect you to lenders whose rates are as high as your state of residence allows. They could be even higher in case the aggregator connects you with lenders exempt from state caps on interest rates.

Applying with multiple lenders could end up in multiple credit inquiries. This may damage your score, which can take you time to recover from.

One big disadvantage of NextDay Loans is that customer support is not a thing for them. So forget to call someone in case you are matched with undesired lenders.

Choosing between Rocket Loans and  NextDay Loans is a matter of knowing where you stand financially. They are fundamentally different companies with radically different purposes.

If you are looking for the convenience of applying with multiple lenders with a single form, NextDay Loans might be extremely helpful. 

We must remind you, though, that there is a price to be paid for such convenience. Even if not directly to the company in question. You must take into account the risks of applying with them.

On the other hand, if you fit the criteria for a Rocket Loans deal, you should consider it. Make sure the deal seems reasonable enough for you. 

In case no one of the options above suits your needs, we have prepared a third option for you. Check the CashUSA Loans review on the following link.