Lending The Ticker

Quicken Loans' parent company breaks into personal loans

Unveils RocketLoans

Money

Quicken Loans’ parent company Rock Holdings is officially taking a step outside of mortgages and adding personal loans to it’s list of offerings by introducing its newest company RocketLoans.

Building off the digital landscape that Quicken Loans has created, RocketLoans was created with the same streamlined intention, with most applications and approvals taking less than 10 minutes.

The news is not to be confused with other, recent events where Quicken Loans announced that it is offering a fully online mortgage through its new end-to-end online product Rocket Mortgage.

To start, the new company will offer loan amounts up to $35,000 with fixed interest rates and terms. And in March, RocketLoans will release an ‘immediate funding’ feature that will allow clients to receive funding for loans under $10,000.

“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,” said Gilbert.

Last year, loanDepot announced it was moving into marketplace lending, becoming the first national nonbank lender to offer both home and personal loans nationwide.

"For decades, consumers looked to traditional banks for financing. But as banks continue to retreat and lose market share, choices and service levels for consumers are becoming scarce," said loanDepot CEO and Founder Anthony Hsieh, at the time.

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