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Is Quicken Loans Legit?

Is Quicken Loans Legit?

The demand for quick cash is on the rise. And the trend is likely to continue in the coming years.

However, the popular demand has yielded a bunch of loan services, and discerning the real deal from a lemon is tricky. This time TechJunkie focuses on Quicken Loans.

Right off the bat, the service appears to be entirely legit. But the article looks under every rock to help you make an educated decision.

Quicken Loans – Offers and Services

Home refinance, personal, or mortgage loans – you name it, and Quicken Loans will probably give you a quote. Some of the most popular offers include the following loans:

  1. Fixed-rate
  2. VA
  3. Adjustable-rate
  4. USDA
  5. FHA
  6. Jumbo

Note: The list doesn’t signal popularity from the most to the least requested one.

Also, the Quicken Loans Rocket Mortgage application allows you to apply for a mortgage ad cover payments for existing loans. The company also provides refinancing services and reverse mortgages.

To clear things up, you can get some cash from your home, purchase one, or invest in real estate with Quicken Loans. The latter might be the best option, but this is a matter of personal investment or financial strategy.

Quicken Loans Legit

Credit: Photo by Jp Valery on Unsplash

What About Your Credit Score?

Yes, Quicken Loans factors in your credit score, and the typical threshold is at 620. But some discrepancies exist, depending on the type of loan you want to get.

For example, taking a USDA loan via the service requires you to have a credit score of 640. However, the number is 620 for VA and conventional loans.

That said, some users claim they were able to get a loan offer with a credit score as low as 580. You might want to take this information with a pinch of salt because TechJunkie wasn’t able to confirm it.

Nevertheless, having a relatively high credit score requirement is a good indication of the service’s legitimacy. Conversely, you should never opt for a service that allows loans with a ridiculously low credit score.

If a loan appears too good to be true on paper, it’s best to look for other options. Just to point out, this is not the case with Quicken Loans.


Other than the mentioned services, Quicken Loans provides more refinancing options.

You get to refinance at a lower rate, get an equity cash-out, or make the mortgage term shorter. On top of that, the company allows you to refinance a real estate investment.

Is Quicken Loans Legit - Website

However, the main selling point of these services is the fixed rate at a custom term. This particular feature is called “YOURgage,” and the terms were between eight and thirty years at the time of writing.

The company has also made the application for personal loans super easy. After you apply, the Rocket Loans department gets your pre-approved offer in a matter of seconds. Then, you get the money when you decide to finalize the deal.

How Do They Do It?

It’s safe to assume that the personal loan service appears the least legit but let’s examine it. You’re giving Quicken Loans a bunch of sensitive financial information. The company’s software can make sense of it lightning-fast and provide almost instant feedback.

The lender may compare the provided data with your credit history, and a super-advanced algorithm does all this.

On a side note, you shouldn’t worry about the security of the data you provide. Quicken Loans seems to go the extra mile to safeguard your sensitive information.

Auxiliary Things to Consider

When choosing an online lender, there is a host of external factors that hint at the company’s legitimacy. These include, but are not limited to, the website UI and UX, access to company information and contacts, and the overall online presence.

Quicken Loans ticks all the right boxes in this respect. The website is well laid out, intuitive, and easy to navigate. What’s more, you can get in touch with customer service in two ways. There is a pop-up chat box and a phone number if you feel like talking.

The company also offers a comprehensive learning center with tips and tricks on how to get a loan or invest in real estate. As for their online presence, Quicken Loans has a strong following on LinkedIn and its own Wikipedia page.

Is Quicken Loans Legit - LinkedIn

Not to mention the fact that they’ve been in business for ten years. And there have been rumors that a much bigger competitor will acquire the company. All this is a clear signal that Quicken Loans is legit.

One-Click Refinancing

In the end, you shouldn’t have any doubts about Quicken Loans. This online lender appears to meet similar criteria as your bank, for example. The only tricky part is to get a loan or repayment service that wouldn’t put a strain on your income.

Have you ever taken an online loan before? What is your experience with it? Would you give Quicken Loans a shot? Give us your two cents in the comments below.

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Anna Middleton

Apr 10, 2020

289 Articles Published