We recently shared how excited we are about Rocket Mortgage, the first fully online way to apply, receive approval and lock interest rates for home loans. Now, we’re extending a warm welcome to the newest member of the Quicken Loans Family of Companies!
“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.”
Designed with efficiency in mind, RocketLoans enables consumers to apply online for a personal loan and receive approval in less than 10 minutes, providing loan options based on need, income, debt-to-income ratio and credit profile. All loans are fully underwritten with third-party verification of employment, assets and more. Options are clearly presented without hidden fees or prepayment penalties and funding is expected in less than 24 hours.
Initial products include loan amounts up to $35, 000 with fixed interest rates and terms. In March 2016, the company will unveil an ‘immediate funding’ feature that will allow clients to receive funding for loans under $10, 000 in a matter of minutes.
“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.”
Usury ( /ˈjuːʒəri/) is the practice of charging excessive, unreasonably high, and often illegal interest rates on loans.
Originally, when the charging of interest was still banned by Christian churches, usury simply meant the charging of interest at any rate (as well as charging a fee for the use of money, such as at a bureau de change). In...
Riba (Arabic: ربا, [rɪbæː]) means Interest. Riba is forbidden in Islamic economic jurisprudence fiqh and considered as a major sin. Simply, unjust gains in trade or business, generally through exploitation.
There are two types of riba discussed by Islamic jurists: an increase in capital without any services provided and risktaking, which is...
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