A new Dan Gilbert company is offering online personal loans from as little as $2,000 to $35,000, expanding the Quicken Loans founder’s reach in financial services from mortgages into consumer lending.
RocketLoans went online Monday, launched by Rock Holdings Inc. with 22 Detroit employees.
The service aims to complete personal loans in as little as eight minutes, said Todd Lunsford, RocketLoans CEO. The majority of the loans have been automated completely online.
“We definitely have originated loans and it’s going as smoothly as we hoped,” Lunsford said Tuesday. Less than 30 percent of the loans processed needed to be referred to a related call center for additional information, he added. “We funded the majority of them with no human interaction.”
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