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Mortgage lender Quicken expanding into personal loans

Online mortgage lender Quicken Loans is expanding into the personal loan business.

The Detroit Free Press reports Detroit-based Quicken has started RocketLoans, an online service offering cash loans of $2,000 to $35,000 to prospective borrowers with good credit scores and financial histories.

RocketLoans CEO Todd Lunsford says it's "the first financial service that is not a mortgage product that we have offered in 30 years of existence."

The loans have fixed terms of three to five years and carry interest rates from just over 5 percent to the low or mid-teens.

There's also a loan origination fee.

The newspaper says the loans are generally aimed at consumers who wish to consolidate high-interest credit card debt, do home improvements, pay medical expenses, finance weddings or help with a small business.

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