Rise credit loans review, RISE Credit Loans Review

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RISE Personal Loans: 2022 Review

All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

At a glance

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Check your personal loan rates

Get personal loan offers from RISE and other great lenders. It takes just two minutes and will not affect you credit score.

About RISE

Min. credit score

Funds available in

As soon as the next business day

RISE features

Here's a breakdown of some of the benefits and drawbacks of RISE personal loans.

Caters to consumers with bad credit

Swift application and approval process

Low minimum loan amount

Rapid funding

Steep interest rates

Low maximum loan amount

Short repayment periods

Not available in all states

Not available to military personnel and their spouses

RISE is a Texas-based online lender that offers unsecured installment loans for nonprime borrowers who have little to no savings and cannot qualify for funding with traditional banks or credit unions.

A RISE personal loan can be used for unexpected expenses, such as a medical bill or car repair. However, RISE’s APRs can reach nearly 300 percent, so it’s best to consider other financing options for planned expenses such as consolidating debt or making a down payment on a car.

RISE snapshot

Loan amount	$300 to $5,000
APR	36% to 299%
Minimum credit score	Not specified
Time to receive funds	As soon as the next business day

Pros and cons of RISE personal loans

Before applying for a RISE personal loan, consider the benefits and drawbacks of the lender.

Caters to consumers with bad credit: While RISE doesn’t specify a minimum credit score requirement, it does say that it offers loans to borrowers who may have trouble qualifying with other lenders. This means that borrowers with poor credit may be eligible for a RISE loan.

Swift application and approval process: RISE is a digital lender, so the application and approval process is conducted online. Applying online takes far less time than visiting a bank, and you get a decision on the loan within minutes.

Low minimum loan amount: You can borrow as little as $300 for a minor emergency expense such as a dental bill or home repair. Most personal loan lenders have higher loan minimums.

Rapid funding: You could get funds deposited to your bank account in as little as one business day.

Steep interest rates: Compared with the average rate on a personal loan, which is around 10 percent, RISE’s personal loan rates of 36 percent to 299 percent are exorbitant.

Low maximum loan amount: The loan maximum of $5,000 is low compared with the maximums offered by traditional lenders — many of which loan up to $50,000 — and may not be enough to meet your needs.

Short repayment period: You have between four and 26 months to pay off your RISE personal loan, depending on what state you live in. This is a brief time compared with repayment terms offered by traditional lenders.

Not available in all states: Even though RISE is an online lender, it does not service all 50 states. Rise personal loans are not available in 17 states or Washington, D.C.

Not available to military personnel and their spouses: Active-duty service members and their spouses are ineligible for RISE personal loans. RISE cites changes to the federal Military Lending Act as the reason, which mandates interest rate caps and other protections for active-duty service members.

Lending terms

RISE does not service the following locations: Arkansas, Colorado, Connecticut, Iowa, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Dakota, Vermont, Virginia, Washington, D.C., and West Virginia. RISE personal loans are also not available to members of the military and their spouses.

Loan amounts range from $300 to $5,000 but vary by state. The rate you receive is based on your credit history and the lender’s assessment of what you can afford. APRs also vary by state, with a range of 36 percent to 299 percent. Repayment terms range from four months to 26 months. You can choose to repay the loan biweekly or monthly, depending on your state of residence.

RISE also offers Credit Score Plus, which provides free credit alerts and credit score updates. This free service is designed to help borrowers repair their credit.

Fees and penalties

RISE doesn’t charge origination or application fees, and there’s no prepayment penalty if you pay off your loan early. You’ll also get a seven-day grace period before you’re charged a late-payment fee.

How to apply for a loan with RISE

You must apply online for RISE personal loans, and it’s possible to get a decision from the lender within minutes.

To apply for the loan, a few things are required:

You must be at least 18 years old (19 in Alabama and Nebraska).

You must live in a state in which the lender does business.

You must have a job or steady source of income.

You must have an active, valid checking account.

You must have an email address to receive account information and important updates.

The lender could also request income documentation before approving your application.

If you’re approved, you could get funds in your bank account as soon as the next business day. Plus, there’s a five-day risk-free guarantee if you decide that a loan from RISE isn’t right for you.

RISE has telephone customer service hours seven days a week. You can reach a support agent at 866-580-1226 between these hours:

8 a.m. to 11 p.m. ET Monday through Friday.

9 a.m. to 6 p.m. ET Saturday and Sunday.

Customers also can use the automated telephone system to manage their accounts 24/7.

How Bankrate rates RISE

Overall Score	4.6
Availability	5.0	RISE has a low minimum loan amount and a quick funding timeline.
Affordability	3.7	RISE’s APR’s are sky-high, and it does not disclose its fees.
Customer Experience	5.0	RISE has good customer support options, with agents available seven days a week.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

About the author

About the author

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and payday loans online outs of securely borrowing money to purchase a car. Rebecca is passionate about empowering women to make informed financial decisions in the showroom.

When Rebecca isn’t researching recent trends in the world of auto finance, she is an avid runner and a lover of interior design.

Highlights

Rebecca is passionate about providing clarity and accessibility to the automotive loans industry as the cost of used cars has skyrocketed due to inflation caused by the COVID-19 pandemic.

Experience

Rebecca has been the auto loans reporter at Bankrate since 2021. Prior to her time at Bankrate, she was a social media reporter and copywriter.

She earned her bachelor’s degree in Strategic Communications and a minor in Women's Gender and Sexuality from Elon University.

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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.

Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

How We Make Money.

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.

RISE Credit Loans Review

RISE Credit specializes in installment loans for consumers with poor credit. While RISE loans may be more accessible to specific consumers, they come with extremely high interest rates.

Many or all of the companies featured provide compensation to LendEDU. These commissions are how we maintain our free service for consumers. Compensation, along with hours of in-depth editorial research, determines where & how companies appear on our site.

Approval decision typically instant

Rates (APR)	36.00% – 299.00%
Loan Terms	Not disclosed
Loan Amounts	$500 – $5,000
Fees	Prepayment penalty: None

RISE Credit is a lending service that offers consumers with poor credit the opportunity to access unsecured, low-barrier installment loans that provide cash in as little as one day.

Despite the lax eligibility requirements. RISE’s loans come with interest rates often well over our recommended maximum of 36%, making repayment very expensive. For loans with rates lower than 36%, check out our guide to bad credit loans.

Before borrowing from RISE, be sure to compare alternative options and know the total costs of borrowing if you do decide to go with RISE.

In this review:

Application Process & Eligibility Requirements

RISE has a relatively quick and easy three-step application process that can be done online. Decisions are typically instant, and as long as the loan is processed and approved before 6 p.m. ET, borrowers may anticipate funds in their account by the next business day.

To apply, applicants must live in a state serviced by RISE (detailed in the Cons section below) and be able to provide basic personal information, show proof of a valid checking account and regular source of income, and have a working email address.

Once the online application is complete, if approved, they will receive the rate options and be asked to select the loan term.

Though the rates and terms are dependent on a variety of factors, including the applicant’s credit score, RISE does not specify a minimum credit score, though the average borrower has a credit score of around 570.

Rates & Terms

RISE advertises loan amounts between $500 and $5,000 with annual percentage rates (APRs) between 36% and 299% , but all loans are subject to state laws, and therefore, the loan rates and terms vary from state to state.

Example scenarios:

Florida residents can access between $500 and $5,000 for 7 to 25 months with an APR between 60% and 149%.

California residents can only access between $2,600 and $5,000 for 11 to 26 months with an APR between 60% and 225%.

Delaware residents, on the other hand, can secure a loan between $300 and $5,000 for 4 to 26 months with an APR between 60% and 299%.

Consumers who are interested in a RISE loan should consult the "What It Costs" page to determine the availability, rates, and terms available in their state.

Pros & Cons

Lenient credit requirements are typically what draw most consumers towards this product. It is much easier to qualify for a RISE loan as compared to other lenders.

The "Progress to Better Rates" program rewards borrowers for making on-time monthly payments. Under this program, some borrowers may be able to secure lower rates over the course of the loan if they make regular, on-time payments.

RISE offers flexible payment schedules, including bi-weekly payments, that can help quickly pay down the loan, decreasing the total amount paid in interest.

RISE offers a robust resource center—the Financial Wellness page—as well as access to Credit Score Plus. Credit Score Plus allows users to check their TransUnion credit report for free, which, when combined with timely payments, can help them monitor and improve their credit over time.

The biggest drawbacks of a RISE loan is the high APR. It can make repayment difficult and the total amount repaid over the life of the loan will typically be much higher than the amount you originally took out.

RISE does not service all 50 states. Those living in AR, CT, CO, IA, LA, MA, ME, NC, NJ, NH, NY, PA, RI, SD, WV, VA, or VT will need to seek an alternative borrowing option.

How Does RISE Credit Compare?

RISE is by no means the only lender that caters to borrowers with poor credit; however, the rates are typically lower than those associated with other forms of alternative poor-credit lending like payday loans.

When it comes to direct competition, one of the main contenders is LendUp, which offers both lump-sum loans and installment loans. Rates and terms are similar with both lenders, but we recommend avoiding all loans with rates over 36% if possible.

Many alternatives will likely come with lower rates and, therefore, will be more affordable in the long run. Here are some guides to help you find other options:

Bottom Line

Because of the high interest rates, borrowers should first try to exhaust all other lending options. This is particularly true with those who have average or good credit.

However, if those options are out of reach, RISE can be a last resort solution that provides quick access to cash.

Additionally, RISE customers are predominately satisfied with their experience and seem to receive good customer service as the company maintains a solid rating on most consumer review sites, including BBB (an "A" rating with a four-star customer review) and Trustpilot (a "Great" rating with an 8.4 out of 10 customer review).

Author: Jennifer Lobb

Jennifer Lobb is a small business and personal finance writer. She has a passion for writing and her work has been featured in a number of online publications and media outlets, including MSN, Inc., and more. Jennifer is a graduate of University of Denver and received a MA with a focus in Literature, Culture, and Arts Management. When she’s not writing, she can be found with a good book in hand or whipping up something creative in the kitchen.

Rise credit loans review, Rise credit loans review