RISE Credit short-term loans
This lender offers large loan amounts, even if you have bad credit.
Having bad credit can cut you off from a wide variety of loans, but with RISE Credit, you may still qualify. However, its interest rates are still high, and you may not qualify for the largest loans the first time you borrow.
As soon as the next business day
|Product Name||RISE Credit Installment Loans|
|Loan Term||4 to 26 months|
|Turnaround Time||As soon as the next business day|
|Costs||Varies depending on the amount and your state of residency.|
|Requirements||Regular source of income, active checking account, over 18 (over 19 in Alabama and Nebraska), resident of eligible state, email address.|
What types of loans does RISE Credit?
RISE Credit offers payday loans, installment loans and lines of credit. Its loan amounts range from $500 to $5,000 — though the actual amount you can borrow depends on your state. Loan terms will also vary by state and the type of loan you choose, as does the APR you’ll be charged. To get an idea, visit RISE’s What It Costs page and select your state.
- Payday loans. RISE Credit offers payday loans that allow you to repay your loan in one lump sum on your next pay date.
- Installment loans. Like payday loans, RISE Credit’s installment loans are meant for borrowers with less-than-perfect credit, but you can take advantage of scheduled payments over an extended repayment period.
- Lines of credit. You can borrow the same amount through a line of credit from RISE Credit, and you can choose to borrow the exact amount you need when you need it, providing you with more flexibility while avoiding paying interest on the funds you don’t use.
Why should I consider taking out a loan with RISE credit?
- Time to change your mind. Decide borrowing from RISE isn’t the best choice for you? You have up to five business days from the date you signed your loan agreement to return your funds — without paying any fees or interest.
- Credit score monitoring. Any borrower who holds a RISE account has access to Credit Score Plus, which is a free service that lets you view your TransUnion credit score and receive alert notifications through your account.
- Rewards for returning customers. If you successfully pay back a loan, future loans could come with lower rates and longer repayment terms.
- Some loans backed by FinWise Bank. Depending on your state of residence, your loan may be originated by FinWise Bank, which is FDIC insured and accredited by the Better Business Bureau.
Where does RISE fall short?
- Limited availability. RISE Credit has been expanding its reach across the US, but it’s still only available in 32 states and Washington, DC.
- High APRs. Interest can be high for those with poor credit. And for first time borrowers, you’re likely going to get a high interest rate that can make borrowing quite expensive.
- Multiple fees. Some states have origination fees and higher late fees than others. Check your loan agreement to see how much you’ll be charged to borrow.
Compare short-term loan providers like RISE Credit
With these providers, you’ll submit one application and possibly get connected with a suitable direct lender in its network.
How much will it cost me to borrow with RISE Credit?
Rise Credit considers your credit score before customizing an APR for your specific loan. Your APR will likely be between 50%–299%, depending on your creditworthiness and the state you live in. If you miss a payment, you could be charged a late fee of 5% of the payment.
To get an exact cost of your loan, read your agreement carefully before you sign. If you decide you don’t want to borrow, you’re under no obligation to accept — and you have up to five business days to cancel if you change your mind.
RISE Credit reviews and complaints
|BBB customer reviews||3.42 out of 5 stars, based on 127 customer reviews|
|BBB customer complaints||150|
|Trustpilot score||4.5 out of 5, based on 2,650 customer reviews|
|Customer reviews verified as of||16 October 2020|
Are RISE Credit loans safe?
How to apply for a loan with RISE Credit?
RISE Credit has a simple online application that can be completed in minutes. Just follow these steps:
- Visit RISE Credit’s website and enter your full name, email address and select your state. Then click Check Your Loan Options.
- On the first page of the application, provide information about yourself, your address and your financial information. Then create an account and click Check Your Loan Options.
- Wait while RISE reviews your application. If approved, you may be asked to provide extra documentation to confirm your identity.
- Be 18 or older and a US citizen or permanent resident.
- Have a bank account.
- Live in one of the 15 states that Rise Credit services.
- Have a phone number and valid email address.
- Be able to prove a source of income.
RISE Credit provides transparent short-term loans so you can be sure you’re making the right financial decision. But it isn’t necessarily the cheapest option. You may want to compare your other payday loan options before borrowing and check out our guide to installment loans if you need to borrow a larger amount.