RISE Credit loans: payday and installment loans | finder.com

RISE Credit short-term loans

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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.

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

Updated April 19th, 2019
Name Product Filter Values Max. Loan Amount Loan Term Turnaround Time
$5,000
9 to 36 months
1 business day
Installment loans with competitive rates from a top-rated direct lender.
$2,600
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Installment loans with repayment terms up to 30 months, depending on your state.
$15,000
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1 business day
Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
$10,000
90 days to 72 months
As early as 1 business day
An online connection service for quick cash loans.
Varies by state
Varies by state
1 business day
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
Varies by state
1 business day
Quick payday, installment and title loans with no prepayment penalty and a 72-hour satisfaction guarantee. Funds can be loaded on an ACE Elite™ Visa® Prepaid Debit Card.
$250
7-30 days
generally receive the money the next business day
LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see more details for your state.

Compare up to 4 providers

With these providers, you’ll submit one application and possibly get connected with a suitable direct lender in its network.

Updated April 19th, 2019
Name Product Filter Values Max. Loan Amount Loan Term Turnaround Time
$15,000
Varies
1 business day
Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
$5,000
Varies
1 business day
Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
$10,000
90 days to 72 months
As early as 1 business day
An online connection service for quick cash loans.
$1,000
Varies based on lender
1 business day
If you have bad credit or no credit history, apply to be connected to a network of lenders for funding at rates that vary by state.
$1,000
Up to 1 month
1 to 2 business days
Whether for emergencies or unexpected expenses, this provider may be able to connect you among its nationwide network of lenders.

Compare up to 4 providers

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 36%–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.

What do borrowers say about RISE Credit?

In general, RISE Credit receives decent scores from the Better Business Bureau (BBB) and on Trustpilot. However, it isn’t accredited by the BBB, has over 150 complaints filed against it and the most recent reviews on its BBB page all rate it one star. Borrowers had problems with the high cost of a loan, especially those who borrowed a large amount, and often complain about issues paying off the loan.

It fares slightly better on Trustpilot, earning an 8.7 out of 10. Borrowers had similar issues, with many stating that the approval process was inefficient and that the high cost of the loan was detrimental.

Are RISE Credit loans safe?

Yes. RISE Credit uses 128-bit Transport Layer Security encryption and multilayer digital defenses that helps keep your personal and financial information safe from malware, phishing and other illegal activity. If you have any problems or concerns, contact customer service or complete an online form. It also has an industry-standard privacy policy that covers how your personal information is used and what you can do to limit sharing.

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:

  1. Visit RISE Credit’s website and enter your full name, email address and select your state. Then click Check Your Loan Options.
  2. 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.
  3. Wait while RISE reviews your application. If approved, you may be asked to provide extra documentation to confirm your identity.

Eligibility requirements

  • 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.

Bottom line

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.

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2 Responses

  1. Default Gravatar
    JustinAugust 19, 2017

    what is the minimum monthly income approved by Rise Credit

    • finder Customer Care
      AnndyAugust 20, 2017Staff

      Hi Justin,

      Thanks for your questions.

      One of the requirements to apply for a RISE short-term loan is for you to have a regular source of income. The minimum income requirements vary by state. It would be best if you directly contact RISE to inquire how much minimum income is needed to apply in your state.

      If you are looking for a short term loan, you may also compare your other options here.

      Cheers,
      Anndy

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