RISE Credit Review: Borrow & Build Credit, but at High Interest Rates

Is RISE Credit legit?

RISE Credit is a legitimate personal loan lender that’s headquartered in Fort Worth, Texas, and has been in business for over 10 years.

To date, it’s helped more than 975,000 customers with loans totaling over $3.7 billion. Its loans are funded by FDIC-insured banks, including Capital Community Bank and FinWise Bank.

RISE appears to take security seriously and protects your personal information from unauthorized access. It uses security measures that comply with federal law, including computer safeguards and secured files and buildings.

It also maintains physical, electronic and procedural safeguards and uses 128-bit Transport Layer Security (TLS) encryption to transmit all information.

What makes RISE Credit shine?

We appreciate that RISE Credit — unlike some of the competition — is transparent about how much its loans cost, so you’re aware before you decide to apply. It also readily admits that this is an expensive form of financing and shouldn’t be considered a long-term solution. It even makes a point of suggesting a number of less expensive alternatives, such as credit card cash advances, personal loans and home equity financing.

RISE Credit also aims to help you build credit, which is a departure from most alternative lenders. It reports your payment history to both TransUnion and Experian, so a history of on-time payments can add to your credit mix or boost your score. Furthermore, RISE customers can sign up for Credit Score Plus, a free service that allows you to view your TransUnion score and get credit alert notifications.

Where RISE Credit falls short

There’s not much to love about RISE Credit’s APRs. Rates range from 59.8%. to 299%, which are much higher than personal loans that typically run between 6% and 36%. (Although they are better rates than most payday loans.)

Plus, while it says loan amounts are from $500 to $5,000, that’s not consistent across all states it services. For example, in Minnesota, the minimum loan amount is $1,500, so Minnesotans who need to borrow less are out of luck. These loan amounts are based on state regulations and not a fault of RISE Credit itself, but it can be a big drawback to borrowers in need of a loan. If you love RISE Credit, but need to borrow less check out other loans like RISE Credit.

RISE Credit loan details

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How to qualify for RISE Credit

RISE Credit is clear about the eligibility requirements needed to apply. At a minimum, you’ll need to:

• Be at least 18 years old
• Live in a state where RISE Credit offers loans
• Have a job or regular source of income
• Have an active and valid checking account
• Have a valid email address to receive account information

How to apply

It’s easy to apply for a loan with RISE Credit:

1. Apply online and prequalify with a soft credit pull.
2. Review your loan offer if you prequalify.
3. Complete your application with a hard credit check and submit any requested documentation.
4. Wait for the lender to verify your information and decide on your application.
5. Receive funds as soon as the next business day if approved.

How RISE Credit compares to other lenders

4 of 4 results

Updated regularly

Finder Score	Loan amount	Turnaround time	Requirements
Promoted 9.5 Excellent EarnIn	9.5 Excellent	Up to $150/day, with a max of $1000 between paydays	1–2 business days standard; minutes with Lightning Speed	At least 18 and a US resident, Valid Social Security number, At least 60 days of banking history, Proof of consistent income, Positive bank balance, Get paid by direct deposit.	Access up to $150 per day, with a max of $1000 between paydays. Not available to CT or Washington, D.C. residents. Subject to EarnIn terms & conditions.	Important information EarnIn is not a bank. Access limits are based on your earnings and risk factors. Available in select states. Terms and restrictions apply. Visit EarnIn.com for full details. Expedited transfers available for a fee. Visit Earnin.com for full details.	Go to siteView details Compare product selection Compare	loading
Promoted 8.2 Great Cleo	8.2 Great	$20 to $250	3 to 4 days or instant for a fee.	Not stated	Automatically monitor your spending plus access cash advances up to $100 at a time.	Go to siteView details Compare product selection Compare	loading
Promoted 9.4 Excellent Varo Cash Advance	9.4 Excellent	Up to $250 today. Build up to $700 over time with direct deposit at Varo. Average loan: $195. Qualifications Apply.	Instant, once qualified	You must have an active Varo Bank Account with a positive balance, no delinquent Varo Line of Credit or charged off Believe account in prior 6 months. Varo Advance qualification is subject to evaluation of consumer reports and Varo account activity.	Important information Varo Advance qualification is subject to evaluation of consumer reports and Varo account activity. If approved, initial limits range from $20- $250. Unlock higher limits up to $700 over time when you bring your qualifying direct deposit to Varo and build a positive history with us. Negative repayment history may impact credit. Fees range from $1.60 - $100 based on loan amount, and deposits to your Varo Bank Account. Your current limit and applicable fees can be viewed in the Varo App. Qualifying direct deposits are electronic deposits of your paycheck, pension or government benefits (such as Social Security or unemployment) from your employer or government agency to the extent that can be identified. Tax refunds and government stimulus payments, Person-to-Person payments (such as Venmo or Varo to Anyone), and funds deposited using a Varo routing number are not considered a direct deposit.	Go to siteView details Compare product selection Compare	loading
9.4 Excellent OppLoans Installment Loans	9.4 Excellent	$500 to $5,000	As soon as the same business day	+18 years old, Receive paychecks through direct deposit, $1,500 minimum monthly income, Live in eligible state	Not available in: CO, CT, GA, IA, MD, MA, NY, SD, VT, WV. Comes with the option to change your due date so you won’t fall behind on repayments.	Important information The advertised APR is an estimate based on currently available information, is not final, and is subject to change. If approved, your actual rate will be determined and assigned based on your creditworthiness, income, application information, and other relevant factors. Applications submitted on the OppLoans platform will be originated by one of our bank partners and serviced by OppLoans. Please see the Rates and Terms for details regarding the availability of products in your state of residence. Subject to credit approval and verification. Actual approved loan amount and terms are dependent on our bank partners’ standard underwriting guidelines and credit policies. Funds may be deposited for delivery to your bank via ACH as soon as the same business day if verification is completed and final approval occurs before 12:00 PM CT on a business day. If approval occurs after 12:00 PM CT on a business day or on a non-business day, funds may be delivered as soon as the next business day. Availability of the funds is dependent on how quickly your bank processes the transaction. Installment loan amounts typically range from $500 to $5,000. Annual percentage rate (APR) ranges from 129% to 195%. Installment loan lengths range from 9 to 18 months. Example: A $2,000 installment loan repayable in 9 monthly payments with an APR of 160% would have monthly payments of $394.58. Loan amount, APR, and repayment terms may vary by state, please see https://www.opploans.com/rates-and-terms for additional information. Approval is not guaranteed. If approved, your actual rate will fall within the marketed range of rates, and will be determined and assigned based on your creditworthiness, income, application information, and other relevant factors. Not all applicants will qualify for the lowest available rates. This is an expensive form of credit and you should determine whether the offered product(s) meets your financial needs. OppLoans’ Bank Partners may use credit report information provided by Clarity Services and Experian as part of the application process to determine your creditworthiness. The credit inquiry will appear as a soft credit inquiry on your Experian credit report and a hard credit inquiry on your Clarity report. Therefore it will not affect your FICO credit score. OppLoans and its Bank Partners report customer payment history to the three major credit bureaus. On-time payments may improve credit score.	Go to siteView details Compare product selection Compare	loading

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How we picked these

What is the Finder Score?

The Finder Score crunches 3+ types of short-term loans across 65+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.

To provide a Score, we compare like-for-like loans. So if you're comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.

Read the full breakdown

RISE Credit reviews and complaints

RISE Credit has thousands of reviews on Trustpilot, with more than 80% giving five stars. Customers compliment the quick and easy application process, fast funding and professional and honest service. Even the less enthusiastic reviews say the only real problem with the company is high rates.

The worst of the reviews are largely complaints about high APRs or being denied for loans even after they were preapproved. Some also complain that they couldn’t refinance or get another loan despite paying off their last one.

Some reviewers cite issues with inaccurate credit reporting, high interest rates and trouble connecting with customer service, especially when dealing with time-sensitive issues. A few customers went so far as to call RISE Credit a scam or predatory, but it does appear to respond to all complaints.

Frequently asked questions

What credit score is needed for a RISE loan?

RISE Credit doesn’t state a minimum credit score needed to qualify, but it’s meant to help people who can’t qualify for less expensive financing. For this reason, a low credit score doesn’t mean you can’t get a loan with RISE, but it likely means you’ll pay a higher rate.

Can I refinance my loan?

Not all states are eligible for refinancing. If you live in a state where refinancing is offered, you’ll typically need a history of on-time payments to qualify. Just keep in mind that a refinance is a new loan, so your payment amount, APR and loan repayment schedule may change.

How soon can I get my RISE Credit loan funds?

If you opt to receive your loan proceeds via ACH — aka direct deposit — and your application was received by 6 p.m. ET, you could get your funds as soon as the next business day. If you choose to receive your loan funds by paper check, expect to wait seven to 10 days for it to arrive in the mail.