What Is RISE Credit?
RISE Credit is a lender offering high-interest installment loans and credit lines of high interest. They are specialized in lending to people with poor credit history or no credit history. Rather than investing using conventional rating methods, RISE Credit uses income information and the credit report to set terms and conditions for the loans.
Pros & Cons
Accepts bad credit.
Free credit score access.
Hard credit pull.
Available in a limited number of states.
Rise loan details
Have a job or regular source of income.
Have a checking account.
Live in one of the states that Rise serves.*
Loan term can be customized.
Track your TransUnion credit score.
Rate reduction with on-time payments.
Reports payments to Experian and TransUnion.
Tariff discount program: Borrowers are entitled to cut their rate by half after making 24 on-time payments for one or more Rise loans. You will apply for a new Rise loan at 36 per cent APR after 36 on-time payments, which is the upper limit of most non-payday loans.
Rise also allows borrowers to know whether they are eligible for refinancing before the two-year mark, says Leopold.
Graduating to lower rates— while making an appeal— requires you to pick a longer-term loan or multiple loans. We do not suggest long-term, high-rate loans or recurring loans, as the loan may become unsustainable and you may end up paying more interest than the original amount you lent.
What Products Does RISE Credit Offer?
Two products are offered on RISE Credit. The first product in most states is a short-term installment loan with repayment terms that last for up to 26 months. As a borrower, you’ll be required to make loan payments as frequently as every two weeks. Short term loans after 24 months (48 payments) may become eligible for refinancing. Loans range from $500 to $5,000. Loans do not have restrictions on prepayment. Furthermore, RISE Credit does not charge origination fees, so you will save most of the fees if you can pay off the loan quickly.
Many RISE customers will also become eligible for a credit line. A credit line enables lenders to use credit when required and to repay it according to a timeline defined by the loan agreement. You can either make minimum payments on the credit line, or you can pay them off as quickly as possible to prevent further interest accruing. The minimum payment on a credit line will fluctuate depending on the amount that you owe, but you will always pay at least the entire interest accrued during the loan period.
The minimum interest rate is 36 percent for any loan product and the average interest rate is 299 percent. Are these prices actually higher at pawn shops or payday lenders than the others? The reaction depends on the case, but payday loans typically have interest rates of 322% or higher.
What do you need to qualify for RISE Personal Loans?
The minimum age to be considered is 18 or the State’s minimum. Whichever is higher.
RISE Personal Loans has no minimum annual income eligibility requirement, or does not disclose it. RISE Personal Loans would consider lenders regardless of their employment status if they can show their ability to repay their obligations.
The Military Lending Act (32 C.F.R. § 232) forbids lenders from charging members of the military for credit extended to covered borrowers by more than 36 per cent APR. APRs for the RISE Personal Loans product fall outside the MLA limits and can not therefore be issued to those applicants.
Active duty service members and their covered dependents are considered “covered borrowers” under the Military Lending Act.
U.S. citizens are, of course, eligible for the services offered by RISE Personal Loans. Permanent resident / green card holders are also eligible to apply.
To qualify, applicants may need to provide the following documentation:
- Applicants must have an active and valid checking account
- Proof of citizenship or residence permit
|Bank Account Required?||Yes|
|Application Types Accepted||
|Credit Score||300 – 650|
RISE Credit offers loans in the following states: Alabama, California, Delaware, Georgia, Idaho, Illinois, Kansas, Mississippi, Missouri, New Mexico, North Dakota, Ohio, South Carolina, Tennessee, Texas, Utah, and Wisconsin.
Kansas and Tennessee are the only two states that offer lines of credit.
Who a Rise loan is good for
Rising personal loans could be a good option for people who need money quickly and have trouble getting other lenders approved because of their credit. Nevertheless, given the high APRs of the lender, we recommend considering all other potential credit choices and alternatives before receiving a Rise loan.
Alternatives might include receiving an alternative payday loan from a federal credit union or asking a trusted friend or relative to co-sign another lender’s loan, which may improve your approval chances and result in a lower interest rate. Make sure to compare all of your choices and shop around.
If you do get a Rise loan, keep in mind that you have five business days after signing your loan agreement to change your mind and pay back the principal.
Rise is not a good idea if:
Your main goal is to build credit: Getting a secured credit card or credit-builder loan, or paying off existing debt, are faster and cheaper ways to build credit.
You can get cash elsewhere: We recommends exhausting cheaper alternatives first, even in an emergency.
Before you take a Rise loan
Try all other options: If none of the alternatives listed above work for you, see if you can buy time from your creditor, work out a payment plan or face the short-term financial consequences of not paying, such as a late fee.
Compare the cost of taking the loan to the cost of not taking it: Calculate the overall cost of not having funds for your purpose, then weigh that against the typical cost of this loan in your state.
Will RISE Credit check my credit score?
Although RISE Credit is a bad credit lender, they are no a ‘No Credit Check Lender’. In fact, the platform will take your FICO credit score into account when assessing whether or not you qualify for a loan, and how much you should be charged.
When will RISE Credit transfer my loan funds?
If RISE Credit is able to automatically validate the information you provide within your loan application, then you’ll likely receive the funds the next working day. In rarer cases, the platform might ask you for supporting documentation. If they do, then it might delay the process by a couple of days.
Does RISE Credit charge an origination fee?
RISE Credit does not charge any origination fees.
How much will I have to pay in late payments?
RISE Credit will charge you a late payment fee if your loan payment is overdue for 7 days or more. The amount you are charged will be based on the state you live in. You’ll be able to view this in your pre-approval loan agreement.
What APR rate does RISE Credit charge?
RISE Credit can charge anywhere from 36% APR to 299% APR. This will depend on a range of factors, such as your credit profile, annual income, debt-to-income ratio, and even the state that you live in.
What is the estimated funding time for a personal loan via RISE Personal Loans?
RISE Personal Loans will typically approve (or deny) a loan application within 24 hours and fund personal loans within 3 business days of approval.