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Personal Loans

RISE Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

APR

50.00%
To
299.00%

Credit Req.

500

Minimum Credit Score

Terms

4 to 26

months

Origination Fee

N/A

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

RISE is offered only to residents in states where permitted by law. To obtain credit, you must apply online and have a valid checking account and email address. Approval for credit and the amount for which you may be approved are subject to minimum income requirements and vary by state.


Notice to Texas and Ohio Customers: In Texas and Ohio, RISE is a Credit Services Organization/Credit Access Business operating in accordance with each state’s applicable Credit Services Organization Act. In Ohio, RISE Credit Service of Ohio, LLC d/b/a RISE is licensed by the Department of Commerce, Division of Financial Institutions Certificate No. CS.900086.000. In Texas, RISE Credit Service of Texas, LLC d/b/a RISE is licensed by the Office of the Consumer Credit Commissioner, License No. 16507-62536. RISE is not the lender or a fiduciary of the lender. Application approvals and the amount of any credit for which you may be approved are subject to minimum income requirements and vary by state.

RISE personal loan details
 

Fees and penalties

  • Terms: Up to 26 months depending on your state
  • APR range: 50.00% to 299.00% APR
  • Amount you can borrow: $300 to $5,000
  • Time to funding: As soon as one business day
  • Hard pull/soft pull: Hard Pull required
  • Origination fee: N/A
  • Prepayment fee: RISE has no prepayment penalties
  • Late payment fee: Not specified
  • Other fees: Not specified

RISE credit lines and online installment loans come with free TransUnion® credit score updates and money tools. RISE has a risk-free guarantee that you can take advantage of if you borrow money and decide the loan is no longer necessary. Repay the principal within five days and you won’t be charged anything.

RISE offers opportunities to refinance existing loans for a better interest rate or more money on a case-by-case basis.

Eligibility requirements

  • Minimum credit score: Not specified.
  • Credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

There are some basic eligibility requirements to keep in mind before applying. You must:

  • Be at least 18 years old (19 in Alabama)
  • Have a job and a regular source of income (income requirements vary by state)
  • Have a valid checking account
  • Have an email address where you can get loan updates
  • Reside in a state where RISE provides service

The loan or credit line offers available to you will depend on your state. For example, Kansas and Tennessee are states that offer lines of credit instead of a typical installment loan because of state regulations. RISE shows a breakdown of the loan or credit limit, interest rates and terms that are available for each state here.

(Source: RISE website. Information in the above graphic is accurate as of date of publication.)

Applying for a personal loan from RISE

To apply for RISE, you have to fill out a short application form. You will be asked to input your Social Security number for a credit check during the first section.
Reviewing your loan options with RISE will not affect your FICO credit score . According to RISE,checking to see what you may qualify for will only result in a soft inquiry.

The second section of the application is where you’ll add your checking account information and your income. You may be asked to provide supporting documents to backup the income you claim.

The last section is signing off on the disclosure agreements. The disclosure agreement is where you’ll see the consent to a Hard Pull, which can impact your credit score.

agree to personal use & credit bureau inquiry

After completing the application process and getting an approval, you’ll get money deposited into your account in as little as a business day (excluding holidays).

You will get assigned a bi-weekly or monthly payment depending on factors like when you get paid each month. While you may be eligible for a seven-day payment extension during financially tight times, you can’t change your overall payment schedule once it’s established.

Pros and cons of a RISE personal loan

Pros:

Cons:

  • Quick financing. You can potentially get money within one day, which can be helpful if you need money fast to pay bills or to cover an emergency. Terms apply.
  • Free credit score. Borrowers get a free TransUnion® credit score that updates every 30 days. Keeping tabs on your credit score can help you improve it so you can qualify for more affordable debt products in the future.
  • Transparency. RISE is upfront with the costs of this loan or line of credit.
  • Opportunity to reduce rates. You may be able to qualify for a reduced interest rate for future loans if you meet certain conditions.
  • High potential cost. There’s just no denying these interest rates are high. You will be paying quite a bit of money when you borrow from RISE. Check out alternative lenders in this personal loan roundup. This is a list of products with the best interest rates and includes options for borrowers with poor credit or no credit.

Who’s the best fit for a RISE personal loan?

RISE is a solution for borrowers who have adverse credit history which is why the cost is so high. But if your credit score is even marginally healthy (580 and above), consider other lenders that have lower rates.
High-risk borrowers are more likely to default on loans. Lenders cover the risk of default by charging more interest. In this case, RISE is willing to lower your interest rate if you show a record of responsible payment. Let’s look at an example of how much a RISE loan costs to really dig into the facts and figures. RISE makes it quite easy to review potential costs by laying out common loan scenarios for products on the website.
For Idaho, here’s a loan scenario from RISE:

  • Loan amount: $1,250
  • APR: 298.18%
  • Number of bi-weekly payments: 22
  • Amount per payment: $157.84

In this scenario, you’re borrowing $1,250. Making 22 payments of $157.84 means you’ll pay close to $3,500 in total for a $1,250 loan. This is a huge amount of money to pay for a short-term loan.

It’s generally more expensive to borrow money when you have poor credit history. It can also feel like you have minimal options. However, RISE isn’t the only lender that offers loans to borrowers with less-than-stellar credit. Shop around with multiple lenders before choosing one to compare costs. Ideally, you want to shop around with lenders who only do a soft pull on your credit so you can avoid multiple hits. Review these loan options we’ve put together for borrowers with bad credit.

RISE has no prepayment penalty fee. If you do experience an emergency and decide to borrow from RISE, the best strategy is to pay it back as fast as possible to reduce the cost.

Another thing to do is be proactive if you have poor credit or no credit. Creating an emergency savings fund while you’re building credit can give you cash to dip into so you can avoid last-minute, high-cost loans to cover unexpected bills. Learn strategies for building up your emergency fund here.

RISE consumer reviews

RISE is A+ rated with the Better Business Bureau. And, despite the interest rates being high, 87% of reviewers on LendingTree, (Disclaimer: LendingTree is the parent company of MagnifyMoney), recommend RISE to others.

Customers who’ve decided to borrow from RISE report satisfaction with the ease of the application process, fast loan disbursement, and responsiveness of customer service, giving RISE 4.4 out of 5 stars. RISE

Here’s what two of RISE’s satisfied borrowers have to say:

“I was in need of home plumbing repairs and a transmission for my wife’s car so we could function and get to work. Rise loaned me the funds necessary to meet both issues without question. I appreciate it very much.” -Emory from Bellwood, Ill.

“I have used them on and off for a couple years and it’s been great for me. The interest goes down after you pay off a loan so essentially you build credit with them. As a single mom, they have been very helpful during rougher periods in my life. I was grateful to have found them.” -Heather from Dayton, Ohio.

RISE FAQ

RISE offers both installment loans or lines of credit, depending on your state’s laws.

While you can use the money for whatever you wish, it’s important to only borrow what you truly need. A RISE loan can be a good solution for emergencies like medical expenses or car repairs.

If you don’t qualify for a RISE loan, RISE will inform you of the reason. Based on the reason, you can make a plan to improve your chance of approval at a later date. You could also explore other ways of borrowing, like asking a friend for a loan, if you haven’t already.

Unfortunately, due to recent legislation, RISE is not able to provide loans to active military personnel or their dependents.

To get the offer RISE has sent you, go to its website and click “Apply Now.” You’ll be able to enter a code from your mailing, which should speed up the application process.

If you can’t pay your bill, you should contact RISE right away. It offers a seven-day payment extension (interest will continue to accrue) and are willing to work with you if you lost your job. If you ultimately don’t make your payments, your credit score could suffer and your RISE account could be put into collection.

RISE transmits all data securely via encryption. Additionally, it protect its networks from attack by using virus protection and firewalls.

Alternative personal loan options

Lending Club

APR

6.95%
To
35.89%

Credit Req.

Not Specified

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 0.... Read More

LendingClub is a peer to peer lender that will lend to borrowers with less-than-perfect credit. Rather than borrowing from a typical bank or financial institution, LendingClub is a marketplace where borrowers get funding from other consumers, as well as corporations and businesses. The interest rate range here is considerably lower than the RISE loan. Keep in mind, a higher credit score will be necessary to get the lowest interest rates available.

You can check for rates with LendingClub without a hard pull on your credit. LendingClub is a peer-to-peer lender, so you may not get money as fast with this loan. According to LendingClub, the application, approval and funding process can take about seven days.

OneMain Financial

APR

18.00%
To
35.99%

Credit Req.

Not specified

Terms

24 to 60

months

Origination Fee

Varies by state

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

OneMain Financial offers quick turnaround times and you may get your money the same day... Read More


Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

OneMain Financial’s interest rates aren’t the lowest around, but they’re still much lower than what’s offered by RISE. OneMain Financial has both shorter and longer term loans available as well.

LendingPoint

APR

9.99%
To
35.99%

Credit Req.

585

Minimum Credit Score

Terms

24 to 48

months

Origination Fee

0.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $25,000.... Read More

LendingPoint is another lender that will offer loans to those with fair credit. One thing to note is there is an origination fee. RISE doesn’t have one. However, the interest rates at LendingPoint are more competitive and checking for rates doesn’t require a hard credit inquiry either. Money can be in your account as soon as the next business day after you’re approved for a loan.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Laura Gariepy
Laura Gariepy |

Laura Gariepy is a writer at MagnifyMoney. You can email Laura here

Taylor Gordon
Taylor Gordon |

Taylor Gordon is a writer at MagnifyMoney. You can email Taylor here

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Up to $50,000

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Pay Down My Debt

Can I Use Life Insurance to Pay Off Debt?

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

iStock

There are many ways to pay off debt, but some lesser-known strategies could be right for your situation. One of those more obscure methods is borrowing from your life insurance policy and applying the money to your debt.

Note that not all life insurance policies allow you to do this. Standard term life policies don’t offer this feature because they don’t build up a cash value from which to borrow. They are, as the name implies, intended to provide coverage for a defined period. When that time is up, if you’re still alive, you receive no benefit.

But whole life insurance lasts for your entire life, building cash value with each premium payment you make. That cash value can ultimately be tapped for a loan if necessary.

But, before you say “sign me up,” Sa El, co-founder of Simply Insurance, a licensed insurance agency, said you must understand how the process works as well as the pros and cons. If you’re considering this as a debt payoff option, he said you should have a lengthy discussion with a life insurance professional to see if it makes sense for your specific situation and learn what will happen with your policy if you borrow from it.

What to know about borrowing from your life insurance policy

Here are some things you need to know, according to El, before borrowing from your life insurance policy:

  • It takes a long time to build up cash value since only a small percentage of your monthly premium payment goes toward the value.
  • If you take out a loan from your policy, you may pay a fee to your insurance company to process the transaction. The amount varies based on your policy or insurer.
  • Depending on your state’s laws, the cash you receive from this loan may be open to creditors that you owe (if you have a judgment, for example).

Pros of borrowing from your life insurance plan

There are a few benefits to utilizing a life insurance loan, according to El:

  • Getting the loan can be easy. If you’ve got cash value built up, reach out to your insurer to fill out necessary forms. There’s no credit check or drawn-out process, and you’ll generally have the money in a few days.
  • The loan won’t appear on your credit report.
  • You won’t have any pressure to repay the loan since there is no official due date.
  • Interest rates may be lower than other lending options (especially subprime loans), ranging from 5% to 11%, per El, depending on the insurance company.

Cons of borrowing from your life insurance plan

Conversely, El points out that there are a few downsides to taking out such a loan:

  • If you fail to pay back the loan (principal and interest) , your heirs will receive a reduced death benefit.
  • If the amount borrowed plus interest accrued ever exceeds the policy’s value, the insurer could cancel it.
  • You’re not utilizing the life insurance policy as it was intended. “Life insurance isn’t for you,” he said. “It’s for the people you’re leaving behind.”

How to avoid debt moving forward

Once you’ve said goodbye to your debt, how can you avoid getting back into financial trouble? Here are a few ways to keep your personal balance sheet in the black:

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Laura Gariepy
Laura Gariepy |

Laura Gariepy is a writer at MagnifyMoney. You can email Laura here

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Strategies to Save

8 Ways to Save on Your Energy Bill

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

iStock

You pay your utility bills every month, but you may not realize what they’re actually costing you. Would you be surprised to learn that, according to Energy Star, just heating and cooling your home likely runs you more than $1,000 per year? When you also factor in cooking, bathing, doing laundry and all of your other normal daily activities, your energy costs add up to more than a pretty penny. But don’t worry — there are plenty of ways to rein in these monthly expenses.

Here are ways to save money on your energy bill.

8 tips to saving on energy costs

Do an energy assessment at home

A home energy assessment will give you a baseline of how efficiently you’re using energy in your house, says the Federal Trade Commission (FTC). Your utility company may offer you a free or low-cost assessment. Other companies offer this service, but be advised that it could run you hundreds of dollars to have it done.

If you go with a paid service, do your due diligence and check out the company’s reputation before committing to doing the assessment. If you’re interested in a more DIY option, Energy Star offers the online Home Advisor tool, where you enter in your home’s information, receive energy saving recommendations and have the ability to track your progress toward efficient energy use.

Flip the switch

As a child, you probably heard your parents yell “turn off the lights!” That’s because it works. Did you know that according to Energy Star, one light left on for eight hours per day costs you about $20 a year? For that reason, Energy Star encourages you to shut off lights, fans and other electronics when you’re not using them. Use dimmer switches, motion detectors and programmable thermostats to reduce energy usage without interfering with your needs and comfort.

Mind your windows

Uncovered windows let in up to 80% of the sun’s energy, according to Energy Star. This gives you free lighting and warmth during the day, reducing your need to use other power sources. Additionally, you can regulate the temperature inside your house using window drapes or blinds. They act as insulation, keeping more of the heated or cooled air where it belongs — inside your home.

Maintain your HVAC system

To keep heating and cooling costs in check, regularly examine your HVAC system air filter. Dirty air filters put a strain on your system, wasting both energy and money. You should always change the filter when it’s dirty and be sure to replace it at least once per quarter. It is also recommended that you have your system periodically tuned by an HVAC professional to keep it in tiptop shape.

Seal up leaks and insulate

You can save up to $200 per year on your heating and cooling costs by having proper insulation and door and window seals, says Energy Star. When you feel a draft coming from your windows or doors, use caulk or weatherstripping to make a tight seal around the edges.

When it’s time to upgrade, consider purchasing Energy Star-rated models for added efficiency. If you buy new insulation, the Department of Energy (DOE) advises you to look for a product with a high R-value, which indicates an insulation’s effectiveness.

Hack your laundry

Heating the water for your washing machine accounts for an astounding 90% of the energy it takes to run the load, says Energy Star. Washing your clothes in cold water will result in significant energy savings. To be even more efficient, only run full loads and take advantage of the extended spin cycle to cut down on your drying time.

To save on drying costs, be sure to clean the lint trap before each use, dry full loads and, if possible, utilize the automatic shut-off feature, which turns off the machine when it detects that clothing is dry. During warm weather, consider drying your clothes on an outdoor line. Indoor drying racks are also an option. According to Energy Star, your dryer accounts for 6% of your electricity bill, so it’s worth making some adjustments.

Lower the temperature on your water heater

Heating water for your home is your second highest energy-related expense, behind regulating the temperature in the dwelling, says Energy Star. To curtail this cost, reduce the temperature on your water heater to 120 degrees. Your system won’t have to work as hard, rewarding you with a lower utility bill.

Ready to replace your water heater? Consider opting for a tankless model. This energy-saving option heats water on demand, rather than maintaining a continuous reserve of hot water.

Buy energy-efficient appliances

When you’re in the market for new appliances, the FTC encourages you to buy energy-efficient models. Just look for the EnergyGuide label on the appliance to see the amount of electricity it uses annually, the approximate yearly cost to run it and how that cost compares with similar models. If the label indicates that the unit is Energy Star-rated, the appliance uses less electricity than nonrated models, making it better for the environment and your wallet. The FTC advises you to multiply the projected annual kilowatt hours (kWh) the appliance will use by your current kWh rate to get the most accurate cost-to-run estimate.

Seemingly endless possibilities to save money

This article provides several ways for you to save money on your energy bill, but it is by no means an exhaustive list. You can optimize just about every element of your home if you have the time and means. Resources like this DOE Energy Saver Guide show you how to get quick wins and help you plan for longer-term improvements. You can also make small changes to your habits (like flipping the switch) to further increase your savings.

What to do with all of these savings?

Now that you’re saving money on energy costs, what should you do with the extra cash? You likely have several financial goals that you’re working toward, but you can’t go wrong with paying down debt or bolstering that emergency fund.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Laura Gariepy
Laura Gariepy |

Laura Gariepy is a writer at MagnifyMoney. You can email Laura here