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RISE Personal Loan Review
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.
Written By
Updated on Friday, June 28, 2019
What is RISE?
If you’re in a financial pinch, RISE is an online lender that offers short-term installment loans and lines of credit to fill a gap when money is short. RISE was founded as an alternative to payday loans and other products marketed to higher-risk borrowers who need access to money.
Payday loans are essentially cash advances for your paycheck when you’re struggling to make ends meet. But they come with high interest rates. Using payday loans each week to get an advance can lead to a vicious cycle of debt that never ends. In comparison, RISE is an installment loan with a set loan term that could give you a little more breathing room to catch up on your bills.
Shop with other lenders first before this one if you have marginally healthy credit. A “fair” credit score of around 600 may get you approved for much more affordable products.
Despite the costs, RISE is transparent with loan terms and interest rates. The loan terms available vary from state to state. RISE offers installment loans in some states and credit lines in others.
RISE personal loan highlights
- Sky-high interest rates: The interest rate range for this loan is pretty high at 50.00% to 299.00% APR.
- Rate reduction opportunities: Borrowers can qualify for rate reductions after having a record of responsible payment.
- Five-Day Risk-Free Guarantee: You can pay the loan without incurring any charges if you change your mind within five days.
- Credit building and financial health tools: RISE has a library of tools, budgeting spreadsheets and videos that teach you how to manage your money and how to build credit. You also get a free TransUnion® credit score with credit alerts.
APR
50.00%
To
299.00%
Credit Req.
500
Minimum Credit Score
Terms
4 to 26
months
Origination Fee
No origination fees
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.
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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.
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.
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.
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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
10.68%
To
35.89%
Credit Req.
Not specified
Terms
36 or 60
months
Origination Fee
2.00% - 6.00%
on LendingTree’s secure website
LendingClub is a great tool for borrowers that can offer competitive interest rates.... 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
1.00% - 10.00%
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. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $400. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. 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: $14,000. 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%
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.
