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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Rise Credit

Finanso.Multilogin™

About lender

Rise Credit is a Texas-based online lender currently operating in 30 states. The primary focus of the company is on installment loans of small amounts for bad credit borrowers. The common purpose of these installment loans is unexpected expenses like house renovation, medical bills, or debt consolidation.

The installment loans Rise offers are personal loans up to $5,000 and have high-interest rates. It is a short-term financial solution for poor credit score borrowers in need of funding. The APRs are calculated based on bi-weekly payments.

The company is operated by Elevate Credit, Inc., a lending service provider specializing in online credit solutions for non-prime borrowers.

The Rise has a consumer-friendly policy and focuses on improving the credit scores of its borrowers. The company addresses customers' needs with:

  • Payment extension feature (up to seven days).

  • Loans returns within five days. No fees applied.

  • Free credit score monitoring tool.

  • Payment reporting to TransUnion and Experian.

  • Financial education.

Rise states it has progress in lowering its APRs on refinanced and subsequent loans. However, it may not be beneficial if the borrower opts for the extension of the loan term. Total interest accumulates on loan within the loan term.

Pros and Cons

Pros:

  • Rise offers small personal loans. This financial institution can be a good option if you need money for an urgent situation and can repay quickly. Loan amounts start from $500.

  • You can pre-qualify for the Rise personal loans. It is helpful to compare the lenders and loan options you want to take.

  • Funding is fast. Depending on when you fill in the application, the funds' transfer can take just one business day.

  • There is no prepayment fee. This way, you can pay back the Rise loan early and improve your credit scores.

  • You can return the principal within five business days. There is no penalty or fee for returning the loan amount if you change your mind.

Cons:

  • Very high APRs for Rise personal loans. They can even be 299% APR in some states, making the loans as expensive as payday loans lenders usually offer.

  • Loan funds are limited to $5000. If you need a larger loan sum, Rise personal loans aren't a good option for you.

  • Set payment schedule. As Rise offers a personal installment loan type, the loan agreement will state that you will need to pay the sums according to the schedule, usually bi-weekly. You can't change the periods after you sign the agreement.

  • The repayment term is short. You can only get a personal loan for a period of 10 to 26 months.

  • Rise operates in a limited amount of states. There is no possibility of getting the first loan if you are a resident of AK, CA, CO, CT, IL, IA, ME, MD, MA, NH, NJ, NY, NC, ND, PA, RI, SD, VT, VA, WV, or Washington, D.C.

Rise Credit Terms and Conditions

Rise offers personal loans with amounts ranging from $500 to $5,000. The APRs Rise loans are between 50% and 299% and vary from state to state. The longest loan terms are 26 months.

The Rise has a Credit Score Plus option. It allows a Rise account holder to check their TransUnion® credit score and receive credit alert notifications. This feature should help a borrower build a good credit score.

The company states that if your application process is done by 6 pm ET and is positive, they will transfer the funds to your bank account the next day electronically. In the case of paper checks, the procedure will take seven to 10 days.

The interest rate for a Rise personal loan depends on various factors. One of them is the borrower's credit score. Rise doesn't have a minimum credit score, but it is preferable to have it around 570. The higher your credit score, the lower the interest rate Rise can offer.

FAQ

Is Rise Credit legitimate?

Rise operates according to the state laws where its branches exist. It has an A+ rating by Better Business Bureau.

What kind of loan is Rise Credit?

Rise offers installment loans. It is a short-term, small personal loan for borrowers with poor credit scores.

Does Rise Credit affect credit score?

Rise reports payments to the major credit bureaus. The borrowers who make on-time payments can improve their credit scores.

Company documents

Privacy Policy
Rates & Terms

We believe a brighter financial future starts with access to affordable credit. That’s why we’ve committed to lowering our rates. So far we’ve dropped the rates of more than 250,000 customers! On-time payments deserve to be rewarded. Simple as that.

© RISE

Financial products

Rise Credit
Personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$5,000
Rate
i

Effective interest rate on the product

up to 299%
Term
i

Loan term for the financial product

up to 26 months

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$1,000 - $25,000
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Calculate loan payments in Rise Credit

Rise Credit calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Enter the desired loan amount

USD
USD
500 $
5000 $
Loan term
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Specify the loan term for the calculation

months
days
10
26

What to focus on before applying for a loan with Rise Credit

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Rise Credit and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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All Rise Credit’s reviews by September 2022
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