About Lender
Rise Credit is a lending company that puts customers first. With a 4.5/5 TrustScore based on 5,216 reviews, they have a reputation for being easy to get, fast and customer service friendly. They are transparent and customer obsessed. Rise Credit offers financial wellness tools including free credit scores and credit monitoring alerts.
Their loans are for emergency expenses, car repairs or medical bills. Borrowers can choose terms that fit their repayment ability and Rise Credit encourages responsible borrowing by allowing early loan payoff with no fees and potentially lower total cost of loan. Rise Credit also offers a 5 day risk free guarantee. Borrowers can rescind their loan within 5 business days with no fees or interest. They are committed to providing flexible and fair financial solutions.
Key Features
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Application. Application is online and takes minutes. Borrower must provide personal information, income and employment info and bank account info.
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Funding. If approved, funds may be deposited into borrower’s bank account the next business day. You must have a checking account to receive funds.
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Repayment. Rise loans are repaid in fixed monthly payments over the life of the loan. Borrowers can make extra payments or pay off early with no penalty.
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Credit reporting. Rise reports loan payments to the major credit bureaus so borrower can build or improve credit.
Pros and Cons
Pros
Emergency Use. This is a good option if you need money for an emergency and can pay back quickly.
Easy Application. You can pre-qualify for Rise personal loans. Compare lenders and loan options you want to apply for.
Funding is Fast. Depending on when you apply, funds can be deposited the next business day.
No Prepayment Fee. So you can pay off Rise loan early and improve your credit scores.
No Return Fee. You can return the principal within 5 business days. If you change your mind, returning the loan amount is no penalty or fee.
Cons
Highest APRs. APR in some states can be as expensive as payday loan lenders.
Limited Loan Amount. Available amounts are small. If you need a larger loan amount, Rise personal loans aren’t for you.
Set Payment Schedule. You can’t change the terms after you sign the agreement.
Short Term. You can only get a personal loan for few months. Repayment terms may vary by state.
Reliability
Licensed and Registered. Rise Credit is a legitimate online lender registered and licensed to operate in many states across the US, compliant with regulatory standards.
Subsidiary of Established Company. As a subsidiary of Elevate Credit, Inc., a publicly traded company in the non-prime lending industry, Rise benefits from the backing and expertise of a well known company.
Good Reputation. Despite some customer complaints and negative reviews, Rise has a good overall reputation, as evidenced by their A+ rating with the Better Business Bureau.
Transparent. Rise is transparent by providing detailed information about their loans, fees and terms on their website so borrowers can make informed decisions.
How to Apply for a Rise Credit Loan?
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Visit Website. Go to the Rise Credit website to begin your application process.
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Check Your Loan Options. On the homepage, you'll find the option to check your loan options without affecting your FICO® score. Start by entering your first name, last name, email address, and state of residence. After entering your basic information, click on the "GET STARTED" button to proceed with your application.
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Complete the Application Form. Fill out the application form with all required details, including your financial information, employment status, and any additional personal information requested to assess your loan application.
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Review Loan Terms. Once your application is processed, review the loan terms offered to you. This includes the loan amount, interest rate, repayment schedule, and any other relevant details.
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Choose Your Own Terms. Rise Credit offers flexibility in choosing your payment schedule based on your personal and financial situation. Select the option that works best for you, keeping in mind state restrictions on payment schedule options.
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Submit Application. After reviewing and selecting your loan terms, submit your application for final approval.
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Wait for Approval. Rise Credit will process your application and notify you of your approval status. Applications processed and approved before 6pm ET are typically funded the next business day.
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Receive Funds. If approved, the loan funds will be deposited directly into your checking account as soon as the next business day, allowing you to access the cash you need.
Conditions and Requirements
Conditions
Loan Amounts. You can borrow from $300 to $5000.
Loan Terms. Repayment terms are up to 36 months.
Interest Rates. APR goes up to 299%.
Requirements
Age. You must be 18 or older.
Residency. You must live in a state where Rise Credit services are available.
Income. You must have a job or regular income.
Bank Account. You must have an active and valid checking account (savings and prepaid accounts not accepted).
Email. You need an email to receive account information.
Ways to Receive the Money
Rise Credit has a fast and easy way for borrowers to get the loan funds. Once approved, usually before 6pm ET, funds are deposited into the borrower’s active checking account the next business day. This direct deposit feature allows borrowers to get the money they need fast, without the wait. This is designed to get borrowers financial relief asap to cover emergencies, unexpected bills or any other urgent financial needs.
Products
Personal Loans. Rise offers installment loans from $500, repaid over several months. Loan amount and term depends on state of residence and creditworthiness.
Credit Score Plus. Rise offers borrowers free credit scores and credit monitoring. Credit Score Plus provides borrowers with their TransUnion credit score, credit alerts and credit education resources.
Other Personal Loans
Reasons for Loan Refusal
Rise Credit says loan approvals and the amount you may be approved for are subject to minimum income requirements and vary by state so if you don’t meet those requirements you may be denied. Also a valid checking account and email address and you may need to provide additional documents to verify your application information so if your application is incomplete or you don’t have sufficient proof of income or don’t meet state specific legal requirements you may be denied. Since they do credit checks an applicant’s credit profile may affect the approval process. Rise Credit aims to work with all types of credit but certain factors like these can affect the loan decision.
How to Repay a Rise Credit Loan?
To repay a Rise Credit installment loan the process varies by state and payment method. If you’ve chosen electronic deposit (ACH debit) payments will be automatically deducted from your checking account. Debit cards are accepted for one-time payments, payments made by 10pm ET are applied the same day, payments made after 10pm ET are applied the next day. To make a debit card payment log in to My Account and click “Make a Payment”. Or you can mail a check to the address provided, make sure it reaches Rise Credit in Dallas, TX for regular mail or to the lockbox in Richardson, TX for overnight mail. These options give borrowers flexibility and convenience to manage their loan repayments.
Loans like Rise Credit
OppLoans
OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.
OneMain Financial
OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.
Universal Credit
Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.
Editorial Opinion
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional Resources
- Full Rise Credit Account Review
- How to Apply for a Rise Credit Loan
- How to Repay a Rise Credit Loan
- Rise Credit Customer Reviews
- All Rise Credit Coupons and Promo for December 2024
- Rise Credit Loans for December 2024
