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.
