RISE Credit Overview and Alternatives
RISE Credit is an online lender that offers installment loans to damaged credit borrowers. The company focuses on providing financing options to poor credit score consumers who have been denied by traditional banking institutions. Additionally, RISE Credit provides financial wellness and education tools to help borrowers build their credit and improve spending habits.
RISE Credit services consumers in Alabama, Alaska, Arizona, California, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming.
Products and Services
Unlike other lenders, RISE Credit is limited in its product and service offerings. Currently, they provide installment loans and financial education.
Products
|
Installment loans |
Larger-sum advances that are repaid in equal monthly payments. |
Services
|
Financial literacy resources |
Topics include credit building, spending habits, and finance terms. |
Rates and Fees
RISE Credit offers installment loans from $500 to $5,000. Terms range between four and 26 months. APR can be influenced by your credit score, income, and state. Typically, the APR for RISE Credit loans is between 36% and 299%.
RISE Credit does not charge late payment, origination, or prepayment fees.
How to Request for a Loan With Rise Credit
RISE Credit provides an easy-to-use and secure online platform for consumers interested in a loan.
Step 1. Complete the loan request form
Complete your online loan request with some personal and financial information.
Step 2. Choose your terms
RISE Credit offers flexible payment schedules. Additionally, you may choose your own loan terms, as long as they comply with state restrictions and regulations.
Step 3. Receive your funds
If approved, you may receive funding in as little as one business day.
Pros and Cons of RISE Credit
Each lender has its own offerings, which may be advantageous to some borrowers and disadvantageous to others. Consider RISE Credit’s pros and cons before completing a loan request.
|
Pros |
Cons |
|
Geared towards limited or poor credit score borrowers |
High APRs |
|
Minimal additional fees |
Limited loan options |
|
No minimum credit score requirement |
Not available in all states |
|
Five-day loan cancellation policy |
Limited loan amounts |
FAQ
What Is Rise Credit?
RISE Credit is an online installment loan provider for consumers with a damaged credit score. They offer loans ranging between $500 and $5,000.
Additionally, they help educate borrowers about financial literacy.
What is the Minimum Credit Score That RISE Credit Will Consider?
RISE Credit does not have a minimum credit score requirement. Rather than solely determining eligibility based on credit, the company also considers a consumer's income. This is because RISE Credit aims to provide financial services to limited credit borrowers who may have been denied by traditional banks.
Additionally, RISE Credit reports loan payments to the major credit bureaus to help borrowers improve their scores.
Can I Have a Payday Advance and Installment Loan at the Same Time?
No, you are only allowed to have one active loan at a time.
What if I Miss a Payment?
You should try your best to make payments consistently; however, circumstances may prevent you from doing so. If this happens, you may be subject to additional fees and penalties.
Additionally, your credit score may be negatively affected by it. This can be detrimental if you already have damaged credit.
If you know you will miss a payment, contact your lender as soon as possible. In some instances, the company may be willing to offer you an extension to help you out.
Is RISE Credit Safe?
Yes, RISE Credit is a safe and reputable online lender. The company has been in business for almost a decade with above-average reviews on consumer reporting sites.
How Much Does RISE Credit Charge for Interest?
RISE Credit rates depend on personal factors, such as credit score, income, and state. However, average APR rates range between 36% and 299%.
Based on the company’s averages, a $2,100 loan with 125% APR and a five-month term would have:
- Monthly payments of $550
- Total interest of $699
- Total repayment amount of $2,799
What About Other Fees?
RISE Credit does not charge origination, late, or prepayment fees. However, other fees, including administration costs, may be added depending on your state. Therefore, it is best to contact the lender to discuss any additional fees directly. Also, make sure to review your loan agreement to ensure all the rates and fees are correct.
Can I Get a RISE Credit Loan if I am Not Employed?
RISE Credit does not specify whether unemployed consumers can be eligible for a loan. The company considers income in addition to credit scores. Therefore, it is best to check with the lender before you request a loan.
How Many Times Can You Take Out a Loan?
You can submit another loan request for a RISE Credit loan once you have paid off all other debts. However, you cannot have more than one active loan at a time. So, be sure you have cleared all previous loans before requesting a new one.
Alternatives to RISE Credit
RISE Credit offers flexible online loan options to borrowers with damaged credit scores. However, they may not offer the financial services or products you are looking for. Consider an alternative lender that may better address your needs.
Alternatives:
- If you need more products or services: Speedy Cash
- If you want a lower APR: Avant
- If you’re looking for a damaged credit loan: OppLoans
Speedy Cash
If you’re searching for more financial products or services, Speedy Cash might be a better alternative for you. The company offers both online and in-store loan request options.
Additionally, their financial products include payday loans, installment loans, title loans, business loans, and lines of credit. Your qualified amounts can range between $200 and $25,000. Standard APR fluctuates between 100% and 500%. However, keep in mind that the approved amount and APR are subject to change based on credit scores, income, and state regulations.
Additionally, Speedy Cash also provides financial services, such as check cashing, money orders, and money transfers. Speedy Cash loans are available in Alabama, Alaska, Arizona, California, Colorado, Delaware, Hawaii, Idaho, Kansas, Louisiana, Mississippi, Missouri, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Utah, and Washington.
Avant
Avant offers several options that RISE Credit doesn’t, including APR limits and higher loan amounts. Although Avant charges interest on its payday loans, the APR ranges between 9.95% to 35.99%.
Additionally, Avant allows its borrowers the option to pay via credit card.
Avant also provides higher-sum loans, ranging up to $35,000. Of course, qualifying for a larger loan depends on your eligibility and qualifications, and not all consumers may be eligible.
Avant is available in Alabama, Alaska, Arizona, Arkansas, California, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, and Washington.
OppLoans
If you suffer from damaged credit, you may turn to OppLoans as an alternative lender who caters to bad credit borrowers. OppLoans provides online installment and payday loans. The company also has educational services that help consumers build their credit and improve financial literacy. The company offers loans ranging between $500 and $4,000. As a lender that is focused on helping consumers, OppLoans also considers income when determining eligibility.
Moreover, they report to the major credit bureaus to assist borrowers on their credit-building journey.
OppsLoans is available online in Alabama, Georgia, Nevada, and Wisconsin. They also have lending partners who offer other financial products in Alaska, Arizona, Arkansas, California, Delaware, Florida, Hawaii, Idaho, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wyoming.
Bottom Line
RISE Credit is an online lender that offers financial products to consumers who may have low credit score. They are geared toward helping borrowers improve their credit rating. However, RISE Credit has limited financial products and high APRs. Nevertheless, they don’t charge late, prepayment, or origination fees.
Additionally, they have a five-day loan cancellation policy. Keep in mind that there are many lenders and loan options out there. Do your due diligence before requesting a loan to ensure that you meet the eligibility requirements.
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