RISE Credit Loans Review
RISE Credit specializes in installment loans for consumers with poor credit. While RISE loans may be more accessible to specific consumers, they come with extremely high interest rates ranging from 36% to 299%. This loan may be ideal for borrowers who need fast cash and have exhausted other lending options.
You need money right now, yet your credit history is preventing you from quickly securing the necessary funds. RISE credit is a lending service that offers a solution to this problem by giving consumers with poor credit the opportunity to access unsecured, low-barrier installment loans that provide cash in as little as one day.
RISE is owned by Elevate, a tech-based non-prime lender that aims to recognize and address the financial setbacks that can befall those with less than stellar credit. Today, RISE has funded the loan requests of over 1.8 million consumers with an origination total of over $4.9 billion.
RISE Credit Overview
RISE has a relatively quick and easy three-step application process that can be done online. Decisions are typically instant, and as long as the loan is processed and approved before 6 p.m. ET, borrowers may anticipate funds in their account by the next business day.
To apply, applicants must live in a state serviced by RISE (detailed below) and be able to provide basic personal information, show proof of a valid checking account and regular source of income, and have a working email address. Once the online application is complete, if approved, they will receive the rate options and be asked to select the loan term.
Though the rates and terms are dependent on a variety of factors, including the applicant’s credit score, RISE does not specify a minimum credit score, though the average borrower has a credit score around 570.
Rates & Terms
RISE advertises loan amounts between $500 and $5,000 with annual percentage rates (APRs) between 36% and 299%, but all loans are subject to state laws, and therefore, the loan rates and terms vary from state to state. For example, Florida residents can access between $500 and $5,000 for 7 to 25 months with an APR between 60% and 149%. California residents can only access between $2,600 and $5,000 for 11 to 26 months with an APR between 60% and 225%. Delaware residents, on the other hand, can secure a loan between $300 and $5,000 for 4 to 26 months with an APR between 60% and 299%.
Consumers who are interested in a RISE loan should consult the “What It Costs” page to determine the availability, rates, and terms available in their state.
How Does RISE Credit Compare?
RISE is by no means the only lender that caters to borrowers with poor credit; however, the rates are typically lower than those associated with other forms of alternative poor-credit lending like payday loans.
>> Read More: Personal Loans for Bad Credit
When it comes to direct competition, one of the main contenders is LendUp, which offers both lump-sum loans and installment loans. When comparing installment loan rates, LendUp does offer slightly more competitive rates, though with a variety of contributing factors, including state-specific laws and requirements, it’s hard to generalize which option may be more affordable.
Consumers considering a loan from RISE or another lender should always compare the rates and terms to determine which lender provides the better offer.
RISE Credit Benefits
There are a few benefits associated with RISE Credit loans, but lenient credit requirements are typically what draw most consumers towards this product. There are, however, additional perks and features that may be attractive to some borrowers. Among them is the “Progress to Better Rates” program, which rewards borrowers for making on-time monthly payments. Under this program, some borrowers may be able to secure lower rates over the course of the loan if they make regular, on-time payments.
Additionally, RISE offers flexible payment schedules, including bi-weekly payments, that can help quickly pay down the loan, decreasing the total amount paid in interest. This is particularly noteworthy to consumers who plan to use a RISE loan to meet a momentary gap in income and will, therefore, repay the loan quickly.
Finally, RISE seems to place a heavy focus on helping borrowers improve their financial situation by offering a robust resource center—the Financial Wellness page—as well as access to Credit Score Plus. Credit Score Plus allows users to check their TransUnion credit report for free, which, when combined with timely payments, can help them monitor and improve their credit over time.
RISE Credit Downsides
One of the biggest drawbacks of a RISE loan is the high APR, and though this is commonplace for similar lending products, it can make borrowing an expensive activity. In addition to high rates, accessibility may also be a concern for some customers, as RISE does not service all 50 states. Those living in AR, CT, CO, IA, LA, MA, ME, NC, NJ, NH, NY, PA, RI, SD, WV, VA, or VT will need to seek an alternative borrowing option.
Because of the high interest rates, borrowers should first try to exhaust all other lending options, including credit cards, lines of credit, and traditional loans. This is particularly true with those who have average or good credit. Many of these, including credit cards, will likely come with lower rates and therefore be more affordable in the long run.
However, if those options are out of reach, RISE can be a reliable solution that provides quick access to cash. Additionally, RISE customers are predominately satisfied with their experience and seem to receive good customer service as the company maintains a solid rating on most consumer review sites, including BBB (an “A” rating with a four-star customer review) and Trustpilot (a “Great” rating with an 8.4 out of 10 customer review).
Author: Jennifer Lobb
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