What we like:
Approval decision typically instant
|Rates (APR)||36.00% – 299.00%|
|Loan Terms||Not disclosed|
|Loan Amounts||$500 – $5,000|
|Fees||Prepayment penalty: None|
RISE Credit is a lending service that offers consumers with poor credit the opportunity to access unsecured, low-barrier installment loans that provide cash in as little as one day.
Despite the lax eligibility requirements. RISE’s loans come with interest rates often well over our recommended maximum of 36%, making repayment very expensive. For loans with rates lower than 36%, check out our guide to bad credit loans.
Before borrowing from RISE, be sure to compare alternative options and know the total costs of borrowing if you do decide to go with RISE.
In this review:
Application Process & Eligibility Requirements
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 in the Cons section 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 of 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.
- 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.
Pros & Cons
- Lenient credit requirements are typically what draw most consumers towards this product. It is much easier to qualify for a RISE loan as compared to other lenders.
- The “Progress to Better Rates” program 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.
- RISE offers flexible payment schedules, including bi-weekly payments, that can help quickly pay down the loan, decreasing the total amount paid in interest.
- RISE offers 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.
- The biggest drawbacks of a RISE loan is the high APR. It can make repayment difficult and the total amount repaid over the life of the loan will typically be much higher than the amount you originally took out.
- 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.
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.
When it comes to direct competition, one of the main contenders is LendUp, which offers both lump-sum loans and installment loans. Rates and terms are similar with both lenders, but we recommend avoiding all loans with rates over 36% if possible.
Many alternatives will likely come with lower rates and, therefore, will be more affordable in the long run. Here are some guides to help you find other options:
- Personal Loans for Bad Credit
- Best Installment Loans
- Debt Consolidation Loans
- Fair Credit Personal Loans
- Good Credit Personal Loans
- Secured Credit Cards
- Secured Personal Loans
Because of the high interest rates, borrowers should first try to exhaust all other lending options. This is particularly true with those who have average or good credit.
However, if those options are out of reach, RISE can be a last resort 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).