RISE Credit Loan Review 2022

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RISE loan amounts and interest rates

RISE offers loans with fixed interest rates and a defined term that are repaid in monthly installments. When you borrow money, you receive your money in a single payment. RISE allows you to use its loans for a variety of purposes, including expenses like medical bills, home repairs, or debt consolidation.

Loan amounts for RISE loans range from $300 to $5,000. The annual percentage rate is between 36% and 299%. Note, however, that the lowest APR applies only to returning customers in CA, IL, or ND. Interest rates and loan amounts vary significantly by state. So check yours state-specific conditions.

RISE will send you your funds the very next business day provided your application is processed and approved before 6pm ET.

Credits are not available to new customers in AK, CA, CO, CT, IL, IA, ME, MD, MA, NH, NJ, NY, NC, ND, PA, RI, SD, VT, VA, WV or Washington, DC If you are a repeat customer in CA, IL or ND you may be able to get a limited loan. The bank that grants your loan depends on the state you live in:

  • Loans Originated and Funded by FinWise Bank – AK, AZ, FL, HI, IN, KY, LA, MI, MN, MT, NE, NV, OH, OK, OR, WA and WY
  • Loans originated and funded by CCBank – KS, TN and TX
  • Government Installment Loans – AL, DE, ID, GA, MO, MS, NM, SC, UT and WI.

Repayment periods vary by state, but the overall range is from four to 26 months.

RISE reports your account and payment history to two of the three major credit reporting agencies, TransUnion and Experian. A history of on-time payments can improve your credit score, while late or missed payments can damage it.

There is no listed minimum credit rating for RISE’s loans, but it is generally easier for borrowers with poor credit ratings to obtain a loan from RISE than from anywhere else.

Compare personal loan options

Pros and cons of RISE loans

Who is RISE best suited for?

RISE is best suited for people who have exhausted other options available to them. This can include personal loans from other lenders, money from friends and family, or extra money from a side job. RISE has inflated interest rates that are higher than other lenders and in some cases not much better than payday lenders.

RISE is probably still a better option than a payday loan since many payday loans have an APR of up to 400% and must be repaid within a month. Many payday lenders have also been accused of predatory lending practices.

You have little flexibility in your repayment terms, and residents of certain states are not even eligible for loans with RISE.

Comparison of RISE loans

All three of these lenders offer high APR loans to borrowers with bad credit. This may seem tempting to those who cannot get credit elsewhere, but the interest rates these companies charge can have a significant negative impact on your finances.

You can take out a loan of $300-$5,000 on RISE, $300-$10,000 on Oportun, and $500-$4,000 on Opploans.

Oportun charges a processing fee that is deducted from your total loan proceeds. Neither RISE nor Opploans charge an origination fee.

Is RISE trustworthy?

RISE has one Rating A+ by the Better Business Bureau, a non-profit organization focused on consumer protection and trust. The BBB evaluates companies based on their response to customer complaints, honesty in advertising and truthfulness of business practices.

RISE has also not been involved in recent scandals or controversy. Because of the high BBB rating and the clean history of the company, you might decide to borrow from RISE.

frequently asked Questions

Is RISE a serious company?

Yes, RISE is a legitimate company offering fixed rate installment loans to qualified borrowers. These loans are for small amounts of money and have high interest rates.

Which bank uses RISE?

RISE grants loans from two different banks, depending on your country of residence.

  • Loans Originated and Funded by FinWise Bank – AK, AZ, FL, HI, IN, KY, LA, MI, MN, MT, NE, NV, OH, OK, OR, WA and WY.
  • Loans originated and funded by CCBank – KS, TN and TX.

Does RISE report to credit bureaus?

Yes, RISE reports to two of the top three credit bureaus, Experian and TransUnion. You may be able to improve your credit score with a history of consistent, timely payments.

What questions should you ask yourself?

Have I considered alternatives to a high-interest loan?

Consider borrowing money from friends and family, taking a part-time job, or borrowing from another lender before committing to a loan with a high APR. In some situations, a high-interest loan could get you caught in a cycle of debt. If you default on payments, the interest you are charged can continue to add up until you may have trouble paying it back.

Am I willing to take out a loan with a very high interest rate?

RISE loans come with extremely high APRs, so you should make sure you fully understand what you’re getting into before agreeing to any loan. Depending on your term, you could end up paying a significant amount of interest on your debt.

Why do I need a loan?

Before you decide to borrow money, understand why you are borrowing money, whether it is for debt consolidation or home improvement. Otherwise, you could be stuck paying interest on debt you took on before you really thought the decision through.

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