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RISE personal loans: 2023 Review

Updated on Jan. 1, 2023
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At a glance

Rating: 4.6 stars out of 5
Bankrate Score
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Rating: 5 stars out of 5
Rating: 3.7 stars out of 5
Customer Experience
Rating: 5 stars out of 5

About Bankrate Score

Rise is a Texas-based online lender that offers unsecured installment loans for nonprime borrowers who have little to no savings and cannot qualify for funding with traditional banks or credit unions.

Loan amount $500 – $5,000
APR from 36% – 299%
Clock Wait
Term lengths Generally 7-26 months
This lender is best for bad credit borrowers who can't qualify elsewhere.

Best for those with bad credit

Rise can be a good option for borrowers with poor credit, as the lender does not specify a minimum credit score requirement. This means that borrowers with poor credit may be eligible for a Rise loan. But the steep interest rates and limited state availability make it a risk, so it is best for bad credit borrowers who can't qualify elsewhere.

Rise pros and cons


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    Caters to consumers with bad credit

  • Checkmark

    Swift application and approval process

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    Low minimum loan amount

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    Rapid funding


  • Close X

    Steep interest rates

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    Low maximum loan amount

  • Close X

    Short repayment period

Do you qualify?

While Rise does not disclose any specifications when it comes to credit. But there are a few other requirements. You must:

  • Be at least 18 years old (19 in Alabama and Nebraska).
  • Live in a state in which the lender does business.
  • Have a job or steady source of income.
  • Have an active, valid checking account.
  • Have an email address to receive account information and important updates.
Along with this, active-duty service members and their spouses are ineligible for Rise personal loans. Rise cites changes to the federal Military Lending Act as the reason, which mandates interest rate caps and other protections for active-duty service members. Rise is also not available in all states. Even though it is an online lender, it does not service all 50 states. Rise personal loans are not available in 17 states or Washington, D.C.

What Rise doesn't allow loan funds to be used for

Rise does not specifically disclose this information but most typically, borrowers cannot use a personal loan for illegal activities or tuition.

RISE: In the details

What we like and what we don’t like

Consider the whole of what Rise has to offer, steep interest rates included, before submitting a loan application. 

What we like 

  • Swift application and approval process. Rise is a digital lender, so the application and approval process is conducted online. Applying online takes far less time than visiting a bank, and you get a decision on the loan within minutes.
  • Low minimum loan amount. You can borrow as little as $300 for a minor emergency expense such as a dental bill or home repair. Most personal loan lenders have higher loan minimums.
  • Rapid funding. You could get funds deposited to your bank account in as little as one business day. 

What we don't like

  • Steep interest rates. Compared with the average rate on a personal loan, which is around 10 percent, Rise’s personal loan rates of 36 percent to 299 percent are exorbitant.
  • Low maximum loan amount. The loan maximum of $5,000 is low compared with the maximums offered by traditional lenders — many of which loan up to $50,000 — and may not be enough to meet your needs.
  • Short repayment periods. You have between four and 26 months to pay off your Rise personal loan, depending on what state you live in. This is a brief time compared with repayment terms offered by traditional lenders.

How to contact Rise

Rise has telephone customer service hours seven days a week. You can reach a support agent at 866-580-1226 between the hours of 8 a.m. and 11 p.m. ET, Monday through Friday and 9 a.m. to 6 p.m. ET, Saturday and Sunday. Customers also can use the automated telephone system to manage their accounts 24/7.

How to apply for a personal loan with Rise

You must apply online for Rise personal loans, and it’s possible to get a decision from the lender within minutes. The lender could also request income documentation before approving your application. If you’re approved, you could get funds in your bank account as soon as the next business day. 

Features and additional perks

Rise offers its customers a five-day risk-free guarantee. So if you decide that a loan with Rise isn’t right for you, you can get refunded. 

Fees and penalties

Rise doesn’t charge origination or application fees, and there’s no prepayment penalty if you pay off your loan early. You’ll also get a seven-day grace period before you’re charged a late-payment fee.

Rise FAQs

How Bankrate rates RISE

Score Explanation
Overall 4.4
Availability 4.8 Rise has a low minimum loan amount and a quick funding timeline.
Affordability 3.5 Rise’s APR’s are sky-high, and it does not disclose its fees.
Customer experience 5.0 Rise has good customer support options, with agents available seven days a week.


To select the top personal loan lenders, Bankrate considers 15 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed 41 lenders and gave each a Bankrate rating, which consists of three categories:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.