
About Bankrate Score
Rise is a Texas-based online lender that offers small, unsecured installment loans for nonprime borrowers who have little to no savings and cannot qualify for funding with traditional banks or credit unions.
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About Bankrate Score
Rise is a Texas-based online lender that offers small, unsecured installment loans for nonprime borrowers who have little to no savings and cannot qualify for funding with traditional banks or credit unions.
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.
Caters to consumers with bad credit.
Low minimum loan amount.
Rapid funding.
Steep interest rates.
Low maximum loan amount.
Short repayment period.
While Rise does not disclose any specifications when it comes to credit. But there are a few other requirements. You must:
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.
Rise does not specifically disclose this information but most typically, borrowers cannot use a personal loan for illegal activities, business expenses or to pay for college tuition.
Both Rise and NetCredit offer personal loans targeted for borrowers with poor credit. However, when it comes down to it, NetCredit could be a better choice for a number of reasons. First, its loans feature lower APR ranges. NetCredit also offers a much higher loan limit at $10,000, while Rise’s maximum loan amount is $5,000. Besides that, NetCredit offers repayment terms of up to 60 months, and you could get the funds as soon as the same day after approval.
OppLoans and Rise both offer small loan amounts with short repayment terms. But despite this, Rise loans may be a better option if you need more flexibility, as OppLoans offers repayment terms of up to 18 months and a maximum loan amount of $4,000 — both of which fall short compared to Rise’s offerings. That said, OppLoans does offer more competitive APRs, going from 59 percent to 160 percent, as well as same-day funding — something that isn’t available with Rise.
Consider the whole of what Rise has to offer, steep interest rates included, before submitting a loan application.
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.
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.
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.
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.
Overall score | 4.2 | Explanation |
---|---|---|
Availability | 4.8 | Rise has a low minimum loan amount and a quick funding timeline. |
Affordability | 3.5 | Rise’s APR’s are exceptionally high and it doesn't offer discounts. |
Customer experience | 5.0 | Rise has good customer support options, with agents available seven days a week. |
Transparency | 4.0 | Rise outlines most of their fees and rates. |
To select the best personal loans, Bankrate’s team of experts evaluated over 30 lenders. Each lender was ranked using a meticulous 20-point system, focusing on four main categories:
Editorial disclosure: All reviews are prepared by Bankrate.com 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.