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RISE personal loans: 2024 Review

Updated on Jan. 1, 2024

At a glance

Find my best rates
Check rate with Bankrate
4.0
Rating: 4 stars out of 5
Bankrate Score
Caret Down
Availability
Rating: 5 stars out of 5
5.0
Affordability
Rating: 3 stars out of 5
3.0
Customer Experience
Rating: 5 stars out of 5
5.0
Transparency
Rating: 3 stars out of 5
3.0

About Bankrate Score

Rise is a Texas-based online lender that offers small, unsecured installment loans for borrowers who have low credit, little to no savings and can't qualify for funding with traditional banks or credit unions.

Lender Details

Moneybag

Loan amount

$300-$5,000

Rates

APR from

36% – 299%

Clock Wait

Term lengths

4-36 months

Best for those with bad credit who need fast funding

Rise can be a good option for borrowers with poor credit. While it doesn't list a minimum credit score requirement, it is a high-cost form of credit, which is often geared towards borrowers with low credit scores. It also reports to Experian and TransUnion on a monthly basis, which means on-time payments can potentially help raise your credit score.

Rise also offers funding as soon as the next day after approval, so its loans can be a good option if you need to cover a small, unexpected expense and can't get funding elsewhere.  

Rise pros and cons

PROS

  • Checkmark

    Caters to consumers with bad credit.

  • Checkmark

    Low minimum loan amount.

  • Checkmark

    Rapid funding.

CONS

  • Close X

    Steep interest rates.

  • Close X

    Low maximum loan amount.

  • Close X

    Short repayment period.

Do you qualify?

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 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. 

Even though it is an online lender, Rise 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 borrowers typically cannot use a personal loan for illegal activities, business expenses or to pay for college tuition.

How this lender compares

logo
Rating: 4 stars out of 5
4.0
Bankrate Score
APR from
36% – 299%
Loan Amount
$300-$5,000
Term Length
4-36 months
Min Credit Score
Not disclosed
logo
Rating: 4.3 stars out of 5
4.3
Bankrate Score
APR from
34.00%-155.00%
Loan Amount
$1,000-$10,000
Term Length
Not disclosed
Min Credit Score
Not disclosed
logo
Rating: 4.2 stars out of 5
4.2
Bankrate Score
APR from
160% to 179%
Loan Amount
$500-$4,000
Term Length
9 to 18 months
Min Credit Score
Not disclosed

RISE vs. NetCredit

Both Rise and NetCredit offer personal loans that cater to borrowers with low credit scores. 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.

RISE vs. OppLoans

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 a more competitive APR cap, topping off at 160 percent, as well as same-day funding — something that isn’t available with Rise.

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 fully 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 $500 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 11 percent, Rise’s personal loan rates of 60 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 seven and 36 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 other 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 a personal loan through Rise, and it’s possible to get a decision from the lender within minutes. The lender might 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. If you decide that a loan with Rise isn’t right for you, you can get refunded. That said, your credit score will still temporarily drop from the hard credit check required for approval, so it may be better to prequalify with a few lenders before accepting an offer.

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 frequently asked questions

How Bankrate rates RISE

Overall score 4.0 Explanation
Availability 5.0 Rise has a low minimum loan amount and a quick funding timeline.
Affordability 3.0 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 3.0 Rise outlines most of their fees and rates.

Methodology

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:

  • 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. We also give bonus points to lenders offering rate discounts, grace periods and that allow borrowers to change their due date. 
  • Availability: Minimum loan amounts, number of repayment terms, eligibility requirements, ability to apply using a co-borrower or co-signer and loan turnaround time are considered in this category.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: For this factor, we consider how well information is presented to the borrower on the lender’s website. This includes listing credit requirements, rates and fees, in addition to offering prequalification.

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.