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RISE personal loans: 2024 Review

Updated on June 28, 2024

At a glance

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with Bankrate
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4.0
Rating: 4 stars out of 5
Bankrate Score
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Availability
Rating: 5 stars out of 5
5.0
Affordability
Rating: 3.1 stars out of 5
3.1
Customer Experience
Rating: 5 stars out of 5
5.0
Transparency
Rating: 3 stars out of 5
3.0

About Bankrate Score

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

Lender Details

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Loan amount

$300-$5,000

Rates Icon

APR from

60.00%-299.00%

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Term lengths

4-36 months

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Funds available in

As soon as the next business day

RISE is 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.

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Bankrate Insight: Credit score breakdown

Here is the credit score breakdown of borrowers who took out loans through RISE.

  • Bad Credit
  • Fair Credit
  • Good Credit
Data from 10/09/24 - 12/08/24
How do we get this data?
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RISE personal loan purposes 

RISE does not specifically disclose this information. That said, borrowers typically cannot use a personal loan for illegal activities, business expenses or to pay for college tuition.

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Bankrate insight: Loan purpose

Here is what borrowers who took out loans with RISE used their funds for.

  • Debt consolidation
  • Emergency
  • Home improvement
  • Major purchase
  • Other
Data from 10/09/24 - 12/08/24
How do we get this data?
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Where RISE personal loans stands out

  • Serves borrowers with poor credit: Getting a personal loan can be challenging if you have less-than-stellar credit. RISE can make funding possible for those who might not meet other lender requirements. Its reporting structure can also result in an improved score in the longer term. 
  • Next day funding: RISE also offers funding as soon as the next day following approval, so its loans can be a good option if you need to cover a small, unexpected expense and can't get funding elsewhere. 
  • Low minimum loan amount: Even with higher APRs, 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.
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Bankrate insight: Speed to funding

Here is how fast borrowers who took out loans through RISE received their money compared to other lenders on Bankrate.

  • Rise
  • Average of other lenders on Bankrate
Data from 10/09/24 - 12/08/24
How do we get this data?
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Where RISE personal loans falls short

  • Extremely high APRs: Although lenders that cater to poor credit borrowers are expected to have higher annual percentage rates, RISE’s expected rates are exorbitant. RISE has a minimum of 60.00 percent APR and a maximum of almost 300 percent APR. 
  • Low maximum loan amount: Most personal loan lenders extend loans of at least up to $25,000, and RISE falls $20,000 short of that.
  • Limited transparency: Credit and income requirements are not provided on RISE's website and you cannot prequalify.

RISE customer experience

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. 

Customer support 

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

Digital experience 

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.

Along with the online application, funding can also be expedited, and you could receive funds deposited into your bank account in as little as one business day. 

What people are saying about RISE

As of June 2024, RISE has nearly 5,000 reviews on Trustpilot. The majority of the reviews lean positively, with an average 4.5-star rating. Most borrowers mention a positive experience and speedy funding timeline, but the high rates are hard to ignore. 

Here’s what one 3-star reviewer said:

“I got the loan the next day which is incredibly amazing and I appreciate. It just stinks that the interest is so high that I'm paying 1 and a half times of the loan in APR. I borrowed $1,000, but I will be paying back about $2,500 when all said and done.”

Trustpilot user

A less satisfied customer shared this: 

“I pulled out a loan for $3,500 to take care of unforseen events in my life. They deposit the funds into your account within 24-48 hours however here's the negative, they take advantage of the fact that you need money and take advantage by giving you a rate of 149%, that means if by the end of the loan term the total will be over $10,000.”

Trustpilot user

RISE has a strong track record of replying to negative reviews — as of writing, it has a 98 percent reply rate. 

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions. 

How this lender compares

logo
Rating: 4 stars out of 5
4.0
Bankrate Score
APR from
60.00%-299.00%
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%-99.99%
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
160.00% to 179.00%
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 for 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 loan limit of $10,000 — twice what RISE offers. NetCredit also offers repayment terms of up to 60 months, and you can get the funds as soon as the same day you're approved.

RISE vs. OppLoans

OppLoans and RISE both offer small loan amounts with short repayment terms. 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 at 179.00 percent, as well as same-day funding — something that isn’t available with RISE.

Do you qualify for a RISE personal loan?

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.
  • 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.

In addition, active-duty service members and their spouses are ineligible for RISE loans. RISE cites changes to the federal Military Lending Act, 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.

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 documentation before approving your application. If you’re approved, you could get funds in your bank account as soon as the next business day. 

  1. Apply online: To apply, borrowers must first enter some information regarding their financial history and the loan amount they are interested in. 
  2. Choose loan terms: Depending on your state, you have between seven and 36 months to pay off your RISE personal loan. This is a brief time compared with repayment terms offered by other lenders.
  3. Receive funding: Finally, you will receive your funding as soon as the next business day.  

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.

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

Bankrate's trusted personal loans industry expertise

48

years in business

30

lenders reviewed

20

loan features weighed

665

data points collected

Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four 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.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.

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.

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