Rise (Elevate) features

Here's a breakdown of some of the benefits and drawbacks of Rise (Elevate) personal loans.

Pros

  • Loans for consumers with bad credit
  • Swift application and approval process
  • Minimum loan amount is low
  • Gives subprime borrowers a chance to rebuild credit

Cons

  • Very high interest rates
  • Maximum loan amount is low
  • Short loan terms
  • Not available in all states
  • Not available to military personnel and their spouses

Elevate is a Texas-based online lender specializing in unsecured installment loans and lines of credit for nonprime borrowers who cannot qualify with traditional banks or credit unions. Elevate serves Americans with low credit scores and little to no savings.

Elevate’s personal loans brand is Rise. Rise personal loans have no origination or application fees, but its APRs can reach nearly 300 percent.

Rise snapshot

Loan amount $300 – $5,000
APR 50% – 299%
Minimum credit score Not specified
Time to receive funds As soon as the next business day

Pros and Cons of Rise personal loans

Before applying for a Rise personal loan, consider the benefits and disadvantages of the lender.

Pros:

  • Loans for consumers with bad credit: A Rise personal loan, which has fixed payments for a fixed term, is better for emergencies or other purposes than some other nonprime loan products, such as payday loans or auto title loans.
  • 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.
  • Minimum loan amount is low: 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.
  • Gives subprime borrowers a chance to rebuild credit: Rise reports your on-time payments to the credit bureaus, which can help lift your credit score and rebuild your credit.

Cons:

  • Very high interest rates: Compared with the average rate on a personal loan — under 11 percent as of late May 2021, according to Bankrate’s latest weekly rates survey — Rise’s personal loan rates of 50 percent to 299 percent are exorbitant.
  • Maximum loan amount is low: 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 loan terms: 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.
  • Not available in all states: Even though Rise is an online lender, it does not service all 50 states. Rise personal loans are not available in 18 states and Washington, D.C.
  • Not available to military personnel and their spouses: Members of the U.S. military and their spouses are not eligible for Rise personal loans. Rise cites changes to the federal Military Lending Act as the reason. The MLA mandates interest rate caps and other protections for active-duty service members.

Lending terms

Rise does not service the following locations: Arkansas, California, Colorado, Connecticut, Iowa, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Dakota, Vermont, Virginia, Washington, D.C., and West Virginia.

Rise personal loans are also not available to members of the military and their spouses.

A Rise personal loan can be used for unexpected expenses, such as a medical bill or car repair. Given Rise’s high APRs, it’s best to consider other financing options for planned expenses such as consolidating debt or making a down payment on a car.

Loan amounts range from $300 to $5,000 but vary by state. APRs also vary by state, with a range of 50 percent to 299 percent. Repayment terms range from four months to 26 months. You can choose to repay the loan biweekly or monthly.

The interest rate you are given is based on several criteria:

  • The lender’s assessment of what you can afford.
  • Your application information.
  • Credit history.
  • The loan amounts and terms offered in your state.

Rise offers free credit alerts and credit-score checks to help borrowers repair their credit. You may be rewarded with a lower rate for making on-time payments. Rise boasts that it has dropped rates for over 150,000 customers.

Fees and penalties

Rise doesn’t charge origination or application fees, and there’s no prepayment penalty for paying your loan off early.

How to apply for a loan with Rise

You must apply online for Rise personal loans, and it’s possible to get a decision from the lender within minutes. There are no brick-and-mortar branches to visit. Have your identification, proof of income and checking account information at hand before you begin the application.

To apply for the loan, a few things are required:

  • You must be at least 18 years old (19 in Alabama).
  • You must live in a state in which the lender does business.
  • You must have a job or steady source of income.
  • You must have an active, valid checking account.
  • You must have an email address.

If you’re approved, you may be able to get your funds as soon as the next business day.

Rise has telephone customer service hours seven days a week:

  • 8 a.m. to 11 p.m. EST Monday through Friday
  • 9 a.m. to 6 p.m. EST Saturday and Sunday

Customers also can use the automated telephone system to manage their accounts 24/7

How Bankrate rates Rise

Overall Score 4.6
Availability 5.0
Affordability 3.7
Customer Experience 5.0

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.