Here's a breakdown of some of the benefits and drawbacks of RISE personal loans.
- Caters to consumers with bad credit
- Swift application and approval process
- Low minimum loan amount
- Rapid funding
- Steep interest rates
- Low maximum loan amount
- Short repayment periods
- Not available in all states
- Not available to military personnel and their spouses
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.
A RISE personal loan can be used for unexpected expenses, such as a medical bill or car repair. However, RISE’s APRs can reach nearly 300 percent, so it’s best to consider other financing options for planned expenses such as consolidating debt or making a down payment on a car.
|Loan amount||$300 to $5,000|
|APR||36% to 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 drawbacks of the lender.
- Caters to consumers with bad credit: While RISE doesn’t specify a minimum credit score requirement, it does say that it offers loans to borrowers who may have trouble qualifying with other lenders. This means that borrowers with poor credit may be eligible for a RISE loan.
- 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.
- 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 period: 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 17 states or Washington, D.C.
- Not available to military personnel and their spouses: 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 does not service the following locations: Arkansas, 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.
Loan amounts range from $300 to $5,000 but vary by state. The rate you receive is based on your credit history and the lender’s assessment of what you can afford. APRs also vary by state, with a range of 36 percent to 299 percent. Repayment terms range from four months to 26 months. You can choose to repay the loan biweekly or monthly, depending on your state of residence.
RISE also offers Credit Score Plus, which provides free credit alerts and credit score updates. This free service is designed to help borrowers repair their credit.
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.
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.
To apply for the loan, a few things are required:
- You must be at least 18 years old (19 in Alabama and Nebraska).
- 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 to receive account information and important updates.
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. Plus, there’s a five-day risk-free guarantee if you decide that a loan from RISE isn’t right for you.
RISE has telephone customer service hours seven days a week. You can reach a support agent at 866-580-1226 between these hours:
- 8 a.m. to 11 p.m. ET Monday through Friday.
- 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 Bankrate rates RISE
|Availability||5.0||RISE has a low minimum loan amount and a quick funding timeline.|
|Affordability||3.7||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.|
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.