2023 RISE Personal Loan Review
Getting an unsecured loan with a rocky credit history can be challenging, but installment lenders like RISE offer products with low funding amounts and high interest rates. Because RISE does report on-time payments to credit bureaus, you could see your score rise if you repay your loan on time.
- High APR: Depending on your state, a RISE loan could have an annual percentage rate (APR) as high as 299.00% — with that kind of rate, you may be stuck paying thousands of dollars in interest, even for a small loan. Financial experts recommend avoiding loans that have an APR higher than 36%, which is widely considered to be the dividing line between responsible lending and predatory credit products.
- Smaller loan size: RISE’s loan amounts also vary by state, but the most you can borrow anywhere is just $5,000, which is a much lower amount than traditional lenders offer.
- Not available nationwide: Since some states regulate loan terms, RISE cannot do business everywhere. In some locations, it’s illegal to offer loans with RISE’s interest rates. Currently, RISE only operates in 30 states.
- Biweekly loan payments: Unlike traditional personal loans, RISE loans have biweekly payments. It may be more difficult to keep up with them on such a short timeline.
- Works with bad credit: If you have bad credit and can’t get approved for a traditional personal loan with a more manageable APR, an installment loan may be your last resort.
- Quick funding timeline: If you need cash quickly, RISE can deposit your funds into a linked bank account as quickly as the next business day once you’re approved.
RISE pros and cons
It’s important to understand both the benefits and drawbacks of any financial product you’re considering. In this case, the risks may outweigh any upsides, since a RISE loan is a very expensive way to borrow money.
Available for borrowers with bad or no credit
Fast funding timeline after approval
No origination fees or prepayment penalties
Reports on-time payments to credit bureaus
Very high interest rates
Small loan amounts
Little flexibility in repayment schedules
Not available in many states
RISE loans are designed for short-term cash emergencies, and they’re targeted toward borrowers who aren’t creditworthy enough to be approved for a traditional personal loan with more affordable rates. Unsecured loans aren’t backed by collateral, like a house or car, so lenders rely on your credit history to decide whether to lend you money and what interest rate you qualify for.
If you need money and have had credit issues, you may need to turn to a lender like RISE. They do offer some advantages over similar installment lenders: You can back out of your loan agreement within five business days, and loans don’t roll over like a payday loan would. There’s also a late payment grace period. Plus, this lender reports your on-time payments to the credit bureaus — so if you make timely loan payments, repaying your RISE loan could help you rebuild your credit.
RISE doesn’t provide many details about what borrowers need to get approved for a loan. You’ll have to be at least 18 years old and live in a state where RISE loans are available. Importantly, you’ll also need to have a job or other regular source of income and a valid checking account. Of note, military members are not eligible to apply due to legislation that protects them from this type of loan product.
If RISE’s loan options won’t work for your borrowing needs, shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
How to get a loan with RISE
Here are the basic steps for getting a RISE loan:
Apply for a loan
You must include basic information like your name, address and Social Security number in RISE’s online loan application. If you’ve received a prescreened loan offer in the mail, you can also include that promo code. The lender will conduct a soft credit inquiry to determine your eligibility, which won’t impact your credit.
Receive the decision
RISE will typically give you a rapid decision about whether you’re eligible for a loan. Your loan offer will include information about how much money you can borrow, your interest rate and a repayment schedule.
Choose whether to accept
If you choose to move forward with RISE, the lender will run a hard credit check on your report — standard practice for originating loans. Unlike many lenders, RISE allows you to opt out of a loan even after signing an agreement if you do so within a few days. You may receive loan funding as soon as the next business day.
If you can’t get approved for a RISE loan, there are some steps you can take to improve your chances of getting approved for a personal loan.
How RISE compares to other personal loan companies
Even if you believe RISE aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how RISE stacks up against similar personal loan lenders.
|LendingTree’s rating||2.9/5||3.0/5 (Read review)||4.5/5 (Read review)|
|Minimum credit score||Not specified||Not specified||660|
|APRs||59.80% to 299.00%||160.00%||7.99% to 24.99%|
|Loan amount||$300 to $5,000||$500 to $4,000||$2,500 to $40,000|
|Repayment term||5 to 36 months||9 to 18 months||36 to 84 months|
|Funding timeline||Receive funds as soon as the next business day||Receive funds as soon as the same business day||Receive funds as soon as the next business day|
|Bottom line||RISE offers the lowest loan minimums, which vary by state, but even the starting APR is higher than financial experts recommend.||Like Rise, OppLoans is an installment lender with high rates and short repayment terms. However, its max APR is still lower than the rate you may receive from RISE.||Discover gives borrowers with good credit more attractive loan conditions and offers fast funding and no additional fees.|
How we rated RISE
To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:
- Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls, and whether they were transparent about eligibility criteria other than credit scores.
- Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but also competitive.
- Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.
The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.
The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.
LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.