Author: Kaitlyn Short
RISE is an online loan provider from Elevate. Rather than traditional two to four week payday loans, it offers people with fair and bad credit unsecured installment loans and lines of credit from $500–$5,000 lasting from one month to a few years.
- Alabama
- California
- Delaware
- Georgia
- Idaho
- Illinois
- Kansas
- Mississippi
- Missouri
- New Mexico
- North Dakota
- South Carolina
- Tennessee
- Texas
- Utah
- Wisconsin
Funds can be received in your checking account as soon as one business day, if your application is processed and approved before 6 p.m. Eastern.
The annual percentage rate (APR) of RISE loans ranges from 50 to 299 percent. The eligible rates are determined by an applicant's state of residence, and state, and regional laws.
Basic requirements for application include the following:
- At least 18 (19 in Alabama)
- A regular source of income
- Valid checking account
- Valid email address.
Top Ranked Companies
The Good
- 5-Day Risk-Free Guarantee
- Rates
- 7-Day Extension
- Credit Score Plus
- Terms
- Credit Reporting
5-Day Risk-Free Guarantee
If you change your mind and no longer want the loan, or you find a loan that better suits your needs, you can return your loan within five business days from the day you sign. You just have to repay the principal. You don't have any fees.
Rates
RISECredit offers loans that have better rates than most payday loan companies, ranging in APR from 36 percent to 299 percent. Traditional payday loans have APRs from 300 percent to 1,000 percent APR, while mainstream personal loans offer loans capped at the 36 percent mark.
With RISE, you can apply for refinancing, and your rates can decrease over time if you have a pattern of making our payments on-time. You can also get eligible to refinance. The website states that it has dropped rates for over 150,000 customers so far.
7-Day Grace Period
If you need more time to make your installment payment, then you can contact customer service for a 7-day extension.
Credit Score Plus
This company offers a Credit Score Plus program to anyone, regardless of whether they are RISE borrowers. This program helps you to track your credit, see what is affecting it, and what you need to change.
Terms
Terms are better than payday loans but still higher than mainstream loans. If you are approved for RISE, you get access to a flexible payment schedule. Additionally, there are no prepayment penalties.
Credit Reporting
Rise reports all loans to a major credit bureau. This can help to increase your credit score by adding positive payment history to your account. However, if you make late payments, this can hurt your score.
The Bad
- Harder to Get Approved
- Limited Availability
- Reduced Rates
Harder to Get Approved
While RISE is a good option for people who want access to short-term credit, it is harder to get approved than with a standard payday lender like Check Into Cash.
You can check your loan options via pre-approval with a simple soft credit pull, but then once you choose to complete a full application for the loan amout, a hard inquiry will go on your credit report.
Limited Availability
Unfortunately, RISE is not available to residents of several states:
- Arkansas
- Colorado
- Connecticut
- Iowa
- Louisiana
- Maine
- Maryland
- Massachusetts
- New Hampshire
- New Jersey
- New York
- North Carolina
- Pennsylvania
- Rhode Island
- South Dakota
- Vermont
- Virginia
- West Virginia
Reduced Rates
The opportunity to get your rate reduced is not available to people in Kansas or Tennessee. These states offer lines of credit rather than personal loans. It's just a different kind of credit. Refinancing isn't offered.
The Bottom Line
RISE Credit offers online installment loans to people with fair and bad credit. This is an expensive form of credit, though rates are better than regular payday loans, not everyone will be able to get approved.
Have you borrowed from RISE? Let us know about your experience with a quick review below.
