RISE Credit Loans Review 2022
Personal Finance Insider writes about products, strategies, and advice to help you make smart decisions with your money. We may receive a small commission from our partners, such as American Express, but our reports and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.
RISE loan amounts and interest rates
RISE offers loans with fixed interest rates and a fixed term, repaid in monthly installments. You will receive your money in a single payment when you take out the loan. RISE lets you use its loans for many purposes, including expenses like medical bills, home repairs, or debt consolidation.
Loan amounts on RISE loans range from $300 to $5,000. APRs range from 36% to 299%, but keep in mind that the lowest APRs are only for returning customers in CA, IL, or ND. Loan rates and amounts vary widely from state to state, so check your state specific conditions.
RISE will send your money the next business day, provided your request is processed and approved by 6 p.m. ET.
Loans are not available to new customers in AK, CA, CO, CT, IL, IA, ME, MD, MA, NH, NJ, NY, NC, ND, PA, RI, SD, VT, VA, WV or Washington DC. You may be able to get a loan on a limited basis if you are a loyal customer in CA, IL or ND. The bank that will issue your loan depends on the state you live in:
- Loans issued and funded by FinWise Bank — AK, AZ, FL, HI, IN, KY, LA, MI, MN, MT, NE, NV, OH, OK, OR, WA, and WY
- Loans issued and funded by CCBank — KS, TN and TX
- Government Installment Loans – AL, DE, ID, GA, MO, MS, NM, SC, UT and WI.
Repayment terms vary depending on the state you live in, but the overall range is between four and 26 months.
RISE reports your account and payment history to two of the three major credit bureaus, TransUnion and Experian. A history of on-time payments can improve your credit score, while late or missed payments could damage it.
There is no minimum credit score for loans from RISE, but it is generally easier for borrowers with poor credit to obtain a loan from RISE than elsewhere.
Advantages and disadvantages of RISE loans
Who is RISE for?
RISE is best for people who have exhausted other options available to them. This can include personal loans from other lenders, money from friends and family, or extra money from a side gig. RISE has inflated interest rates which are higher than other lenders and in some cases not much better than payday lenders.
RISE is still probably a better option than a payday loan, as many payday loans have annual interest rates of up to 400% and must be repaid within a month. Many payday lenders have also been accused of predatory lending practices.
You have little flexibility in your repayment terms, and residents of some states aren’t even eligible for loans with RISE.
Comparison of RISE loans
These three lenders offer high APR loans to borrowers with bad credit. This may seem attractive to those who cannot obtain loans elsewhere, but the rates charged by these companies can have a significant negative effect on your finances.
You can take out a loan of $300 to $5,000 with RISE, $300 to $10,000 with Oportun, and $500 to $4,000 with Opploans.
Oportun charges an origination fee, which is deducted from your overall loan proceeds. Neither RISE nor Opploans charge setup fees.
Is RISE trustworthy?
RISE has a A+ rating from the Better Business Bureau, a non-profit organization focused on consumer protection and trust. The BBB rates businesses by looking at their response to customer complaints, honesty in advertising, and truthfulness in business practices.
RISE has also not been involved in any recent scandals or controversies. Between its high BBB rating and clean company history, you might decide you’re comfortable borrowing from RISE.
Frequently Asked Questions
Is RISE a legit company?
Yes, RISE is a legitimate company that offers fixed rate loans to qualified borrowers. These loans are for small sums of money and come with high interest rates.
Which bank uses RISE?
RISE issues loans from two different banks depending on your state of residence.
- Loans issued and funded by FinWise Bank – AK, AZ, FL, HI, IN, KY, LA, MI, MN, MT, NE, NV, OH, OK, OR, WA and WY.
- Loans issued and funded by CCBank — KS, TN and TX.
Does RISE report to the credit bureaus?
Yes, RISE reports to two of the three major credit bureaus, Experian and TransUnion. You may be able to boost your credit score with a history of regular, on-time payments.
What questions should you ask yourself?
Have I explored alternatives to a high interest loan?
Consider loaning money to friends and family, taking on a side job, or borrowing from another lender before settling for a loan with a high APR. In some situations, you could lock yourself into a cycle of debt with a high-interest loan. If you are late paying, the interest charged to you may continue to accumulate until you have trouble repaying it.
Am I comfortable taking out a loan with a very high interest rate?
RISE loans come with extremely high APRs, so you need to make sure you understand what you’re getting into before agreeing to borrow. You could end up paying a significant amount of interest on your debt depending on the length of your term.
Why do I need a loan?
Understand why you’re borrowing money before choosing to take out a loan, whether it’s for debt consolidation or home improvement. Otherwise, you may be forced to pay interest on the debt you incurred before you really thought about the decision.