Grace Enfield, Content Writer
@grace_enfield
Yes, you can pay off RISE loans early, which is a smart idea because it will save you money on interest. RISE does not charge a prepayment penalty, meaning that you will not be charged extra if you pay off the loan sooner than you’re required to.
Example of How Much You Can Save By Paying Off a RISE Personal Loan Early
- Situation: A $2,500 loan with a repayment period of 12 months, an APR of 120% and an origination fee of 0%.
- Normal Payments: You will spend approximately $1,903 on interest.
- Early Pay Off: If you pay off the loan in 6 months, you will save about $959 on interest.
To estimate the cost of your RISE personal loan with different repayment schedules, check out WalletHub’s free personal loan calculator.
People also ask
Does RISE verify income for personal loan applications?
RISE does verify income for personal loan applicants to confirm that people can repay what they borrow, but it does not disclose a minimum income requirement. You also have to meet other RISE requirements to be considered, such as be at least 18 years old and be a US citizen or permanent resident or immigration visa holder. You have a good chance of getting approved if you meet all of these requirements.
RISE Personal...
read full answer by Grace Enfield, Content WriterWhat credit score do you need for a RISE personal loan?
RISE does not disclose a specific credit score needed to get a personal loan, unlike many personal loan providers. When evaluating your application, RISE will consider your entire financial profile, including your income and existing debts, as well as your credit history.
RISE Credit Score Requirement & Loan Terms
| Category | Requirements and Terms |
| Minimum Credit Score | Not disclosed |
| Loan Amount | $300 - $5,000 |
| Repayment Period | up to 36 months depending on the state |
| Funding Timeline | As soon as the next business day |
How can you get RISE personal loan pre-approval?
You can get RISE personal loan pre-approval through the RISE website. RISE pre-approval allows you to see your odds of approval for a personal loan from RISE, as well as your potential interest rate, and the process will have no impact on your credit score.
How to Get RISE Personal Loan Pre-approval
- Go to the RISE website.
- Click on Get Started.
- Enter your name, Social Security number, email, mobile phone...
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