Can you pay off a RISE loan early? This question is about RISE

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.

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Can you pay off a RISE loan early?

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This question is about RISE

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Grace Enfield, Content Writer

@grace_enfield • 06/07/22 This answer was first published on 06/07/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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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.

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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...

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What credit score do you need for a RISE personal loan?

RISE does not specify a minimum credit score requirement to get a personal loan, unlike many personal loan providers. Although there isn't a specified RISE credit score requirement, RISE will consider people who have bad credit, according to customer service. Most other lenders' credit score requirements for personal loans range between 585 and 700.

Keep in mind that RISE will look at more than just your credit score when evaluating your application for a...

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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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