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 Loan Requirements
Be at least 18 years old
Be a US citizen or permanent resident or immigration visa holder
Must have a Social Security number
Must live in one of the 31 states where it operates
Must have an active checking account
If you want a better idea of what personal loans you may qualify for with your income, you can use WalletHub’s free pre-qualification tool.
No, RISE does not allow cosigners on personal loans, unlike some personal loan providers. A cosigner is a second person who serves as a guarantor on the loan, and thus promises to pay the loan back if the primary applicant cannot.
Yes, a RISE personal loan does affect your credit score, both when you apply and during the entire time that you are paying the loan off. Initially, a RISE personal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule.… read full answer
How a RISE Personal Loan Affects Your Credit Score
Hard pull: When you apply for a RISE personal loan, RISE will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases.
Increased debt level: Taking out a RISE personal loan will naturally increase the amount of debt that you have. Since your debt level is one of the components of your credit score, you can expect that to have a negative impact initially.
Account diversity: One positive way that getting a RISE personal loan can impact your score right away is by adding more diversity to the types of accounts you have open. Your "credit mix" is one of the components of your credit score, and the more types of accounts you have, the better - as long as you handle them responsibly.
Payments: The biggest factor in how a RISE personal loan affects your credit score is whether you pay on time. If you make on-time payments, your score should steadily increase as a result. If you pay late or fail to make payments altogether, you can expect your credit score to drop.
The bottom line is that while a RISE personal loan does affect your credit score, most of the way that your score changes depends on how responsible you are with the loan. If you'd like to estimate how certain actions might affect your credit score, you can use WalletHub's free credit score simulator.
To apply for a RISE personal loan, first check for pre-qualification and then enter your personal and financial information on the online application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.
How to Apply for a RISE Personal Loan
Check for pre-qualification.… read full answer Pre-qualification is a way to check your approval odds and potential rates before applying for a RISE personal loan. It doesn’t hurt your credit. You can check for pre-qualification on the RISE website.
Enter your personal information on the application. RISE requires the following personal information on the application: your full name, zip code, home address, Social Security number, email address and phone number.
Enter your financial information on the application. RISE requires the following financial information on the application: your job or regular source of income, and an active and valid checking account.
Double check the application for accuracy. To ensure that your RISE personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
Submit your application. RISE will typically provide a decision on your application within 1 business day.
If you are approved for a RISE personal loan, you will generally receive the funds within 1 business day after approval. After that, it’s your responsibility to make monthly payments until you have fully paid back your loan, including interest.
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