Yes, RISE does offer small personal loans. RISE personal loans can be as small as $500, and you can use these loans for nearly anything as long as you have a good enough credit score to get approved (not disclosed but known to target bad credit).
Key Things to Know About RISE’s Small Personal Loans
Loan amounts: $500 - $5,000
APR range: 60% - 299%
Repayment period: up to 26 months depending on the state
Origination fee: None
Funding timeline: 1 business day
To see which lenders may approve you and what rates may be available to you, check out the free pre-qualification tool on WalletHub.
It takes 1 to 2 business days to get money from a RISE personal loan, in most cases. The RISE loan timeline includes around 1 business day to get approved for a RISE loan and another business day to receive the funds after approval. Keep in mind that this is a typical applicant's experience, and in some cases it could take longer.
The best place to get a small personal loan is Discover. Personal loans from Discover let you borrow as little as $2,500, have APRs of 6.99% - 24.99% (depending on your creditworthiness), and have repayment periods of 36, 48, 60, 72 or 84 months. Applicants generally receive a decision the same day they apply and can get the funds as soon as one business day after approval. You’ll need at least a 660 credit score to qualify, according to third-party sources.
The minimum credit score for personal loan approval is 580, depending on the lender. That means it is possible to get an unsecured personal loan with a bad credit score, though such a loan will likely have an origination fee.
For your reference, WalletHub researched some of the most popular lenders to find out more about their specific loan requirements.
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