RISE is a personal loan provider that offers $500 - $5,000 in funding, APRs of 60% - 299% (depending on your creditworthiness), and repayment periods of up to 26 months depending on the state. RISE does not require you to have a credit score to qualify.
Key Facts About RISE Loans
Loan Amounts: $500 - $5,000
APRs: 60% - 299%
Repayment Periods: up to 26 months depending on the state
Funding Timeline: 1 - 2 business days after approval
Credit Score Requirement: Not disclosed but known to target bad credit
Income Requirement: Not disclosed, but subject to min income requirements by state
Residency Requirement: Live in one of the 31 states where it operates
RISE uses FinWise Bank and Capital Community Bank, among other banks, to originate personal loans. If you are approved, one of the banks will fund your loan, which could be $500 - $5,000 with an APR of 60% - 299%, depending on your creditworthiness. You can qualify for a personal loan with the RISE even if you have bad credit.… read full answer
Yes, RISE does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.
RISE's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the … read full answercredit score simulator on WalletHub.
It's worth noting that some people may be uncertain about whether RISE does a hard inquiry because there's only a soft inquiry during the pre-qualification process. Soft inquiries do not impact your credit score. But that's just the first step, and a hard inquiry is required when you officially apply.
If not having a hard inquiry is important to you, lenders that don't do a hard pull at all include Integra Credit and OppLoans.
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… read full answer
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.
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