- Accepts bad credit
- No origination fees
- No prepayment fees
- No late fees
- Funding in as little as 1 business day
- Very high APRs: 60% - 299%
- Small loan amounts: $500 - $5,000
- No joint applications
- Only available in 31 states
RISE Review Summary
RISE loans are expensive, with an APR range of 60% - 299%. RISE advertises their loans as an option for people with bad credit, but there are better alternatives from other lenders that will charge far less.
RISE loans don’t have origination fees, prepayment fees or late fees. But that doesn’t change the fact that their APRs are far too high. In addition, RISE only does business in 31 states, so many people can’t apply in the first place. The only big upside to RISE loans is that you can get funded in one business day, typically. But there are a lot of cheaper lenders that also offer fast funding.
Below, you’ll find a summary of everything you need to know about RISE Loans, along with WalletHub’s ratings in three major categories: Terms, Requirements & Application, and Reviews & Transparency.
RISE Personal Loan Terms
|APRs||60% - 299%|
|Loan Amount||$500 - $5,000|
|Loan Terms||26 months|
|Minimum Credit Score||Not disclosed*|
|Minimum Income||Not disclosed|
|Time to Receive Loan Money||1 - 2 business days|
RISE Interest Rates, Fees & Other Terms
Category Rating: 22% (1.1 out of 5)
- Overall APR range: RISE offers fixed-rate personal loans with an APR range of 60% - 299%.
- How rates are determined: The exact rate you will get mainly depends on your credit history and state of residence. RISE may also choose to lower your rate over time if you make on-time payments. RISE advertises that they’ve lowered rates for 150,000 customers.
- Fees: RISE does not charge any origination or early repayment fees. They don’t have any fees for late payments, either.
- Loan amounts & timelines: RISE offers small loan amounts, just $500 to $4,000. Their repayment periods go up to 26 months.
RISE Requirements & Application Info
Category Rating: 70% (3.5 out of 5)
- Minimum credit score: RISE doesn’t give any kind of minimum credit score requirement, but their loans are targeted to people who have bad credit
- Minimum income: Not disclosed, but their website says approval and loan terms “are subject to minimum income requirements and vary by state.”
- Age: You must be at least 18 years old.
- Citizenship: You must be a U.S. citizen or permanent resident.
- State: You must live in one of the 31 states where RISE operates.
- Checking account: You must have an active checking account. Savings or prepaid accounts are not accepted.
- Pre-qualification: RISE allows you to check your loan options online by filling in some personal information, such as your name, address, and income. This process will let you know what offers you’re likely to qualify for without hurting your credit.
- Ways to apply: The only way to apply for a RISE personal loan is online.
- No joint loans: You can only apply by yourself, as RISE does not accept joint applications.
RISE Reviews & Transparency
Category Rating: 90% (4.5 out of 5)
- Better Business Bureau: RISE Credit is rated A+ by the BBB. They have not become accredited.
- Consumer Financial Protection Bureau: There are more than 180 complaints about RISE loans in the CFPB complaints database. Many customers complain about having trouble with the high interest rates.
- WalletHub: RISE has an average user rating of 2.6/5 on WalletHub.
- Transparency: RISE gets a good score for transparency, as you can easily find the APRs and fees for RISE loans online. Plus, RISE’s pre-qualification tool lets you estimate your rates before you apply. RISE is clear about what customers can expect.
Summary: RISE Scores by Review Category
|Rates, Fees & Other Terms||1.1/5|
|Requirements & Application Info||3.5/5|
|Reviews & Transparency||4.5/5|
RISE vs. Popular Competitors
|APRs||60% - 299%||59% - 160%||185% - 350%|
|Loan Amounts||$500 - $5,000||$500 - $4,000||$500 - $3,000|
|Loan Terms||26 months||Up to 18 months||8 - 30 months|
|Minimum Credit Score||Not disclosed*||None*||Not disclosed*|
In order to provide the most accurate review for RISE Loans, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. For RISE, that happens to be Texas.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.