2020 RISE Loans Review
RISE Review Summary: RISE loans are expensive, with APRs ranging from 60% to 299%. RISE advertises their loans as an option for people with bad credit. However, 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 30 states and the District of Columbia, 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||5 months|
|Minimum Credit Score||Not disclosed*|
|Minimum Income||Not disclosed|
|Time to Receive Loan Money||1 - 2 business days|
RISE Loan Interest Rates, Fees & Other Terms
Category Rating: 1.1/5
RISE is one of several lenders that offer high-interest-rate personal loans to people who have bad credit. RISE’s minimum APR is 60% and their maximum is 299%. That’s similar to the rates of other “bad credit” lenders, but way more expensive than the average personal loan. Usually, the range for personal loan interest rates is around 6% - 36%.
Even if you have bad credit, you can still beat RISE’s rates by checking out offers from credit unions and other online lenders that cater to bad credit. Naturally, RISE loans lose a lot of points when it comes to rates. On the bright side, RISE personal loan interest rates are technically fixed, but if you make on-time payments, RISE may choose to lower your rate. RISE advertises that they’ve lowered rates for 150,000 customers.
RISE also gets docked points for their very small loan amounts, just $500 to $4,000. They offer short repayment periods, too.
One area where RISE does score well is their lack of origination fees. You also won’t be charged a fee for paying your loan off early; and at these APRs, you’ll want to do that as quickly as possible. Lastly, RISE does not charge a fee for late payments. But you still shouldn’t pay late because that will lead to credit score damage.
RISE Loan Requirements & Application Info
Category Rating: 3.5/5
RISE is targeted toward people who have bad credit. They don’t even give any kind of minimum credit score requirement. As a result, RISE scores well for being available to a wide range of borrowers.
RISE also scores well for having a pre-qualification process. Visit their website and put in your name, email and state at the top right, then click “Check Your Loan Options.” You’ll then be directed to a form where you fill in more detailed information like your address and income. At the end of this process, which will not hurt your credit, you will see what offers you’re likely to qualify for.
If you choose to submit an application after that, RISE will do a hard inquiry of your credit, which will cause a drop in your score. The only way to apply for a RISE personal loan is online. You must apply by yourself, as RISE does not accept joint applications.
RISE does not disclose an overall minimum income, but their website says approval and loan terms “are subject to minimum income requirements and vary by state.” RISE only operates in 30 states and the District of Columbia, so you will have to live in one of those places to apply.
RISE Loan Reviews & Transparency
Category Rating: 4.5/5
- 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 3.4/5 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.
RISE Loans vs. Popular Competitors
|APRs||60% - 299%||99% - 199%||185% - 349%|
|Loan Amounts||$500 - $5,000||$500 - $10,000||$500 - $3,000|
|Loan Terms||5 months||Up to 36 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.
Was this article helpful?