It can be difficult to get affordable financing if you have bad credit. Although RISE personal loans can be more expensive than payday loans or auto title loans, they are better than short-term high-interest loans.
Information about Loans
- Cash in your Account as Soon As Tomorrow
- Rapid Approval and Application in Just Minutes
- You can borrow on your own terms
- 5-day Risk-Free Guarantee for Changes of Mind
- There are no hidden fees or prepayment penalties
- Bad-credit borrowers are eligible
- No collateral requirement
- Quick funding
- High APRs
- Relatively brief repayment terms
RISE is an online lender that works with people with bad credit. You can get loans from $500 up to $5,000. The loan can be repaid in as little as four to 26 months.
However, the amount and terms of repayments available may vary from one state to another. Although the lender does not charge any application, origination, or prepayment fees (APRs), they are much higher than other installment loans. Before you apply, here’s some information.
Low Rates and High APR
RISE personal loans come with very high APRs. They can range from 36% to 299%, depending on where you live and your credit score. You may be eligible for financing that is more affordable if your credit score is good or above.
You may be eligible for a lower interest rate with another lender even if your credit is not perfect. If your credit score is not good enough to qualify for payday loans or auto title loans, a RISE personal loan is a better option. It is cheaper and can provide you with more cash as well as longer repayment terms.
RISE offers the possibility of a lower interest rate than most lenders if you make timely payments on your loan.
Who is eligible for a personal loan from RISE?
RISE personal loans are usually targeted at consumers with low credit scores. Although the lender does not require a minimum credit score to approve your loan, it doesn’t guarantee that you will be approved.
RISE will examine your credit history, income, and any other information you have provided to determine if they can approve your application.
You can apply to be prequalified if you aren’t sure based on your credit history. Then, view other offers that match your creditworthiness.
Members of the Military who are eligible for RISE personal loans cannot apply.
The lender doesn’t allow cosigners. If you don’t get approved by your bank, you will need to search elsewhere.
How to apply for a personal loan from RISE
RISE’s online application for personal loans is completely secure. You must meet the following requirements to be eligible for a RISE personal loan:
- You must be at least 18 years of age (or 19, if you reside in Alabama or Nebraska).
- Affective in one of the states that the lender is active
- You should have a job or another source of regular income.
- Maintain an active, valid checking account
- You will need an email address to receive account information
You will need to provide some information about yourself to start the application process. This includes your name, address, and date of birth.
RISE will perform a soft inquiry on credit reports to help you understand your loan options. The hard inquiry will only be visible on your Teletrack credit report if the lender checks your credit reports with Teletrack, its partner consumer reporting agency. The inquiry will not appear on your credit reports with the three major credit agencies.
If you apply for one, the lender may run a hard inquiry that could impact your credit score. To verify your application, the lender might ask you for pay stubs or tax forms.
The factors that determine your APR include your income, credit history, and information about your application. It also considers the terms and amounts of loans available in your state.
Quick Funding with Small Loan Amounts
It takes 5-10 minutes to apply online, especially if all documents are available that RISE will need to verify your information.
The loan amount you can get is $500 to $5,000. However, the rules and regulations regarding the amount you are eligible for and the fees may vary depending on where you live.
Your loan funds may be deposited to your account as soon as the next day if you are approved before 6 p.m. Eastern Time.
Low fees and flexible payment schedule
RISE does not charge any application, origination, or prepayment fees. If you fail to make a payment, RISE may charge a late fee. RISE can help you extend your payment deadline if you have difficulty making it.
Loan payments can be made via ACH transfers to your checking account, a debit card, or a paper check.
You’ll have five days from the time you sign your loan agreement to determine whether you want to keep it or not. You can return the funds and not pay interest if your financial situation changes.
You can build and monitor your credit
RISE reports only to one national credit bureau. This can make it difficult to use RISE personal loans to improve your credit score. Your credit score will reflect the payment history of your loan. However, the credit score generated by one credit bureau will not be recorded with the other credit bureaus.
Through its Credit Score Plus Service, the lender can access your TransUnion Credit Score. This includes free credit alerts. This score is not the same as your FICO(r), which lenders use to make lending decisions.
Are Personal Loans from RISE right for you?
Personal loans from RISE are quite expensive, especially if you have good credit or access to lower financing options.
It’s a smart idea to look at other options before you apply for a loan from RISE. To ensure you receive the best terms possible, shop around and compare different lenders.
RISE can offer more favorable terms than other lenders if you don’t have the option of getting payday or auto title loans.
However, RISE has a higher loan amount and longer repayment terms which can be an excellent alternative to the high APRs and short repayment terms associated with payday and car title loans.
I am David, economist, originally from Britain, and studied in Germany and Canada. I am now living in the United States. I have a house in Ontario, but I actually never go. I wrote some books about sovereign debt, and mortgage loans. I am currently retired and dedicate most of my time to fishing. There were many topics in personal finances that have currently changed and other that I have never published before. So now in Business Finance, I found the opportunity to do so. Please let me know in the comments section which are your thoughts. Thank you and have a happy reading.