RISE Personal Loans: 2023 Review (2024)

Do you qualify?

Rise does not disclose any specifications when it comes to credit, but there are a few other requirements. You must:

• Be at least 18 years old (19 in Alabama and Nebraska).
• Live in a state in which the lender does business.
• Have a job or steady source of income.
• Have an active, valid checking account.
• Have an email address to receive account information and important updates.

Along with this, active-duty service members and their spouses are ineligible for Rise loans. Rise cites changes to the federal Military Lending Act as the reason, which mandates interest rate caps and other protections for active-duty service members.

Even though it is an online lender, Rise does not service all 50 states. Rise personal loans are not available in 17 states or Washington, D.C.

What Rise doesn't allow loan funds to be used for

Rise does not specifically disclose this information, but borrowers typically cannot use a personal loan for illegal activities, business expenses or to pay for college tuition.

RISE vs. NetCredit

Both Rise and NetCredit offer personal loans that cater to borrowers with low credit scores. However, when it comes down to it, NetCredit could be a better choice for a number of reasons.

First, its loans feature lower APR ranges. NetCredit also offers a much higher loan limit at $10,000, while Rise’s maximum loan amount is $5,000. Besides that, NetCredit offers repayment terms of up to 60 months, and you could get the funds as soon as the same day after approval.

RISE vs. OppLoans

OppLoans and Rise both offer small loan amounts with short repayment terms. But despite this, Rise loans may be a better option if you need more flexibility, as OppLoans offers repayment terms of up to 18 months and a maximum loan amount of $4,000 — both of which fall short compared to Rise’s offerings.

That said, OppLoans does offer a more competitive APR cap at 179.00 percent, as well as same-day funding — something that isn’t available with Rise.

What we like and what we don’t like

Consider the whole of what Rise has to offer, steep interest rates included, before submitting a loan application.

What we like

• Swift application and approval process: Rise is a fully digital lender, so the application and approval process is conducted online. Applying online takes far less time than visiting a bank, and you get a decision on the loan within minutes.
• Low minimum loan amount: You can borrow as little as $500 for a minor emergency expense, such as a dental bill or home repair. Most personal loan lenders have higher loan minimums.
• Rapid funding: You could get funds deposited to your bank account in as little as one business day.

What we don't like

• Steep interest rates: Compared with the average rate on a personal loan, which is around 12 percent, Rise’s personal loan rates of 60.00 percent to 299.00 percent are exorbitant.
• Low maximum loan amount: The loan maximum of $5,000 is low compared with the maximums offered by traditional lenders — many of which loan up to $50,000 — and may not be enough to meet your needs.
• Short repayment periods: You have between seven and 36 months to pay off your Rise personal loan, depending on what state you live in. This is a brief time compared with repayment terms offered by other lenders.

How to contact Rise

Rise has telephone customer service hours seven days a week. You can reach a support agent at 866-580-1226 between the hours of 8 a.m. and 11 p.m. ET, Monday through Friday, and 9 a.m. to 6 p.m. ET, Saturday and Sunday. Customers also can use the automated telephone system to manage their accounts 24/7.

How to apply for a personal loan with Rise

You must apply online for a personal loan through Rise, and it’s possible to get a decision from the lender within minutes. The lender might also request income documentation before approving your application. If you’re approved, you could get funds in your bank account as soon as the next business day.

Features and additional perks

Rise offers its customers a five-day risk-free guarantee. If you decide that a loan with Rise isn’t right for you, you can get refunded. That said, your credit score will still temporarily drop from the hard credit check required for approval, so it may be better to prequalify with a few lenders before accepting an offer.

Fees and penalties

Rise doesn’t charge origination or application fees, and there’s no prepayment penalty if you pay off your loan early. You’ll also get a seven-day grace period before you’re charged a late-payment fee.

Methodology

To select the best personal loans, Bankrate’s team of experts evaluated over 30 lenders. Each lender was ranked using a meticulous 20-point system, focusing on four main categories:

• Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score. We also give bonus points to lenders offering rate discounts, grace periods and that allow borrowers to change their due date.
• Availability: Minimum loan amounts, number of repayment terms, eligibility requirements, ability to apply using a co-borrower or co-signer and loan turnaround time are considered in this category.
• Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
• Transparency: For this factor, we consider how well information is presented to the borrower on the lender’s website. This includes listing credit requirements, rates and fees, in addition to offering prequalification.

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