A RISE Credit Personal Loans review will definitely help you understand fully what this financial institution has to offer. Needless to say, it helps you make an informed decision when it comes to whether or not to borrow money from the said company.
According to the Q3 2019 TransUnion Industry Insights Report, the total unsecured balances in the United States in Q3 2019 set a record-breaking total of $156 billion.
Furthermore, the report says that the average balance per consumer also continues to increase — “growing 7.9% year-over-year to reach $8,998” in the same period.
Personal loans, as compared to other types of loans out there is like one of the go-to kind of loans among people. Since generally speaking, personal loans are unsecured loans, which means collaterals are unnecessary, it’s easy to apply and get approved (of course, provided you meet all the requirements of the lending company where you are getting the loan from).
There are a lot of financial institutions – whether it be banks, credit unions, or online lenders – out there that provides personal loan services. One of these lending companies is RISE Credit.
If you are someone who’s looking into getting a loan anytime soon, or you are someone who is eyeing to get a loan from RISE Credit, then this review is for you.
Through this RISE Credit personal loans review, we hope to bombard you with essential information about the company, and their personal loan options. Hopefully, by the end of this, you get to decide whether RISE Credit is your perfect match or you got to look for another lending company.
Now, to help you get to know more about RISE Credit and its personal loan options, we are going to specifically talk about the following:
- Who is RISE Credit?
- What products does RISE Credit offer?
- Where is RISE Credit available?
- How much loan amount does RISE Credit offer?
- What are the repayment terms for RISE Credit personal loans?
- How much is the interest rate of RISE Credit personal loans?
- Who is eligible for a RISE Credit personal loan?
- How to apply for RISE Credit personal loans?
- What are the fees involved in a personal loan?
- How quickly does RISE Credit disburse funds?
- What are the pros and cons of RISE Credit personal loans?
WHO IS RISE CREDIT?
RISE Credit is a lending company known because of its high-interest installment loans, as well as high-interest lines of credit.
Unlike other lending companies and/or financial institutions, RISE Credit specializes in providing loans to people with not-so-good or poor credit history or to those without credit history at all.
Instead of using traditional scoring techniques in underwriting the loan, the company uses income information plus credit report to be able to set terms and conditions for the loans.
In their website, RISE Credit listed down the different ways that make the company unique, and these are as follows:
- RISE Credits offers tools to help customers understand their credit and develop better money habits.
- RISE Credits report payments to a major credit bureau, enabling customers to demonstrate positive financial behavior.
- Through the RISE Credits Score Plus, the company provides your credit score and credit alerts for free to help customers track their progress.
- RISE Credit believes a brighter financial future starts with access to affordable credit. Thus, they are committed to lowering their rates, which benefitted more than 150,000 customers to date.
WHAT PRODUCTS DOES RISE CREDIT OFFER?
Now that you already know who RISE Credit is, let’s proceed to learn about what personal loan products the company have.
RISE Credit does have two personal loan products.
The first personal loan product is a short-term installment loan that comes with repayment terms that could last up to 26 months in most states in the country.
For this particular loan product, a borrower will be required to pay the loan as often as every two weeks. Short-term personal loans may be eligible for refinancing once you have finished paying off for at least 24 months.
Amount of loan you can borrow for this product range between $500 and $5,000. If along the course of the loan you decide to pay off the loan ahead of its maturity date, you may do so without having to worry about prepayment penalties.
In addition, RISE Credit does not also charge any application or origination fee.
Meanwhile, some customers of RISE Credit may also be qualified for a line of credit. For those who are not quite familiar with it, a line of credit lets you use credit as needed, and then repay it on a schedule determined by the loan agreement.
With regards to making payments, you can either opt to make minimum payments on the line of credit (just like credit cards), or you may choose to pay it off as fast as you can to avoid accruing interest.
Just so you know, the minimum payment you can make on a line of credit depends on the amount you owe the company. However, you will always pay off at least the full interest accrued during the course of the loan.
If you are interested to know more about RISE Credit and its personal loan products, you may check out below from RISE’s YouTube Channel. Sometimes, it’s nice knowing first-hand information from people who got to try it themselves, right?
WHERE IS RISE CREDIT AVAILABLE?
Before you even decide to apply for a personal loan at RISE Credit, make sure, first and foremost, that you are residing in any of the following states:
- New Mexico
- North Dakota
- South Carolina
- South Dakota
Keep in mind though that lines of credit are only available in certain states. To be sure, check the RISE Credit near you if they do offer the said product right now.
HOW MUCH LOAN AMOUNT DOES RISE CREDIT OFFER?
Usually, when you are thinking of applying for a personal loan, you already have a specific amount in mind.
Good thing, RISE Credit offers personal loans that range from $500 to $5,000 making it ideal for most small personal needs.
Just like most personal loans, you can use the money to fund anything. You can either use it to pay for car repairs, home renovations or improvements, travel, etc. Whatever your reason is, that’s totally accepted.
WHAT ARE THE REPAYMENT TERMS FOR RISE CREDIT PERSONAL LOANS?
At this point in our RISE Credit personal loans review, we are going to talk about repayment terms.
The moment you receive the loan amount, it automatically means you are going to start paying it off soon.
Repayment term refers to how long it will take you to pay off the loan by making minimum monthly payments.
As a common rule in loaning money, the longer the term is the lower the payments will be. However, it means a higher overall cost for the loan.
Meanwhile, the shorter the repayment term is, the higher the monthly payments will be, but the overall cost is less.
With RISE Credit they offer repayment terms ranging from four to 26 months.
Who decides how long your repayment term will be?
It actually depends on the lending company, but usually the factors they consider is your ability to pay off, and the amount of the loan.
HOW MUCH IS THE INTEREST RATE OF RISE CREDIT PERSONAL LOANS?
When borrowing money from a lending company or a financial institution, it’s already given that there is an interest rate involved. It’s not like when you borrow money from family or friends that you can just repay whatever the cost of the loan is. It absolutely does not go that way.
That is why it is important that when you are looking for a lending company to loan you money for your needs, you make it a point to check the interest rate.
Keep in mind that a loan’s interest rate does have a huge effect on the loan’s total cost, as well as the monthly bill you have to pay.
At RISE Credit, the company charges very high-interest rates when compared to traditional lenders. In fact, they can go as high as ten times higher or more.
But the thing is, their loans may cost half or less when compared to a payday lender, which makes RISE Credit in between the two.
The minimum interest rate on any RISE Credit loan product is 50%, while the maximum is 299%. If you compare this to other payday lenders and pawnshops, it may not be worth it. However, you have to look into the situation. At the end of the day, knowing what’s worth it depends on circumstances as well.
WHO IS ELIGIBLE FOR A RISE CREDIT PERSONAL LOAN?
Every lending company does have their own set of requirements on who qualifies to borrow money, and who do not.
To be able to apply for RISE Credit, you have to meet certain requirements, which are as follows:
- Must be at least 18 years old (19 in AL and NE)
- Have a job or a regular source of income
- Have an active and valid checking account (Take note though that savings and prepaid accounts not accepted.)
- Do have an email address to receive account information
In addition, you must also be located in any of the states where RISE Credit is operating (we provided the list earlier). It is important to note that the terms of the loan and the type of loan you can apply vary from one state to another.
Also, as we mentioned earlier, RISE Credit is ideal for people who need to borrow money but do have poor credit or no credit history at all. This actually explains the higher interest rate of the company, it may just say. Since the loan does not have any guarantee like collateral, the lending company has to make sure it’s properly compensated through the interest rates.
HOW TO APPLY FOR RISE CREDIT PERSONAL LOANS?
At this point, you already know what RISE Credit is all about, its products, as well as the requirements to qualify for the company’s personal loans.
So, how then do you apply to do a RISE Credit personal loans?
Guess what? The process is quite easy and simple. All you have to do is follow the following steps:
STEP 1: Gather all the necessary information you will need to process your personal loan application. This includes your Social Security number, income details, as well as a valid government identification card.
STEP 2: Fill out an application form, and see if you prequalify for the loan. When filling out the form, the company may ask you personal information such as your contact details, as well as your current address.
STEP 3: Should you qualify for a personal loan, submit an official loan application.
STEP 4: Receive the funds. In as soon as 24 hours, RISE Credit may provide you with the funds you need.
WHAT ARE THE FEES IN INVOLVED IN A RISE CREDIT PERSONAL LOAN?
When applying for any loan — be it a personal loan or something else, you have to take time in checking and examining the fees involved. Take time to research, but better if you get in touch with the company you are eyeing for — for any fees you will pay.
With RISE Credit, though, the company will outline whatever fees attached to your loan. It will be stated in the borrowing agreement, which varies by state. That is why it is important to read and pay attention to the fine print to avoid getting surprised when you are charged.
Furthermore, the cost of the fees is also included in the calculation of your loan’s annual percentage rate or APR.
One thing we noticed and we like about RISE Credit is the fact that the company offers some flexibility with regards to your loan payments. This gives you some extra time past the due date to make payments before the company assesses late payment fees.
Again, before you even sign loan agreements, make sure you read everything first so you do not find yourself surprised when you are charged for certain fees.
HOW QUICKLY DOES RISE CREDIT DISBURSE FUNDS?
Apart from your eligibility for the loan, interest rates, as well as charges, another important thing to consider when applying for a personal loan or any type of loan for that matter is how fast the lending company provides you with the money you borrowed.
The last thing you want is to apply for a personal loan now because you need it now, only to find out that the lending company will get to provide you with the funds in two or more weeks. That’s totally a big problem there.
With RISE Credit, the company can approve loans the very same day you apply as long as you are able to provide all the necessary information and documents they need, and that you meet all the requirements for the loan.
Once the loan is approved, RISE Credit can fund them as soon as the next business day, which is actually what makes the company an ideal choice for people who needs cash soonest.
WHAT ARE THE PROS AND CONS OF RISE CREDIT PERSONAL LOANS?
We are almost done with our RISE Credit personal loans review!
At this point, we are going to share with you some of the pros and cons we found with this lending company.
- Fast Loan Processing — As mentioned earlier, RISE Credit can approve a personal loan within a day. More so, it can provide you with the money the next business day. Definitely faster as compared to most lending companies out there.
- Free Credit Score Access – RISE Credit is an ideal lending company for people with poor or no credit history at all.
- Lower Rates – Initially, RISE Credit may charge you with high-interest rates, but over time, the company has the option to lower the rates for as long as you meet certain requirements.
- Provides Financial Tools and Resources – Apart from the fact that the company provides you with funds you need for certain purposes, RISE Credit also provides helpful tools and resources to help you in your financial journey.
- No Option to Pre-Qualify – Unlike other lending company, RISE Credit does not provide the option to prequalify.
- High Rates – As compared with other similar lenders, RISE Credit may have higher rates.
- Short-Term Lengths – RISE Credit is definitely not a good idea if you need longer than 26 months to pay off a loan. Better scout for other lending companies.
- Small Loan Amounts – Unlike other lending companies out there, RISE Credit only lends money amounting to $500 up to $5,000, which means, if you need more than $5,000, you better check other lending companies out there.
FINAL THOUGHTS ON RISE CREDIT PERSONAL LOANS REVIEW
It’s nice knowing that there are a lot of lending companies out there that you can reach out in times of financial emergencies. One of them is RISE Credit.
As mentioned earlier, RISE Credit is known for its high-interest installment loans, as well as high-interest lines of credit. However, it is also known to be a lending company that provides room for people with poor or no credit history at all to get a loan from.
While it has its share of pros and cons, at the end of the day, we see potential and good points more with RISE Credit than the not-so-good ones.
How about you? Do you think RISE Credit is the perfect lending company for you?