RISE Credit Review: Borrow & Build Credit, but at High Interest Rates
- Min. Amount
- $500
- Max. Amount
- $5,000
- Turnaround time
- As soon as the same day
Our verdict
RISE Credit offers fast funding and transparency about costs, but interest rates could reach the triple digits.
RISE Credit is a lender that offers installment loans ranging between $500 and $5,000, although minimum and maximum loan amounts vary by state. It charges high interest rates — from 59.8%. to 299% — but at least it’s transparent about costs and lists APR ranges for each state it services. Plus, unlike many high-interest lenders, RISE Credit reports your payment history to two of the major credit bureaus, which can help you build credit.
Best for: People who need fast access to cash and don’t qualify for less expensive funding.
Pros
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Loan amounts of $500 to $5,000
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Helps to build credit
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Upfront about costs
Cons
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Rates up to 299%
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Minimum and maximum loan amounts vary by state
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Not available in all states
Is RISE Credit legit?
RISE Credit is a legitimate personal loan lender that’s headquartered in Fort Worth, Texas, and has been in business for over 10 years.
To date, it’s helped more than 975,000 customers with loans totaling over $3.7 billion. Its loans are funded by FDIC-insured banks, including Capital Community Bank and FinWise Bank.
RISE appears to take security seriously and protects your personal information from unauthorized access. It uses security measures that comply with federal law, including computer safeguards and secured files and buildings.
It also maintains physical, electronic and procedural safeguards and uses 128-bit Transport Layer Security (TLS) encryption to transmit all information.
What makes RISE Credit shine?
We appreciate that RISE Credit — unlike some of the competition — is transparent about how much its loans cost, so you’re aware before you decide to apply. It also readily admits that this is an expensive form of financing and shouldn’t be considered a long-term solution. It even makes a point of suggesting a number of less expensive alternatives, such as credit card cash advances, personal loans and home equity financing.
RISE Credit also aims to help you build credit, which is a departure from most alternative lenders. It reports your payment history to both TransUnion and Experian, so a history of on-time payments can add to your credit mix or boost your score. Furthermore, RISE customers can sign up for Credit Score Plus, a free service that allows you to view your TransUnion score and get credit alert notifications.
Where RISE Credit falls short
There’s not much to love about RISE Credit’s APRs. Rates range from 59.8%. to 299%, which are much higher than personal loans that typically run between 6% and 36%. (Although they are better rates than most payday loans.)
Plus, while it says loan amounts are from $500 to $5,000, that’s not consistent across all states it services. For example, in Minnesota, the minimum loan amount is $1,500, so Minnesotans who need to borrow less are out of luck. These loan amounts are based on state regulations and not a fault of RISE Credit itself, but it can be a big drawback to borrowers in need of a loan. If you love RISE Credit, but need to borrow less check out other loans like RISE Credit.
RISE Credit loan details
| Minimum credit score/credit range | Not stated |
| APR | 59.8%. to 299% |
| Loan amounts | $500 to $5,000 |
| Terms | 7 to 36 months |
| Approval turnaround | As soon as the same day |
| Availability | Available in: Alabama, Alaska, Arizona, Delaware, Florida, Georgia, Hawaii, Idaho, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, Ohio, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Wisconsin, Wyoming |
| Fees |
|
| Other fees | Not stated |
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How to qualify for RISE Credit
RISE Credit is clear about the eligibility requirements needed to apply. At a minimum, you’ll need to:
- Be at least 18 years old
- Live in a state where RISE Credit offers loans
- Have a job or regular source of income
- Have an active and valid checking account
- Have a valid email address to receive account information
How to apply
It’s easy to apply for a loan with RISE Credit:
- Apply online and prequalify with a soft credit pull.
- Review your loan offer if you prequalify.
- Complete your application with a hard credit check and submit any requested documentation.
- Wait for the lender to verify your information and decide on your application.
- Receive funds as soon as the next business day if approved.
How RISE Credit compares to other lenders
What is the Finder Score?
The Finder Score crunches 3+ types of short-term loans across 65+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.
RISE Credit reviews and complaints
RISE Credit has thousands of reviews on Trustpilot, with more than 80% giving five stars. Customers compliment the quick and easy application process, fast funding and professional and honest service. Even the less enthusiastic reviews say the only real problem with the company is high rates.
The worst of the reviews are largely complaints about high APRs or being denied for loans even after they were preapproved. Some also complain that they couldn’t refinance or get another loan despite paying off their last one.
Some reviewers cite issues with inaccurate credit reporting, high interest rates and trouble connecting with customer service, especially when dealing with time-sensitive issues. A few customers went so far as to call RISE Credit a scam or predatory, but it does appear to respond to all complaints.
Frequently asked questions
What credit score is needed for a RISE loan?
RISE Credit doesn’t state a minimum credit score needed to qualify, but it’s meant to help people who can’t qualify for less expensive financing. For this reason, a low credit score doesn’t mean you can’t get a loan with RISE, but it likely means you’ll pay a higher rate.
Can I refinance my loan?
Not all states are eligible for refinancing. If you live in a state where refinancing is offered, you’ll typically need a history of on-time payments to qualify. Just keep in mind that a refinance is a new loan, so your payment amount, APR and loan repayment schedule may change.
How soon can I get my RISE Credit loan funds?
If you opt to receive your loan proceeds via ACH — aka direct deposit — and your application was received by 6 p.m. ET, you could get your funds as soon as the next business day. If you choose to receive your loan funds by paper check, expect to wait seven to 10 days for it to arrive in the mail.
Your reviews
Lacey Finder
Writer
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