RISE Installment Loans Review
RISE is a company that provides loans to customers with poor credit ratings, offering loans of between $500 and $5,000. Interest rates are high but reduce over time for customers who make payments on time, thus rewarding responsible borrowers - as RISE loan reviews such as this can help customers discover.
Customers are able to borrow on their own terms, choosing the period of the loan (subject to any state restrictions that may be in place). RISE customers can also pay their loans back early with no extra fees.
RISE has positioned itself as a company that exists to support hard-working Americans when they are in financial need, with their loans designed to enable customers to avoid the payday loans debt cycle and move to progressive lending instead.
RISE online loans are designed to help customers progress financially, with their lending scheme coming with access to tools to help customers understand their credit and improve their money habits. RISE loans also report payments to a major credit bureau, to help customers showcase their positive financial behavior.
Customers often turn to RISE loan reviews to explore the company in more detail, so let’s do that now.
Why get an Installment Loan from RISE Credit?
RISE credit loan reviews often mention the company’s high interest rate, but there’s more to the RISE loan company than simply its charges. RISE is upfront about its charges not being the cheapest, but there are still valid reasons why their installment loans are suitable for many customers.
Those scanning RISE loan reviews may already be struggling with expensive forms of credit, such as payday loans and overdraft fees, or experiencing difficulty escaping a cycle of debt due to late payment fees or utility reconnection fees. This is where RISE lending is here to help. The company provides a more responsible alternative to these kinds of borrowing and charges – and a more affordable one.
For those with low credit scores, who may have had their applications for credit cards, auto loans or other cheaper loans turned down, RISE provides easily accessible borrowing to fast timescales, with funds available as soon as the next business day.
What does RISE Credit offer?
RISE offers loans of between $500 and $5,000, and repayment periods vary from state to state, with customers able to choose the repayment period that suits them. There are no fees for paying back a loan early, and the RISE credit APR ranges from 50% to 299%.
As well as this, the financial wellness features that come with borrowing from the company encourages its customers to build good credit through understanding their TransUnion credit score and actively working to improve it. The company also offers resources to encourage customers to learn new money habits, with interactive budgeting, saving and debt tracking tools available. There’s even a glossary to help customers understand what certain financial terminology means.
In addition, RISE installment loans come with a five-day risk-free guarantee. If a customer changes their mind within this time period, customers can simply call the RISE loans phone number and repay the principal, without any fees.
Many customers consult RISE loan reviews in pursuit of the company’s eligibility criteria, so let’s take a look at what’s required.
The rise loan application requires that applicants be at least 18 years old (19 in Alabama and Nebraska) and live in one of the 51 states that the company serves. Applicants must have a job or other regular source of income. They also need an active and valid checking account, as well as an email address to use for receiving their loan account information.
Customers who have repaid their loans can then apply for further RISE loans through their online account Some may be subject to RISE credit pre-approval.
Pros & Cons
The main disadvantage of RISE loans is their interest rate, which is higher than credit cards, personal loans, and home equity loans usually offer.
On the plus side, RISE seems committed to supporting customers to become more fiscally responsible and to move away from the payday loan model of repeating debt.
How to apply for a Rise Installment Loan?
Those who have read enough RISE loan reviews to feel confident that the product is right for them can apply online. The process asks for the applicant’s personal details, including recent address(es) and social security number. It also asks for details of their income and checking account, while the company also considers the applicant’s credit history when making lending decisions.
A decision is usually made within a few seconds after the applicant submits the full set of information, though in some cases the company may ask for additional information and/or proof of income.
Once approved, the applicant can choose how much they wish to borrow, subject to a set approval limit and relevant state regulations.
Rates, Terms, and Fees
RISE makes clear that its borrowing rates are not the cheapest – a point of concern for many of those reading their loan reviews in order to get a measure of the company. Its APR ranges from 50% to a rather eye-watering 299%. This is more costly than credit card borrowing and credit card cash advances, as well as personal loans and home equity borrowing – and certainly way more expensive than long-term borrowing such as an online mortgage.
Loan terms are agreed on an individual basis with each customer, based on their personal information and any state requirements that may be in place. RISE states that customers making regular payments will be rewarded and the company has a structure in place for borrowing rates decreasing over time for responsible borrowers. Returning customers – those who have already paid a loan back on time – may also be eligible to borrow an increased loan amount.
Unlike some loan providers, RISE’s installment loans are not subject to any pre-payment penalties. Instead, the company actively encourages those who are able to do so, to pay their loans off early and save money.
For those who are struggling to make their repayments, RISE offers payment extensions of up to seven days. Charges will continue to accrue (in most states) on overdue amounts if customers miss payments.
RISE credit loans and installment loans are not a cheap way to borrow money. However, they are a quick and convenient way to borrow to cover an emergency, such as paying for a car repair or a medical bill. The company supports borrowers in order to take responsibility for their finances and encourages a culture of financial wellness.