Rise Personal Loans Review: What You Need to Know

Quick take: Rise offers personal loans to borrowers without established credit profiles, but the downside is that its rates go as high as 299%.

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.

Pros & Cons 

Pros 

• Loans are accessible to borrowers with low credit scores or limited credit profiles

• Five-day risk-free guarantee lets you return a loan up to 5 business days from the origination date with no extra fees or interest

• No origination or prepayment fee

Cons 

• Extremely high interest rates, often in the triple digits

• Only offers loans up to $5,000

• Not available in every state

Company Overview 

Rise Credit is an online lender founded in 2013 in Fort Worth, Texas. Its parent company, Elevate, also runs Elastic, a bank-issued line of credit product.

Rise describes its mission as “offering fast financial relief to those who are often turned away from traditional credit providers.” It operates as a direct lender, though it partners with banks to fund loans in certain states.

Key Features 

Interest Rates 

Lenders typically calculate interest rates based on an applicant’s credit score, income and other financial details, so Rise’s focus on lending to borrowers with low credit scores is reflected in its extremely high interest rates.

The exact rate you’ll pay depends on your credit score and which state you’re in, but APRs start at 59.85%, and that’s only a rare exception. On the upper end of that range, APRs max out at a staggering 299%. This means you’ll be paying almost 50% of the loan amount to borrow money at a minimum.

In contrast, most standard personal loan interest rates range from 6% to 36% APR. Granted, you generally need a fair credit score, at minimum, to qualify for a personal loan through non-specialized lenders, but that difference is huge. Given these extremely high interest rates, you’ll want to explore your other borrowing options first and only consider Rise as an absolute last resort.

Loan Amounts 

Rise personal loans are available for amounts ranging from $500 to $5,000 (though $300 loans are available in some states, like Utah and Wisconsin). Many lending platforms that cater to lower-credit borrowers have much lower maximum amounts (think $500 to $1,000), but the tradeoff is that you’ll pay much higher interest rates with Rise.

Repayment Terms 

As with loan amounts, repayment terms vary from state to state, but generally they range from 7 to 36 months. 

The longer you take to repay your loan, the more you’ll pay in interest. So choosing a shorter term is wise if you need to borrow from Rise, since its APR range is incredibly high.

Funding Speed 

Borrowers can receive their personal loan funds from Rise as soon as the next business day if your application is approved and you accept your loan by 6pm EST, and you’ve agreed to the ACH authorization. 

Five-Day Risk-Free Guarantee 

Rise offers a unique feature: Borrowers have five business days from the date they signed their loan agreement to change their mind and cancel the loan. If you cancel your loan within this timeframe, you’ll just need to repay the principal and you won’t need to pay any fees or interest.

This could come in handy if you apply for a Rise personal loan as a last resort but are able to find a cheaper borrowing option, such as a peer-to-peer loan or even a credit card cash advance, soon after.

Costs & Fees

Rise doesn’t charge origination, application or prepayment fees on its personal loans, but any savings you’ll get from the lack of fees are more than canceled out by the sky-high interest rates. 

Eligibility Criteria

To get a personal loan from Rise, you’ll need to be at least 18 years old, have an email account, have a job or regular source of income and have an active checking account. 

Beyond that, you’ll need to live in one of the following states:

• Alabama

• Alaska

• Arizona

• Delaware

• Florida

• Georgia

• Hawaii

• Idaho

• Indiana

• Kansas

• Kentucky

• Louisiana

• Michigan

• Minnesota

• Mississippi

• Missouri

• Montana

• Nebraska

• Nevada

• North Carolina

• Ohio

• Oklahoma

• Oregon

• South Carolina

• Tennessee

• Texas

• Utah

• Virginia

• Wisconsin

• Wyoming

How To Apply 

1. Fill out your application with details, including contact information, income and checking account details

2. You’ll see whether you’re approved and then be prompted to select a repayment term

3. Review the terms and finalize your application

4. Wait to receive funds, which could be deposited as soon as the next business day

Comparable Options 

Here’s how Rise stacks up against two comparable options: OppLoans, which offers similar loan amounts, and Possible Finance, which focuses on smaller loan sizes. Both alternatives cater to borrowers with lower credit scores.*

OppLoans

Like Rise, OppLoans lets borrowers take out loans of up to $5,000 with a variety of partner lenders. Interest rates are similarly high, though they top out at 195% APR compared to 299% APR with Rise. With OppLoans, you may receive funding as soon as the same business day.

Possible Finance

Possible focuses on smaller loans of up to $600, and it uses a “flat borrowing fee” structure instead of advertising APRs. This makes sense, given that the lender’s repayment term is 8 weeks (2 months), while the other two lenders have repayment terms longer than 1 year. Compared to Rise, Possible Finance also offers quicker funding, as quickly as the same day, especially for borrowers who choose debit card disbursement.

When OppLoans might be better: You want a personal loan for bad credit with slightly lower interest rates than Rise, and you don’t mind a maximum repayment term of 18 months.

When Possible Finance might be better: You need to borrow up to $600, you can secure a flat borrowing fee on the lower end of the scale and you’re able to repay your loan within 2 months.

Who It’s Best For 

Rise loans are best for low-credit borrowers who don’t qualify for loans through other lenders. While Rise has more lenient eligibility requirements, its interest rates are incredibly high. It’s best as a last-resort option for those who need cash and have no cheaper alternatives.   

Final Take 

If you’re in a pinch and you truly have no other options for borrowing funds, Rise could fit the bill. However, you should explore all available alternatives first; even with a low credit score or limited credit profile, you could find better options with less egregious interest rates.

FAQs 

Is Rise a legit loan company?

Yes, Rise is a legitimate, licensed lender, but it’s known for very high interest rates.

What credit score do I need for a Rise loan?

Rise doesn’t have a minimum credit score requirement to get a personal loan, though it requires applicants to have a job or steady source of income. 

Can you pay off a Rise loan early?

Yes, you can pay off a Rise loan early, and there’s no prepayment penalty. Paying off your loan as quickly as you can is a good way to minimize the amount of interest you pay.

Sources

• https://www.risecredit.com/ - Official Rise Credit website

• https://www.opploans.com/ - Official OppLoans website

• https://www.possiblefinance.com/ - Official Possible Finance website