|Basic requirement to get the loan|
|APR up to||299%|
|Time to money||Next business day|
|Funding Method||Bank account or paper check (7 to 10 days)|
Rise Credit: Borrow Up to $5000 for 26 Months
Are you caught up in a financial rut? Do you need a solution where you can borrow a couple of thousands, and repay the loan in small installments without the pressure that comes with a payday loan? Well, Rise Credit might be the right lender for you. Their eligibility criteria are not strict or discriminatory. And they are certainly not like banks that require near-perfect credit scores.
Rise Credit Review
Straightaway, you should note that this lender offers installment loans, repaid in fixed monthly or biweekly installments. Your loan amount will range from $500 to $5,000. The funds are geared towards emergencies such as medical bills, relocation costs, home repairs, etc.
Now, Rise Credit loans are not available in all states. The terms of the product also differ from state-to-state since the lender has to obtain authorization at a state level to serve its residents. Currently, they originate loans directly in about 14 states. They also service loans originated by FineWise bank in 18 states and DC.
Rise Credit Review of Loan Products
Let’s look at an example of how the loans differ. In Alabama, residents may borrow between $2,250 to $5,000 with a loan duration of 10 to 26 months. The APR of the loan ranges from 60% to 295%. Low-risk borrowers access lower APRs. High-risk consumers like those with damaged credit have to contend with higher rates.
Moving on, in Alaska, the loan amount availed is between $500 to $5,000. The repayment duration ranges from seven to 26 months with borrowers borrowing at an APR of 99% to 149%. California has also licensed Rise Credit, and they offer loans with loan amounts of $2,600 to $5,000, a term of 11 to 26 months, and APRs of 60% to 225%.
Ensure Your State is Covered
The information is available on their “Rates and Terms” page or “How It Works” page. You can access the pages from the site’s footer section or the main menu bar. You might be asking as you go over this Rise Credit review: “Why should I choose this lender?”
They are many reasons that strongly support choosing this company. Throughout the web, you’ll also encounter good things that past customers have said about them, including on Trustpilot where they have maintained an excellent rating. So, here are the reasons:
1) Financial Education & Wellness
Rise Credit is not only committed to lending to customers who would otherwise get turned down by banks, but the company also has the best interest of its clients at heart. Some of these extra financial services include:
- Free access to your TransUnion Credit Score: Your results are instantly available without the need of providing a credit card. It also comes with free credit alerts, which are handy when detecting unauthorized activity or errors in your reports. You just have to sign up for the free Rise Credit Score Plus plan.
- Resources to build better financial discipline: They also provide resources and tools that will help you budget, save, and get out of debt. You’ll find videos created to teach you all you need to know about these topics.
The company also regularly publishes videos that help you understand their loans better. Also, check their blog section for more posts on credit building.
2) Flexible Loans
You get to design your loan by choosing your payment schedule. There are no prepayment fees when you decide to pay off your loan early and stop more interest from accruing.
There is also the Rise Credit refinance option. It typically entails receiving a new loan from the company while still having an outstanding loan. The amount can be used to pay off the remaining loan balance, and the left-over cash is yours to use as you wish. Refinancing may afford you better terms than those of the original loan.
3) Get Reduced Rise Credit Interest Rates
The company also does one phenomenon thing that many other lenders don’t do for their customers. If you make on-time payments consecutively up to 24 times, you’ll be eligible to receive reduced rates.
Currently, over 150,000 customers have benefited from their good habit of on-time payments. What’s more, up to 36 on-time payments afford you the chance to take out a new loan at their lowest rate of 36%. Rise also goes as far as providing customers with a seven-day payment extension on due payments to help them avoid late fees.
Rise Credit Pre Approval
Have you received a message telling you that you have been pre-approved for a certain loan amount by Rise? Well, you can obtain the amount stated in the offer if you go ahead and apply by making a formal application from their website.
Rise Credit Customer Service
The lender’s capable team is on-hand to help you with any questions you need to be answered. You can reach them by calling their number at (866)-580-1226 or creating a new ticket at their “Contact us” page.