RISE Personal Loans: 2024 Review

RISE Personal Loans: 2024 Review


8 Min Read

Rise Credit can help borrowers with bad to poor credit get small installment loans fast. However, interest rates may be high.

Rise Credit is a legit and safe Texas-based financial company operated by Elevate. It allows borrowers with bad credit to get small personal loans, bypassing predatory lenders. The company makes almost instant approval decisions and fast funding as soon as the next business day. However, extremely high interest rates turn Rise loans into high-risk options.

Rise Personal Loan Pros and Cons


  • Borrowers with bad and poor credit are accepted;
  • 7-day payment extension;
  • Convenient minimum loan amount;
  • No origination fees and prepayment penalties;
  • Fast funding times.


  • Very high interest rates;
  • Short repayment terms;
  • Small maximum loan amount;
  • Not available in all states.

Knowing all the key features of Rise Credit loans will help you make an informed decision and prepare for all the pitfalls that may await you down the road. Consider them carefully and make sure the terms suit you before going into debt.

High APRs

Rise loans come with much higher interest rates compared to other online financial services. While the average personal loan costs between 5.99% and 35.99%, Rise’s APR range varies from 59.8% to about 299%. This means that long-term loan options with biweekly payments can end up costing more than you initially borrowed.

No Fees for Loan Processing or Paying a Loan Early

When you borrow money from Rise, there’s no origination fee deducted from your loan amount for processing your application. If you want to pay off your loan balance early, Rise allows you to do this without charging any extra commissions.

Small Loan Amounts

You can only request from $500 to $5,000 when you obtain personal loans with Rise. Although it’s quite enough to overcome small emergencies and urgent financial needs, this amount may be too small to cover major expenses and life projects.

Limited Repayment Terms

While most online lenders offer repayment terms of up to 60 or 84 months, Rise loans should be repaid in 7 to 36 months. This, in addition to high loan costs, might make such a debt difficult to handle for people who are already in a tough financial situation.

Fast Funding

You can get the loan funds directly into your bank account within just one business day of approval. Additionally, Rise sends a loan decision in a matter of minutes, so the entire process usually takes less than 24 business hours.

Bad Credit Borrowers Are Accepted

At Rise, there’s no minimum credit score requirement a borrower must meet to qualify. Lenders typically look beyond an applicant’s credit history and pay attention to their ability to repay the loan on time. Thus, your income is above your credit rating.

Interest Rate Reduction Is Available

Although the service offers high interest rates, borrowers can sometimes get a reduction when they pay in accordance with their repayment schedule. However, on-time payments can only provide APR discounts for your future loans with Rise, meaning that you need to be a returning customer in good standing.

Not Available in All States

Rise Credit is not available in California, Colorado, Connecticut, Illinois, Iowa, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Pennsylvania, Rhode Island, South Dakota, Vermont, Virginia, West Virginia, and Washington, DC.

Five-day Loan Cancellation Policy

If you suddenly change your mind and don’t need a loan anymore, you can return the full amount to a lender within 5 business days without paying any fees. All you need is to call customer service and ask for loan cancellation.

Rise Loans Can Help You Build Credit

Rise Credit reports your payments to three major credit bureaus, making it possible for you to improve your credit. However, if you pay late or default on your loan, it may result in a drop in your credit scores.

Who Might a Rise Loan Be Suitable for?

A Rise loan can be a lifesaver for people who are turned down by traditional banks due to their credit issues. They may also be acceptable for borrowers who need money quickly, and cheaper alternatives can’t meet your deadlines. As Rise reports your loan payments to major credit bureaus, it can also be an option for borrowers with poor credit to improve their FICO ratings.

Do I Qualify for a Rise Personal Loan?

A Rise personal loan typically comes with easy-to-meet eligibility requirements. Here are a few basic criteria the platform will look at:

  • The age of no less than 18 years old;
  • Be a resident of the state where Rise is available;
  • Have a valid checking account;
  • Have a verifiable source of income;
  • Provide a valid email address and cell phone number.

How to Get a Rise Credit Loan?

If you meet Rise eligibility requirements, you can request a loan via its website. To do this, you need to follow a few simple steps:

  1. Click on the “Apply now” button on the Rise Credit website.
  2. Fill out a prequalification form. It usually takes about 5 to 10 minutes and requires some basic personal and financial details.
  3. Review available offers. Keep in mind that prequalification only shows possible loan terms you can get. If you have several offers to qualify for, choose the one with the most suitable conditions.
  4. Submit a formal application form. By doing this, you show that you’re ready to get a loan from Rise. This will also result in a hard credit check.
  5. Get final approval. If approved, your loan funds will be deposited into your account as soon as the next business day.

Alternatives to Rise Loans

Besides Rise loans, there are a few more options you can consider even with bad credit:

Lending circles. Lending circles allow you to form a group of people and borrow money from each other without accruing any interest. Each member needs to contribute a certain amount on a monthly basis within the predetermined term. As a result, each participant receives the agreed-upon amount.

Payday loans. Although payday lenders typically charge sky-high interest rates, their products come with shorter repayment terms. This means that you can save money in the long run. Payday loans can suit borrowers who only need up to $1,000 to cover small financial gaps.

Payday alternative loans. Credit unions often offer payday alternative loans to their members with credit issues. PALs come at fixed interest rates that are capped at 28% and can be repaid within up to 6 months. This makes them more affordable.

0% APR credit cards. If you have a 0% APR credit card, consider using it to cover your current financial needs. If you manage to pay off the balance within the promotional period, you won’t be charged interest for your purchase.

Methodology: What We Paid Attention to When Reviewed Rise?

When compiling this review, we evaluated the service based on the following main criteria:

  • Loan affordability, including interest rates and fees;
  • Flexibility;
  • Transparency;
  • Accessibility;
  • Customer Experience;
  • Speed of money deposit;
  • Range of loan amounts and repayment terms;
  • Overall application procedure.

In order to fully and comprehensively evaluate the service and shape an informed and unbiased opinion, we acted as potential borrowers. In addition to checking the information on the website and contacting customer service, we also went through prequalification so that we could have a complete impression and customer experience.

Each criterion has a maximum rating of 5 stars. The overall score is determined as the arithmetic mean of the scores given for each criterion.Frequently Asked Questions

How Fast Can I Get a Personal Loan with Rise?

Getting a personal loan with Rise is usually a matter of 24 business hours. In most cases, borrowers get their funds by the end of the next business day of approval.

Is Rise Credit Legit?

Yes, Rise is a legit lending platform that offers loans to borrowers with less-than-perfect credit. However, its interest rates may be very high.

How Can I Repay My Rise Loan?

A Rise loan accepts payments via an ACH, check, and debit card.

Does Rise Credit Do a Hard Pull?

When you pre-qualify for a loan via Rose Credit, a lender performs only a soft credit check to assess your loan eligibility. If you decide to accept a lender’s offer, it will conduct a hard pull before making final approval.

Which Credit Bureaus Does Rise Report Payments to?

Rise lenders report your loan payments to Experian and TransUnion on a monthly basis. Additionally, they send your payment details to specialty credit bureaus, such as Clarity and Teletrack.

Is Rise Credit Available in My State?

You can get a loan from Rise Credit if you’re a resident of one of the following states: Alabama, Alaska (installment loans only), Arizona, Delaware, Florida, Georgia, Hawaii, Idaho, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, Ohio, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming.

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Michael Lefler

Written by Michael Lefler

Written by Michael Lefler

Mike Lefler shares his interest in a wide range of different subjects, including his love for finance-related writing. His passion for writing and his years of study led him to become one of the brilliant authors in the massive finance arena and in the area of Financial Planning and Lending Industry.

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