RISE Credit 2022 Loan Review


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RISE loan amounts and interest rates

RISE offers loans that come with fixed interest rates and a defined term, paid in monthly installments. You will receive your money in a single payment when you get the loan. RISE allows you to use your loans for a variety of purposes, including expenses like medical bills, home repairs, or debt consolidation.

RISE loan amounts range from $300 to $5,000. APRs range from 36% to 299%, though note that the lower APRs are only for returning customers in CA, IL, or ND. Rates and loan amounts vary significantly by state, so check your state specific terms.

RISE will send your money as soon as the next business day, as long as your request is processed and approved before 6 pm ET.

Loans are not available to new customers in AK, CA, CO, CT, IL, IA, ME, MD, MA, NH, NJ, NY, NC, ND, PA, RI, SD, VT, VA, WV or Washington DC. You may be able to get a loan on a limited basis if you are a returning customer in CA, IL or ND. The bank that will originate your loan depends on the state in which you live:

  • FinWise Bank Originated and Funded Loans: AK, AZ, FL, HI, IN, KY, LA, MI, MN, MT, NE, NV, OH, OK, OR, WA and WY
  • Loans originated and financed by CCBank: KS, TN and TX
  • State Installment Loans: AL, DE, ID, GA, MO, MS, NM, SC, UT and WI.

The length of payment terms is different depending on the state you live in, but the general range is between four and 26 months.

RISE reports your account and payment history to two of the three major credit bureaus, TransUnion and Experian. A history of paying on time can improve your credit score, while late or missed payments can hurt it.

There is no minimum credit score for RISE loans, but it is generally easier for borrowers with bad credit to obtain a loan from RISE than elsewhere.

Advantages and disadvantages of RISE loans

Who is RISE best for?

RISE is best for people who have exhausted other options available to them. This can include personal loans from other lenders, money from friends and family, or additional money from a side gig. RISE has inflated interest rates that are higher than other lenders and, in some cases, not much better than payday lenders.

RISE is still likely to be a better option than a payday loan, as many payday loans have APRs of up to 400% and are due within a month. Many payday lenders have also been accused of predatory lending practices.

It has little flexibility in its repayment terms and residents of certain states are not even eligible for RISE loans.

How RISE Loans Compare

All three of these lenders offer high APR loans for bad credit borrowers. This may sound appealing to those who can’t get loans elsewhere, but the fees these companies charge can have a significant negative effect on your finances.

You can get a loan of $300 to $5,000 with RISE, $300 to $10,000 with Oportun, and $500 to $4,000 with Opploans.

Oportun charges an origination fee, which is deducted from your total loan proceeds. Neither RISE nor Opploans charge an origination fee.

Is RISE reliable?

RISE has a A+ rating of the Better Business Bureau, a nonprofit organization focused on consumer protection and confidence. The BBB evaluates companies by looking at their response to customer complaints, honesty in advertising, and truthfulness about business practices.

RISE has also not been involved in any recent scandal or controversy. Between its high BBB rating and the company’s clean track record, you may decide you’re comfortable borrowing from RISE.

Frequent questions

Is RISE a legitimate company?

Yes, RISE is a legitimate business that offers fixed-rate installment loans to qualified borrowers. These loans are for small amounts of money and come with high interest rates.

Which bank uses RISE?

RISE originates loans from two different banks depending on your state of residence.

  • FinWise Bank Originated and Funded Loans: AK, AZ, FL, HI, IN, KY, LA, MI, MN, MT, NE, NV, OH, OK, OR, WA and WY.
  • Loans originated and financed by CCBank: KS, TN and TX.

Does RISE report to the credit bureaus?

Yes, RISE reports to two of the three major credit bureaus, Experian and TransUnion. You may be able to boost your credit score with a history of consistent and on-time payments.

What questions should you ask yourself?

Have I explored alternatives to a high-interest loan?

Consider lending money to friends and family, taking a side job or borrowing from a different lender before settling for a high APR loan. In some situations, you could get stuck in a cycle of debt with a high-interest loan. If you fall behind on your payments, the interest you are charged can continue to accrue until you have trouble paying it.

Am I comfortable taking a loan with a very high interest rate?

RISE loans come with extremely high APRs, so make sure you fully understand what you’re getting into before you agree to a loan. You could end up paying a significant amount of interest on your debt depending on the length of your term.

Why do I need a loan?

Understand why you’re borrowing money before choosing a loan, whether it’s for debt consolidation or home improvement. Otherwise, you could be stuck paying interest on debt you took on before you really thought about the decision.


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