RISE is an online lender offering personal installment loans, primarily targeting individuals with poor or limited credit histories. While RISE provides quick access to funds and reports on-time payments to credit bureaus, its high interest rates and fees have raised concerns among financial experts.
Interest Rates and Loan Terms
RISE’s annual percentage rates (APRs) can reach up to 299%, significantly higher than the 36% APR threshold considered by financial experts as the dividing line between responsible lending and predatory credit products.
LENDINGTREE
Loan Amounts and Repayment Terms
Loan amounts vary by state, with a maximum of $5,000 available in most areas. Repayment terms range from 7 to 36 months, with biweekly payment schedules that may be challenging for some borrowers.
LENDINGTREE
Availability and Eligibility
RISE operates in 28 states, excluding those with stricter lending regulations. To qualify, applicants must be at least 18 years old, reside in an eligible state, and have a regular source of income. Military members are not eligible due to specific protections.
LENDINGTREE
Customer Experience
Customer reviews are mixed. Some borrowers commend RISE for its quick and straightforward application process, noting that it helped them during financial emergencies. For
RISE CREDIT
Conversely, others have expressed dissatisfaction with the verification process and high fees. A complaint filed with the Better Business Bureau highlighted issues with the verification process, stating, “They kept sending me the same default email asking for a voided check with
BETTER BUSINESS BUREAU
Considerations
While RISE offers a solution for those with poor credit, the high costs associated with its loans may outweigh the benefits. Exploring alternative lending options or working to improve your credit score could lead to more favorable loan terms.
For a visual overview of RISE personal loans, you might find the following video helpful:
Sources
RISE is an online lender specializing in personal installment loans, particularly for individuals with poor or limited credit histories. While RISE offers quick access to funds and reports on-time payments to credit bureaus, its high interest rates and fees have raised concerns among financial experts.
Interest Rates and Loan Terms
RISE’s annual percentage rates (APRs) can reach up to 299%, significantly higher than the 36% APR threshold considered by financial experts as the dividing line between responsible lending and predatory credit products.
LENDINGTREE
Loan Amounts and Repayment Terms
Loan amounts vary by state, with a maximum of $5,000 available in most areas. Repayment terms range from 7 to 36 months, with biweekly payment schedules that may be challenging for some borrowers.
LENDINGTREE
Availability and Eligibility
RISE operates in 28 states, excluding those with stricter lending regulations. To qualify, applicants must be at least 18 years old, reside in an eligible state, and have a regular source of income. Military members are not eligible due to specific protections.
LENDINGTREE
Customer Experience
Customer reviews are mixed. Some borrowers commend RISE for its quick and straightforward application process, noting that it helped them during financial emergencies. Conversely, others have expressed dissatisfaction with the verification process and high fees.
BETTER BUSINESS BUREAU
Considerations
While RISE offers a solution for those with poor credit, the high costs associated with its loans may outweigh the benefits. Exploring alternative lending options or working to improve your credit score could lead to more favorable loan terms.
For a visual overview of RISE personal loans, you might find the following video helpful:
Sources
Rise Credit offers personal loans to individuals with limited or poor credit histories. Here’s a detailed breakdown of RISE loan reviews based on customer experiences:
Interest Rates and Fees:
High APR:
RISE charges Annual Percentage Rates (APRs) as high as 299%. This makes the cost of borrowing steep compared to traditional loans or loans from financial institutions with lower interest rates.
Fees:
Beyond high APRs, RISE also imposes fees, which can significantly increase the total cost of borrowing
Loan Amounts and Terms:
Loan Amounts:
RISE provides loans ranging from $500 to $5,000. The exact amount depends on the borrower’s state of residence.
Repayment Terms:
Loan terms range from 7 months to 36 months. Borrowers are typically required to make biweekly payments, which might pose difficulties for some individuals, especially those living paycheck to paycheck
.
Eligibility Requirements:
Residency: RISE operates in 28 states. Residents of states like California, New York, and Washington are excluded due to stricter lending regulations.
Age: Minimum age requirement is 18 years old.
Customer Experience:
Positive Reviews:
Some customers appreciate RISE for its quick and straightforward application process. Borrowers have reported that the service helped them in urgent financial situations.
Negative Reviews:
On the other hand, complaints have been made regarding high fees, stringent verification processes, and aggressive collection tactics.
A typical complaint is about repeated requests for additional documentation like bank statements and voided checks, which some borrowers find cumbersome.
Reputation:
Better Business Bureau (BBB): RISE has a mixed reputation with some negative feedback about the verification process and high-interest rates. Customers have pointed out issues with the clarity of terms and the challenge in dealing with customer service.
Alternatives:
Given the high cost of RISE loans, some customers explore alternative lenders or work on improving their credit scores to secure more favorable loan terms elsewhere.
Leave a Reply