Installment loans are effective and common ways to get access to funds quickly. Private lenders like RISE offer these types of loans online, which can make them more accessible than through traditional means. And they can be especially useful if you have bad credit.
Interested in learning more? Read on to see our full RISE Credit review and learn if an installment loan is right for you.
What is an installment loan?
An installment loan is a type of loan that is paid for a certain number of monthly payments or installments. You receive a lump sum of money at the start and then pay it off over an agreed upon timeframe.
Benefits of RISE Credit Installment Loans
The biggest benefit of a RISE Credit loan is that you can get the loan online. Many people find it easier and quicker to borrow installment loans online rather than having to get one through a bank or credit union.
It is important to note in this RISE Credit review that the company allows borrowers to choose their own terms. This means that after you are approved for a certain amount of funds, you get to tell RISE how much you want to borrow. Depending on the state you live in, you can borrow between $500 and $5,000.
RISE also works very quickly. Loans that are processed and approved before 6 pm are usually funded electronically by the next business day.
They will also give you immediate access to your credit score and supply you with free credit alerts. RISE also has been known to reduce rates for borrowers who pay their installments on-time. In fact, installment loans can actually help improve your credit.
Another major benefit of installment loans, in general, is that they are usually fixed-rate-interest loans. This means that your payment amounts and schedule will remain constant and predictable, making it easier to pay off.
Downsides of Installment Loans
Even though installment loans come with a lot of advantages, there are some drawbacks. Perhaps the biggest drawback with installment loans is that you cannot add to your loan.
Unlike types of revolving credit such as credit cards or lines of credit, if you want more money with an installment loan, you will have to take out another loan. Because of this, when you finally agree to your terms, make sure that the loan amount you are receiving will be enough to cover what you are trying to pay for.
Also, be aware that your credit score can affect the interest rate on your installments. Having a poor credit rating could mean higher interest rates.
Also, note that typically for installment loans, if your loan has a short lifetime, then your monthly payments will probably be higher than a loan with a longer lifetime.
Final Thoughts on RISE Credit Review
After looking at this RISE Credit review, we can see that there are a lot of benefits to taking out an online installment loan. Just always remember to make sure that you are taking out a large enough amount of money and that you will be able to pay it back according to the terms.
Wondering what you can use an installment loan for? Check out our blog to find out!
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