If you need a bad credit loan, but you have less than stellar credit, it can be difficult to secure financing in a reasonable amount of time. That’s why payday lenders and other bad credit lenders like RISE Credit exist. The major difference is that lenders like RISE can help you get the cash you need and help you build your credit at the same time.
Whether you need a small personal loan to float you through to payday, or a larger loan for debt consolidation or other expenses, you need cash, fast. You don’t have time to wait days or weeks for a loan approval. That’s why you should consider RISE as an alternative lending option.
If you’re interested in learning more about RISE credit, then you’ve come to the right place. In this article, we’re discussing an in-depth RISE credit review so you can make an informed decision before you borrow.
About RISE Credit
RISE financial services are headquartered in Fort Worth, Texas and offer loans in the following sixteen states:
- New Mexico
- North Dakota
- South Carolina
You can obtain an installment loan from $500 to $5000 in just minutes by filling out an online application. You will be asked basic information such as your name and address as well as other details like your social security number and checking account balance. You will also be required to supply your email address and phone number.
It’s important to note that RISE takes your credit score into account prior to approving your loan. While this is not a no credit check loan, many borrowers with less than stellar credit are approved.
If you are approved, RISE will deposit your funds directly into your bank account, electronically. Alternatively, you can request a paper check be sent to your mailing address, but in this instance, you’ll have to wait at least a few days to receive your funds.
Minimum Borrowing Requirements
RISE is a personal loan no credit check or bad credit lender that provides loans based on your income. You must be employed or have another proven source of income in order to qualify. And, you must be at least 18 years old.
RISE does not lend to applicants in the military as Covered Borrowers in the Military Lending Act. This includes active duty service members and their dependents.
Terms and Conditions
Interest Rates with RISE are significantly more than traditional lenders with APRs from 36% to 299% resulting in even a small loan amount costing you much more than you originally borrowed. While these interest rates are lower than instant same day payday loans online, the fees you will ultimately pay are much higher than a bank loan or credit card. Payments are on a bi-weekly or monthly cycle depending on your state of residence, credit rating and loan term. Terms range from four to twenty-six months.
Be mindful that the longer your term, the more interest you will pay which in turn will end up costing you more overall. Make sure to assess your financial situation prior to securing a loan in order to confirm what you can afford.
Fees and Penalties
If you run into a situation where you’re unable to make your payment on time, or entirely, RISE will offer a 7-day extension to help you out. It’s important to keep in mind that interest charges will still be charged to your balance during this time. It’s also important to remember that RISE will report your payment history to the three major credit bureaus so a late payment could impact your credit score negatively.
There is no early payoff penalty associated with a loan from RISE credit and in fact, it would be in your best interest to pay the loan off early if you can in order to avoid additional charges.
Credit Score Plus
RISE also offers a program to help you manage your credit better. Their goal is to help you improve your financial health through on-time payments and responsible borrowing.
The Credit Score Plus program provides you with access to your credit score, credit alerts, and savings and spending tips to help keep you on track. The program is offered through Transunion Interactive, Inc., which means you’ll only have access to your Transunion score through this platform. You will automatically be enrolled in the program upon loan approval.
Is RISE Right for You?
The application process for a loan through RISE credit is quick and easy and you could receive funds from your loan, if you’re approved, in as little as one business day. As long as you make your payments on time, you could even improve your credit score.
It’s important to assess your financial situation clearly before obtaining any new loan in order to ensure that you can afford the payments for the entire term. Remember that RISE is an expensive form of credit and they even emphasize this on their own site. These loans should be used for emergencies only in order to avoid a revolving debt cycle.
RISE Credit is a good option for borrowers that are not eligible for traditional loans according to their credit risk. Rates are significantly higher than you will find with a traditional lender, but if you’re in need of fast cash, this is a viable option. You can even choose your own terms such as the loan amount and the length of your loan term.
RISE also offers a five-day risk-free guarantee. If you decide within these five days that this loan isn’t right for you, you’ll have an option to return the funds without penalties or interest charges. And, there are no penalties for paying your loan off early.
If you’re interested in a bad credit loan with monthly payments and you’re not sure that RISE loans are right for you, feel free to read more about us. We offer a variety of loan options to help you get back on your financial feet and build your credit at the same time.