PERSONAL FINANCE BLOG

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Rise Loans
3 Aug 2018

Rise Loans: Do You Really Need It? This Will Help You

Rise loans are one of your major options when you are in need of a fast cash loan to deal with an emergency or unexpected expense. These loans have distinct advantages over other options, like payday or title loans, and they compare well within the personal installment loans market.

What Exactly Are Rise Loans?

Rise loans are a kind of personal installment loan that most people can qualify for and that gives you some advantages over other types of personal loans.

The basic features of any personal loan apply also to Rise, such as that you take out a loan ranging from the hundreds to thousands of dollars and pay it back in regular monthly installments over the course of so many months or years.

But Rise gives you greater flexibility in setting up your payment scheme than with most of its competitors. And it doesn’t penalize you for paying the loan off early, like some lenders do.

And most important of all to Rise is this: the interest rates are set up so they go down over time if you keep on making on-time payments.

Additionally, there are no loan origination fees if you use a Rise loan. Such fees can range from half a percent to five percent of the loan principal in lenders that use them. So it’s a significant savings even from the get-go.

With Rise, you can borrow anywhere from $300 to $5,000 for four to twenty-six months. There are still late fees if you miss a payment date, but otherwise, you generally get lower fees and interest than with comparable loans.

As long as you are a US citizen, 18 or older, have a US bank account and verifiable income source, and a credit score no lower than 300 (almost everyone has that), you should qualify. The application process takes no more than one business day, and the cash should arrive in from 1 to 3 business days.

How To Find Your Absolute Best Loan Options

Rise is one great loan option that often stands out amid a crowd of contenders. But how do you know if Rise is right for you or if there’s a better option out there that fits your needs?

Bonsai Finance empowers you to scour the Internet and compare personal loan offers in only seconds. By entering search criteria that are most important to you, like APR, fees, loan principals, repayment terms, and more, you can quickly see which lenders are giving you the most attractive offers.

For an extremely short and small loan, payday lenders might be a good option – and we at Bonsai can help you search that category too. But if you are looking to borrow a larger amount and pay it back in installments instead of one lump sum next paycheck – personal loans are the way to go.

Personal loans are based on your income (ability to repay), not your credit score. And in most cases, the lender will not even bother to run a credit check on you.

Personal loans are also no-collateral loans, so you’re not risking your car (like title loans) or home (like home equity loans). They also are extremely easy to qualify for, even with bad or no credit, don’t make you wait weeks to get the cash like a traditional bank loan often does, and allow you to spend the money in any way you choose.

These are formidable benefits as compared to other loan options when you are in a financial bind and need extra cash.

Bonsai Finance does not pressure you to choose loan A or loan B. We help you to search for and find your ideal loan, be that Rise loans, another personal loan, payday loans, or something else.