MoneyGeek’s Take: Rise Personal Loan Review
Rise offers small personal loans with no minimum credit score requirement. Due to the potentially high interest rate, Rise is only a good option for those who want to quickly obtain a small loan and have exhausted all other possible options to get money.
Rise is an online lender offering small loans up to $5,000, particularly to individuals with bad credit. While its interest rate can reach as high as three digits in certain states, it could still be a better option than other quick loan options, such as payday and auto title loans.
At a Glance: Rise Personal Loans
- Rise Credit
- 50% to 299%APR Range
- NoneMinimum Credit Score
- $500 to $5,000Loan Amount Range
- 6 to 24 monthsRepayment Terms
- Same DayTime To Recieve Funds
on Rise Credit Website
MoneyGeek Breakdown - Rise Personal Loan Details and Requirements
The Rise personal loan APR ranges from 50% to 299%. Your state determines the maximum rate.
Credit Score Requirements
Rise does not specify a minimum credit requirement but is marketed to those with very poor credit scores.
There is no income requirement when applying for a Rise personal loan.
You can borrow $500 to $5,000 from Rise.
Rise offers a payment term that ranges from 6 to 24 months, depending on your state.
Is Rise Right for You?
Every personal loan lender is unique, and there are different factors to consider when selecting a lender. That's why this Rise personal loan review will help you decide if this particular lender is the right fit.
Who Rise Is Perfect For
Rise is a good fit for people with bad credit that need a small loan of up to $5,000 and are not eligible to apply through most traditional lending companies. Rise can release cash fast, which makes it ideal for emergency purposes.
The caveat, however, is the potentially very high interest rate, which starts at 50%, making it a very expensive loan. Our Rise personal loan review finds it can only be the best option during an emergency when you have explored all other choices. Rise is also most likely to be a better alternative to payday loans and auto title loans.
Who Should Not Choose Rise
Rise’s personal loan APR can go as high as triple-digits, depending on the state you live in and other conditions. Therefore, those who are looking for small loans but aren’t willing to pay very high interest rates cannot consider Rise as an option.
It also only offers up to $5,000, which is considered a low maximum amount for personal loans. Those who need more than that must find an alternative lender. In addition, Rise is not available in many states, despite it being an online lender. Rise is also not the best option if you have bad credit and want to build it up since it only reports to one credit bureau.
How to Apply for a Rise Personal Loan
Applying for a personal loan with Rise or any lender includes multiple steps, beginning with a prequalification or application. MoneyGeek reviews the steps you can expect to take when getting a personal loan.
In order to be eligible for a Rise personal loan, you must be 18 or older, live in one of the states it supports, and have a checking account and email address. Rise does not offer prequalification, but it lets you check your loan options without hurting your credit score.
Fill Out Application Form
You fill out the online application on Rise’s website. You input your state, personal information, social security number, direct mailing address and other details. Rise may request documents such as bank statements, pay stubs and tax forms to verify the information on your application.
Wait for Approval
The approval can take as little as five minutes, especially if you have the required documents and information ready.
Review Loan Agreement
Double-check the loan agreement when you receive it. Especially note the loan amount you are receiving, interest rate and any fees you may pay. Be sure not to miss the fine print.
Sign Loan Agreement
You can sign the loan agreement once you have fully comprehended all of the information in your loan contract.
Receive or Direct Funds
You can receive your approved loan funds as early as the same business day of your loan application approval.
You can make payments through Rise’s online dashboard. There is no prepayment penalty with a Rise personal loan, so you can choose to pay your debt off early.
What To Do if You Are Rejected From Rise
It's fine if you weren't approved for a personal loan with Rise. Even though Rise does not mention a credit score or debt-to-income ratio requirement, it could deny your loan for either or a lack of income. If your application was turned down, you should contact Rise to learn why. Also, ask if there are any improvements you can make to your application to make it more acceptable. Reducing the loan amount may change Rise’s mind.
You may apply for a loan with another lender if absolutely necessary, but you should avoid it until you address the issue that caused your rejection. Since MoneyGeek’s review of Rise personal loans finds them to be a last resort option, you may not have another choice for a personal loan. That is because you will very certainly get rejected by other lenders as well.
Frequently Asked Questions About Rise Personal Loans
To determine if Rise is the right personal loan lender for you, you have to consider your personal needs, as well as different credit and income-related factors. These are some of the most frequently asked questions about applying for a personal loan with Rise.
Read More on Personal Loans
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