REVIEW ON RISE LOANS
RISE loans are online installment loans that are designed for people with poor credit rating. The rates are lower than payday loans, making them the best options to get cash when facing an emergency.
Due to the hard economic times, it is likely that any form of emergency can pop up when you are not ready financially. This might include paying for your child’s college fee, repaying an old debt or purchasing a new family car.
Irrespective of the situation, applying a RISE loan is the best alternative to solve your financial woes. The best thing about this loan product is that you can use it for any purpose and pay pack in monthly installments.
What are RISE Loans?
RISE is a lending company that provides installment loans and lines of credit to borrowers who need instant cash. The firm strives to work with non-prime clients. When you have a bad credit score, securing other forms of credit like bank loans can be hard.
With RISE loan, you will take advantage of the quick and easy online applications, swift approvals and quick disbursement of the cash. The good thing about the RISE loans is that you can use them when facing a financial crisis such as paying an overdue rent.
The company was established in 2013 to serve as an alternative to payday loans and other loan items that are given to high-risk debtors who need financial support.
Typically, a payday loan is a cash advance for your income when you are facing financial challenges. Relying on payday loans every week to get financing will result in a spiteful debt cycle that you can’t break. On the other hand, RISE is an installment credit designed with a set loan term that will give you space to pay up your bills.
RISE personal loan highlights
The interest rates at RISE ranges from 36% to 229% APR where the lowest rate is given to repeat debtors who prove they can repay the loan on time. An interest rate of 60% is assigned to new bowers. The company offers awesome rate reduction opportunities to return clients after proving they can pay responsibly. Another important feature of RISE is the 5-day risk-free guarantee that allows you to pay back the loan without paying any fees if you change your decision with five days.
Furthermore, the company has the financial health and credit building equipment to help you learn how to manage your finances and build your credit. Unlike other types of loan products that restrict you from the amount to borrow, RISE offers you the maximum approval amount. You can borrow any amount from $500 to $5000 based on your income and credit. Once you submit your application, RISE will provide a quick loan approval or rejection.
Even though you can secure the maximum amount you are approved for, you will be required to take out a smaller loan amount depending on your credit rating. That means that if you are eligible for $5000, but the required amount is $3000, you can choose to borrow a lower amount.
Many people will get tempted to take out extra cash for reserve purposes without knowing that this could be a costly mistake. For this reason, make sure you take out what you need to reduce the amount of interest you will pay.
The moment your loan request is approved, you will choose a loan amount and RISE will send the cash electronically to your bank account within one working day. However, if you prefer getting a check, you will have to wait for 7 – 10 days to get it.
RISE personal loan details
RISE offers free TransUnion credit score alerts and updates and money tools. Additionally, the company has a risk-free guarantee that allows you to cancel the loan application if you feel that you don’t need it anymore. You are allowed to pay back the loan amount with 5 days you will not be charged any penny.
Repeat clients who have shown good payment habits are eligible for low interest rates provided by RISE. New borrowers have a minimum interest rate of 60 % APR, but they can reduce the interest rate on subsequent loans if you meet certain conditions.
A borrower can qualify for a 50% interest decreases on the next loan after paying your loan responsibly for two years. You can also get the lowest interest rate of 36% after you scheduled payment for 36 months and meeting certain conditions.
Furthermore, the company allows you to refinance existing loans to get a good interest rate or more cash on a case-by-case arrangement.
You don’t need a minimum credit score to secure a loan from RISE, but many borrowers record a credit score of not less than 500. The approval criteria used in this company is lenient. RISE is willing to accept bad credit rating provided that you show signs of improvement like you managed to pay off your most recent debt. You also don’t need a maximum debt-to-income ratio to secure a loan from RISE. The company evaluates many variables when underwriting such as debt-to-income, revenue, spending behavior and among others.
Here are some of the key qualification requirements you need to know before applying
- An applicant must be at least 18 years old
- Be a salaried employee or have a steady source of income
- Have an email address to receive your loan alerts and updates
Applying for a personal loan from RISE
When applying for a RISE loan, you will need to fill out an application form with your social security number so that your credit rating will be check. This is done in the first part of the application. Appraising offers with the company will trigger a hard inquiry. RISE states that a pre-qualification form where potential borrowers have a chance to check their rates with a soft inquiry.
The second part of the application allows you to input your checking account details and your paycheck. You may be required to present some supporting paperwork to prove that indeed you have a regular income.
The third and last part is where you are asked to sign off the disclosure agreement. Once the application process is completed and the loan request accepted, the company transfers the cash automatically to your bank account within one working day (not including holidays). The company will give you a bi-weekly or monthly repayment plan based on the aspect such as when you receive your income every month. However, you are allowed to change the frequency of the repayments.
Reasons to get a RISE personal loan:
- Instant financing
With RISE, you receive the cash within one day and this is helpful when you want the cash fast to solve a pressing financial problem, such as paying bills or covering an emergency.
- Free credit rating
With RISE personal loans, debtors will receive free TransUnion credit rating that updates every month. Having regular updates on your credit score allows you to repair it so that you can be accepted for a wide range of affordable loan products in the future.
RISE is one of the leading companies that are upfront about the charges of their loans and lines of credit.
- A chance to cut down interest rates
You will get a chance to take advantage of reduced interest rates when you intend to apply for loans in the future. However, you need to meet certain conditions.
Reasons to avoid RISE personal loans
There is no doubt that the interest rates assigned by RISE are incredibly high. This means that you will be required to pay more when you secure a personal loan from RISE.
- Hard pull
When looking for a personal loan, go for a soft pull since it will not have an effect on your credit score. However, RISE is currently working to include the soft pull so you can keep checking to see if it is available.
Who’s the best eligible for a RISE personal loan?
RISE personal loan is the best loan product for those individuals with bad credit rating and this is why it tends to be expensive. However, if you have a fairly good credit rating of more than 580, you can try getting the loan from other lenders who offer reasonable rates.
The chances for high-risk borrowers defaulting on paying loans is high. For this reason, lenders will want to handle the risk of default by assigning high interest rates on their loan products. However, RISE is ready to reduce your interest rate all your subsequent loans as long as you prove that you will pay the loan responsibly. Regardless of the high interest rates, clients who have obtained their personal loans from RISE have given positive reviews. This is because they were satisfied with the easy application process. The company has a responsive customer support that many clients appreciate.
Note that securing a loan when you have a bad credit report is expensive and you will also have limited lending options. RISE is one of the lending companies that give loans to debtors with have bad credit. Another thing is that RISE does not ask for prepayment penalty fee. If you face an emergency and opt to secure a loan from RISE, the best thing to do is pay it back on time to cut down the cost.
It is good to be proactive if you know you don’t have a stellar credit. In this case, you can create an emergency savings account while you build your credit and you will have some money to use instead of borrowing to cover emergency costs.
Reasons to apply for a personal loan
Here are the benefits of personal loans to help you decide on the best loan product for your particular needs.
Unlike other loan products, personal loans can be used for any purpose. It is always important to limit borrowing for precise financial or emergency use. Getting a personal loan is the fastest alternative available and in most cases, the amount will be transferred to your bank account within one day once the request is approved. Personal loans are quick since they don’t need a lengthy paperwork process that applies to traditional loans and credit cards. The approval guideline used in personal loans is also less stringent, making it a perfect channel for individuals who need unforeseen emergency financing.
- Repay in installments
Personal loan lenders will enable you to pay an agreed amount for a certain duration, giving you a chance to clear the debt quickly. Nevertheless, you can repay more than the required minimum amount at some installment so that you can improve the credibility with your creditor.
- Repairing your credit history
Your credit history provides the information of any dealings you have hard when submitting loan applications and it is used by lenders to evaluate your capability to pay back the loan. Applying for a personal loan from RISE means that you will have several accounts under your credit report. Therefore, instead of your credit history showing credit payments and usage only, it will show that you are servicing another loan, which is great for your credit score.
If you decide to take out a personal loan, make sure pay it offer consistently so that you can improve your credit rating.
- No collateral needed
When applying for a personal loan, your properties are secure since you don’t need any form of collateral. This makes the personal loans less risky for the debtor since even if you default on paying the loan as per the agreement, your property won’t be lost. This implies that even if you didn’t have any significant property like a house or car, you will still be eligible to get a personal loan.
Things to consider when applying for a personal loan
Before deciding to apply for personal loan, it is vital to look at the following aspects:
Interest rate: this is the amount of cash you are required to pay on top of the loan usually expressed in terms of the percentage. Since personal loans are unsecured, they have high rates.
- Penalty Fees
If you default repay your loan on time, some lenders may impose heavy penalties that are charged on your loan account. With RISE, you don’t need to pay any penalty.
- Credit rate
Before applying for a personal loan, make sure you check your credit history so that you will know the prospect of your loan getting an approval.
- Payment plan
Most loans come with a repayment duration of 3 to 5 years. Note that a loan that has a longer repayment plan will make you spend so much on interest while those with short repayment plans means that you will pay high installments every month. For this reason, it is important that you choose a repayment plan that suits your financial circumstances.
- Terms and conditions
Before you sign the agreement, ensure you carefully read the terms and conditions of the loan. Don’t shy off from asking questions to understand everything. However, feel free to decline a loan offer if you the terms and conditions provided don’t suit your requirements.
- How much can you borrow from RISE loans?
Financial institutions and online lenders have varying limits on the total amount you can borrow. For this reason, you must conduct thorough research before applying for the loan. At RISE, you are allowed to apply for a loan amount ranging from $500 to $5000, depending on your credit rating and a paycheck.
- How long will you repay the personal loan?
The moment your loan request is approved, the RISE loan officers will give you a loan repayment plan. This will illustrate the amount you are required to pay in each monthly installments and how many installments you will make. The plan will also offer the list of interest rate and your annual percentage rate (APR).
- RISE vs. payday loans
Even though you will be paying more than the loan amount, RISE offers the best loan product than any other types of credit like payday loans.
Payday loans are a short-term and high-cost form of financing that is used to take care of expenses until when the next pay is out. In most cases, payday loans have extremely high interest than that offered by RISE.
Additionally, you will start repaying the loan earlier than you would with RISE. Payday loans have short-term repayment plans, mostly less than two days. This is to say that you will struggle to raise the cash within that two days or get trapped into a debt cycle due to high fees and penalties. The moment to secure a payday loan, breaking up the cycle of lending will be a challenge.
Albeit RISE being costly, you will have ample time to pick up yourself and pay back the loan at a slightly reduced interest rate. If your funding options are limited, applying for RISE personal loan can be a viable decision than those high cost debts like payday loans.
RISE loans a viable financing alternative for personal loans.
RISE is a reliable and trustworthy lending company that allows people with poor credit rating to get quick cash to solve their financial woes. Therefore, if you need personal financing to cover any need, RISE loans are the best option.
What customers say in RISE credit reviews?
RISE offer numerous ways to reach their customer support. You can send an email through the form on their site or call the number on the website.
While RISE strives to make it simple to reach their customer support, their struggle does not resonate with clients. This is because RISE loans have both negative and positive reviews. Statistics from Better Business Bureau states that 48% of RISE credit reviews happen to be negative.
Some of the common disputes that consumers raised include high-interest rates difficulty in obtaining additional payments and confusion about the repayment terms. The reviews also mentioned that the lender is uncompromising in giving out the loans when a client was experiencing financial hardship like job loss.
For the 52% that had a positive experience, clients stated that the application process was simple and quick, and they got the funds quickly.