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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
50% to 299%
Minimum Credit Score
$500 to $5,000
Loan Amount Range
6 to 24 months
Time to Receive Funds
Rise is a Texas-based online lending company that offers small loans for people with bad credit scores. It can release funds as early as one business day after approval, which makes it ideal for those who need money quickly. It doesn’t charge origination or prepayment penalty fees, and there’s a chance of your APR going down if you continuously pay on time.
The main drawback of Rise is its very high interest rate — it could reach up to 299% depending on your location and other factors. That makes it an expensive loan lender for most people since they can potentially pay almost triple their borrowed amount or more if they make late payments.
- Low qualification requirements
- Fast fund release
- No origination fees
- No prepayment fees
- Very high interest rate
- Charges late fees
- Short payment terms
- Not available in all 50 states
- APR range: 50%–299%
- Minimum/maximum loan amount: $500–$5,000
- Minimum credit score requirement: None
- Repayment terms: 6–24 months
- Time to receive funds: Same day
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.
You can use a Rise personal loan for pretty much anything, especially emergency or unexpected expenses.
You can’t use Rise personal loans for any illegal activities or for paying tuition expenses.
Time To Receive Funds
You can receive your borrowed money as early as the same business day.
Rise does not charge origination fees.
Rise charges late fees but offers a seven-day grace period.
Prepayment Penalty Fees
Rise does not charge a prepayment penalty, so you can pay off your debt early if possible.
Co-signers and Co-applicants
No co-signers or co-applicants are permitted.
There is a five-day period after taking out your loan to return the borrowed money with no extra fee.
No mobile app is available for Rise but you can check and manage your loan online.
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.
You can use a Rise personal loan for almost anything that you can afford with its maximum offering of $5,000. That includes emergency expenses, travel and big purchases. You can’t use it, however, for illegal activities or paying for tuition.
Rise does not specify the minimum credit score it requires, but it caters to those with very poor credit scores that can’t qualify with other personal loan lenders.
You can get immediate loan approval, often in a few minutes after completing the application form.
Rise doesn’t have a mobile app.
Rise only offers unsecured personal loans.
You can borrow up to $5,000 from Rise, making this lender only viable for those looking for small loans.
Rise does not charge origination fees.
Rise will make a soft credit inquiry when you check your loan options. That won’t hurt your credit score.
Rise does not feature an autopay discount.
Rise does not accept co-signers or joint borrowers on personal loans.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity.