RISE credit loans review: Loans come with extremely high interest rates and aren't available in every state

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Editor's rating: 2.5 out of 5 stars

The bottom line: RISE credit loans aren't a great choice for most borrowers — they have high interest rates and your repayment term lengths are set by the lender. However, borrowers with bad credit may find it easier to qualify for a loan with RISE than with other lenders. 

RISE loan amounts and interest rates

RISE offers loans that come with fixed interest rates and a defined term length, paid off in monthly installments. You'll receive your money in one lump sum payment when you take out the loan. RISE allows you to use its loans for a host of purposes, including expenses such as medical bills, home repairs, or debt consolidation. 

Loan amounts on RISE loans range from $300 to $5,000. APRs range from 36% to 299%, though keep in mind that the lowest APRs are only for returning customers in CA, IL, or ND. Rates and loan amounts vary significantly by state, so check your state's specific terms. 

RISE will send you your money as soon as the next business day, provided your application is processed and approved before 6 p.m. ET. 

Loans aren't available to new customers in AK, CA, CO, CT, IL, IA, ME, MD, MA, NH, NJ, NY, NC, ND, PA, RI, SD, VT, VA, WV, or Washington, DC. You may be able to get a loan on a limited basis if you're a returning customer in CA, IL, or ND. The bank that will originate your loan depends on the state you live in:

  • Loans originated and funded by FinWise Bank — AK, AZ, FL, HI, IN, KY, LA, MI, MN, MT, NE, NV, OH, OK, OR, WA, and WY
  • Loans originated and funded by CCBank — KS, TN, and TX
  • State installment loans — AL, DE, ID, GA, MO, MS, NM, SC, UT, and WI.

Repayment term lengths are different depending on what state you live in, but the overall range is between four and 26 months. 

RISE reports your account and payment history to two of the three major credit bureaus, TransUnion and Experian. A history of on-time payments may improve your credit score, while late or missed payments might damage it. 

There's no listed minimum credit score for RISE's loans, but it's generally easier for borrowers with poor credit to get a loan from RISE than from elsewhere. 

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Pros and cons of RISE loans

Pros

  • Low minimum loan amount. If you only need a bit of cash to tide you over, RISE has loans as small as $300 in some states, and $500 in most others. 
  • Fast funding. If your application is processed and approved by 6 p.m. ET, you'll most likely get your funding the next business day. 
  • No origination fees or prepayment penalties. You may have to pay these pesky fees with other lenders. 
  • Able to return loans within five days with no penalties. If you decide to change your mind within five business days of taking out your loan, simply call customer service and ask to cancel it. You'll repay the principal and won't fork over any fees. 
  • Customer support seven days a week. To get help, call RISE from 8 a.m. to 11 p.m. ET Monday through Friday, or 9 a.m. to 6 p.m. ET Saturday and Sunday. You can also email the company or send physical mail to the company's Texas address. 

Cons

  • Incredibly high APRs. APRs on RISE credit loans are higher than most other lenders, and in some cases are even comparable to payday lenders. It's probably best to stay away from these types of high APR loans unless you've exhausted every other option. 
  • Low maximum loan amount. If you need money for a more significant expense, you won't be able to get it with RISE, as its maximum loan amount is $5,000. 
  • Payment schedule is set for you. Your first payment date and repayment schedule are determined by the information you input on your application and you aren't able to change them. Other lenders let you choose from a variety of options. 
  • Short repayment term length window. In some cases, you'll have as few as four months to repay your loan. The longest amount of time you'll have to pay back your loans is 26 months. If you want more time to spread out the costs of your loan, another lender may be better. 
  • Not available in all states. You won't be able to get a new loan if you live in AK, CA, CO, CT, IL, IA, ME, MD, MA, NH, NJ, NY, NC, ND, PA, RI, SD, VT, VA, WV or Washington, DC.
  • Interest accrues on late payments. RISE won't charge you a fee if your payments are late, but interest will still accrue on your payments, according to a representative. However, RISE recommends reaching out to customer support to ask about a seven-day payment extension when you're unable to meet your due date. 

Who is RISE best for?

RISE is best for people who have exhausted other options available to them. This may include personal loans from other lenders, money from friends and family, or additional money from a side gig. RISE has inflated interest rates that are higher than other lenders and, in some cases, aren't much of a better deal than payday lenders.

RISE is still likely a better option than a payday loan as many payday loans have APRs as high as 400% and need to be repaid within a month. Many payday lenders have also been accused of predatory lending practices.  

You have little flexibility in your repayment terms and residents of certain states aren't even eligible for loans with RISE. 

How RISE loans compare

All three of these lenders offer high-APR loans for borrowers with bad credit. This may seem enticing for those who can't get loans elsewhere, but the rates these companies charge can have a significant negative effect on your finances. 

You're able to take out a loan from $300 to $5,000 with RISE, $300 to $10,000 with Oportun, and $500 to $4,000 with Opploans.

Oportun charges an origination fee, which is deducted from your overall loan proceeds. Neither RISE nor Opploans charges an origination fee.  

Is RISE trustworthy?

RISE has an A+ rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB evaluates businesses by looking at their response to customer complaints, honesty in advertising, and truthfulness about business practices. 

RISE also hasn't been involved in any recent scandals or controversies. Between its high BBB rating and clean company history, you might decide you're comfortable borrowing from RISE. 

Frequently asked questions

Is RISE a legitimate company?

Yes, RISE is a legitimate business that offers fixed-rate installment loans to qualified borrowers. These loans are for small amounts of money and come with high interest rates. 

What bank does RISE use?

RISE originates loans from two different banks depending on your state of residence. 

  • Loans originated and funded by FinWise Bank — AK, AZ, FL, HI, IN, KY, LA, MI, MN, MT, NE, NV, OH, OK, OR, WA, and WY.
  • Loans originated and funded by CCBank — KS, TN, and TX.

Does RISE report to credit bureaus?

Yes, RISE reports to two of the three main credit bureaus, Experian and TransUnion. You may be able to boost your credit score with a history of consistent, on-time payments.

What questions should you ask yourself?

Have I explored alternatives to a high-interest loan?

Look into lending money from friends and family, taking on a side job, or borrowing from a different lender before settling for a loan with a high APR. In some situations, you could trap yourself in a cycle of debt with a high-interest loan. If you fall behind on payments, the interest you're being charged can continue to add up until you may struggle to pay it back.

Am I comfortable taking out a loan with a very high interest rate?

RISE loans come with extremely high APRs, so you should make sure you fully understand what you're getting into before agreeing to borrow. You could end up paying a significant amount in interest on your debt depending on your term length. 

Why do I need a loan?

Understand why you're borrowing money before you choose to take out a loan, whether it's for debt consolidation or home improvement. Otherwise, you could be stuck paying interest on debt you took out before really thinking through the decision.

Ryan Wangman is a junior reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).

In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. 

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