About Rise Credit

If you’re a fan of Rocky Balboa, your interest may have been piqued by a recent commercial from Rise Credit, a short-term lender that claims to help you address financial emergencies using fast and easy personal installment loans. On top of this, Rise Credit claims to offer flexible repayment terms that put your loan within your control, in addition to free Financial U courses that can increase your personal loan I.Q.

But even if Rise Credit really is different from traditional short-term lenders, does this mean you should use them in the first place? To address this question and many others, we performed some research. Here’s what we found.

Rise Credit Details

By offering loan amounts between $500 and $5K, Rise Credit claims to be different from other short-term lenders in 3 primary ways:

  1. As you continue to pay on time, your rates will decrease.
  2. You can choose your terms for flexible repayment schedules.
  3. Credit Score Plus option is claimed to track and monitor your credit. You can also visit the Financial U section to take free loan-related courses.

In keeping with this theme, if you’re interested in applying for a Rise Credit loan, the process works over 3 steps:

  1. Fill out an online application, which includes basic information such as name and address, as well as more detailed info such as social security number, checking account balances, and so forth. According to the Rise Credit website, in order to qualify for a loan you’ll need apply online and to have a valid checking account and email address. We’ll talk about additional requirements in the next section.
  2. Once approved, your loan can be funded as soon as the next business day and sent directly to your checking account.
  3. Log into your account to view activity and check your balance 24/7.

Rise Credit Pricing

First and foremost, in order to obtain a Rise Credit loan, you must be at least 18 years of age with a job or other proven source of income, and have an active/valid checking account, a working phone number, and an email address.

After you complete your application, the verification will be sent daily at 5pm CT, after which point your loan can then be approved in seconds. From there, the funds can be sent via ACH the following business day, and your first payment will generally be withdrawn 14 days after your loan’s effective date.

According to the company’s website, you’ll have 5 days from the origination date to repay the principal without accumulating any fees. Otherwise, APRs range between 124.67% and 363.97%, so it’s probably a good idea to play around with their Sample Loan Amounts calculator in order to get a better idea of what you can realistically expect to pay.

Rise Credit claims that their Credit Score Plus and Financial U courses are free, and that their loans come without any hidden fees or early payment penalties.

After signing up with Rise Credit, you can earn points for things like taking out your first loan, making on-time payments, completing a Financial U courses, and more. As such, the more points you accumulate the greater savings you can receive on future loans.

For additional information on APRs and repayment terms, Rise Credit can be reached at 866-580-1226.

What Do Other Consumers Have to Say About Rise Credit?

The vast majority of online reviews regarding Rise Credit appear to be negative, with by far the biggest complaint relating to their enormously high interest rates. Despite this fact, the company holds a C+ rating with the Better Business Bureau, with more than 80 closed complaints over the past three years.

When viewing Rise Credit’s BBB page, we noticed that they also do business under the name PayDay One. This company is the subject of numerous online customer complaints stating that they attempted (often times successfully) to obtain “good faith” non-refundable payments from applicants before ever approving their loans.

On top of this, Rise Credit and PayDay One are owned by Think Finance, which has apparently come under scrutiny for shielding themselves from having to follow consumer protection laws by hiding behind Native American tribes.

What’s the Bottom Line About Rise Credit?

With all of this in mind, is it a good idea to take out a short-term loan through Rise Credit? Perhaps in some instances, but consider the following first:

Most importantly, as we’ve mentioned in our CashAdvance.com, MoneyMutual, and other related reviews, short-term loans should be completely avoided unless there are no other options, as they comes with exorbitant APRs that you leave you paying more in interest than your original loan amount. In fact, the Rise Credit website even specifically states, “This is an expensive form of credit.”

To illustrate just how much you could pay in interest, the Rise Credit website provides the following example:

Let’s say you live in Idaho and decide to take out a $700 loan with Rise Credit. You agree to a 349% interest rate and to repay the loan using bi-weekly payments over a period of 14 weeks. Even if you consistently pay the requested amount on time, you’ll still end up paying more than $800 in interest.

Conclusion

It’s our recommendation that only under the most dire circumstances should you use a short-term lender like Rise Credit. And if you absolutely must, be sure to pay off the loan as quickly as possible. In short, consider what this 2014 article noted: “Just because it’s advertised as an installment loan does not make it a safe loan… It’s important to understand that these loans typically don’t function in the way they are advertised. They make promises of quick financial fixes but in reality they function as long-term debt traps.”

Pros:

  • Claims to provide short-term loans ranging from $500 to $5K, with instant decisions and next business-day funding.
  • Added benefits such as Credit Score Plus and free Financial U courses.
  • Can pay off your loan within 5 days to avoid accruing interest and fees.

Cons:

  • Short-term loans such as these should only be used as a last resort in the event of an emergency.
  • Extremely high APRs, which might mean that you pay more in interest than your original loan amount.
  • Rise Credit loans are only available in 14 states.

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25 Customer Reviews for Rise Credit

Average Customer Rating: 1.2
Rating Snapshot:
5 stars: 1 4 stars: 0 3 stars: 0 2 stars: 1 1 stars: 23
Bottom Line: 4% would recommend it to a friend
Showing 1-11 of 25
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  • 2 out 2 people found this review helpful

    Wish I could give it less than one star

    • South Carolina,
    • Apr 12, 2017

    This is one of the worst companies I have ever worked with. Even if you are desperate, do not resort to a loan from them. I have only two payments left (which are quite high at almost $500 a month) and they will not work with me and give me two additional months to pay these two payments even though I was asking because my husband has become disabled and income is reduced. Believe me, they do not care! Awful customer service on the phone.

    Bottom Line: No, I would not recommend this to a friend

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    • Apr 14, 2017

      Shanika White, Customer Service

      Hi Joan,

      We are so sorry to hear about your recent experience with Rise Credit. We would like the opportunity to review your concerns with you and research your experience in detail. Please send us an email at rise_spokesperson@risecredit.com so we may better assist you.

      Sincerely, Rise Credit.

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  • 8 out 9 people found this review helpful

    Do not believe this company!

    I have had a few loans with Rise Credit and I have received emails that I am eligible to refinance my current loan, which I took advantage of. They say that it is a soft credit check when in reality, it is a hard hit to your credit report. They say that they don't base your loan off of your credit, when in fact, they do.

    I have had a consumer alert on my credit files for years to be safe. When I got my initial loan and the last refinance, this had never been an issue. Now all of a sudden they can't refinance my loan because of that consumer alert. I have never missed a payment, and they obviously know how to contact me, yet they now say that their hands are tied.

    I applied last month and called in, and the gentleman that I spoke with, as well as his supervisor, stated that I needed to wait for my application to expire and then reapply. I asked them both numerous times if this would not affect my credit. They both stated that it would not. I reapplied today, and I was immediately alerted that they pulled my credit again.

    I will be paying off this loan and never do business with them again. Their customer service agents are not educated enough about their company's products to give accurate information. I asked for a supervisor today and was told there wasn't one available.

    This is a ridiculous way to run a business.

    Bottom Line: No, I would not recommend this to a friend

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    Comments (3)
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    • Mar 9, 2017

      Shanika White, Customer Service

      Hi Kevin,

      We are sorry to hear of your recent experience. Please check your personal email for more information.

      Thank you,

      RISE Credit

    • Mar 29, 2017

      david windham

      I was pleased with my experience with Rise Credit, until this past scheduled payment. The borrower has the option to extend payment for a few days. I have to do this often because I am paid on the 15th and 30th of every month. I had called two days before my payment was due, and the man I spoke with assured me that I would have an extension until the 30th.

      I checked my bank statement online, on the 27th, and there was a pending payment notice for the 28th. I immediately called Rise Credit, and I was told that there was no record of my request. I persisted, and I was put on hold. The representative returned and told me that my call was recorded, but the person that answered my call failed to post my request.

      He told me that customer service would look into it and will contact me by email or phone immediately. Well, the payment came out on the 28th, and I have yet to hear from them. The bottom line is, Rise Credit is not truthful, and their failure to follow what is stated in the contract will cause you major problems.

    • Apr 14, 2017

      Shanika White, Customer Service

      Hi David,

      We're very sorry to hear of your dissatisfaction. Please check your personal email for more information.

      Thank you, Rise Credit.

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  • 13 out 14 people found this review helpful

    Worst decision of my life

    This company is insane, with 198 percent interest. How the heck is anyone ever supposed to pay this off? I am literally having to borrow money from everyone just to pay it off. I have paid about $1,500 in interest since August. I make payments for $234.00, and only $7 goes towards my actual loan. This has ruined my life, but I will be paying it off next week finally.

    DO NOT get a loan. I would rather be a stripper or go to any low but this one. I would sell all my belongings before getting this loan. Rip off! Is 198 percent interest even legal? If so, how? This company how endless complaints on BBB. I hate them, those guys are the devil. I bet they will be shut down sooner or later.

    Bottom Line: No, I would not recommend this to a friend

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    • Jan 25, 2017

      Shanika White, Customer Service

      We are so sorry to hear about your recent experience with RISE.

      RISE is designed to provide you with funds at the best possible price and only if other forms of credit are not available or are more expensive. Prior to accepting funds, we present the terms and conditions with the entire cost if you were to carry the loan full term. We also offer a five full business day rescind guarantee in case you decide that a RISE loan is not right for you. If you pay off your loan early, you will only pay interest and/or fees for the amount of time that your loan has been active.

      We would like the opportunity to review your concerns with you and research your experience in detail. Please send us an email at rise_spokesperson@risecredit.com so that we may better assist you.

      Sincerely,

      RISE Credit

    • Apr 5, 2017

      Randy *BLANK*

      False accusations that there is fraud on my application is unfair and unjust. I reevaluated my application, and I am one-hundred percent sure I was truthful in every dang category. Then they tell me to come back to reapply when the application expires, just to be treated like an alien, and then being told I was making fraudulent freaking things. Why the heck do banks give me freaking loans if I was so fraudulent?

    • Apr 7, 2017

      Alejandro Rivera

      Hey, this goes to the Rise Credit company. They made me buy an iTunes card for me to get my money from MoneyGram, and I paid $100. After that, they gave me my reference number. I went to Walmart, and they told me that money has already been taken out. I told them I wanted my refund, and the guy said that in seven days I would receive my money. Now I know that I got scammed. People, please don't use this loan. Scammers.

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  • 19 out 22 people found this review helpful

    Total Scam. False Promise.

    • Chicago, IL,
    • Nov 4, 2016

    I applied for a loan on 17th of October. Website said it is approved, but need to submit proof of income.

    I do that the same day. Next day I get an email asking me to submit proof of secondary income. OK, done that right away. 2 days go by, no reply and the website still says pending for proof of income. I called in, they said it has been approved and I should be able to accept the loan online.

    I told them I don't see it. So they tell me they are having a tech issue, and that they have escalated the process and will reach back to me when it is resolved. 2 days go by, nothing. I called in again, they give me the same dialogue, and then say that they will mark my application so that it does not expire on 27th as it is their fault.

    27th morning, I email them asking about the status of the application, they reply back saying my application has expired and that I should re-apply! Really? I called in and asked about what is going on here.

    The representative put me on hold for 10 minutes and then says: "I ran up and down to ask what we could do. The department which was supposed to inform the audit to mark the application from expiring was running behind, so by the time, the audit department got your application, it had already expired. Sorry, I know that we said we will resolve this, but now we cannot do anything. Please re apply!"

    This is just preposterous. There should be a way to take them to court for making false promises. Wasted my 10 days.

    Oh! and the rep told me that I shouldn't worry to reapply as it is soft inquiry only, which is completely false. They hit you hard. Beware! If someone wants to take them to court for false promise and false advertising, I am with them.

    Bottom Line: No, I would not recommend this to a friend

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    • Nov 10, 2016

      Shanika White, Customer Service

      Hi RDG,

      We regret to hear of your recent experience with RISE.

      We would like the opportunity to review your concerns with you and do additional research on this matter. Please send us an email at rise_spokesperson@risecredit.com.

      Thank you,

      RISE Credit

    • Jan 16, 2017

      gail ellis

      After developing some health issues and having poor financial habits in the past, I took a Rise loan out a few years ago. I don't understand why everyone is so shocked about the interest and repayment policies. I read everything, I did my calculations and came to the conclusion that I could make the admittedly high payments. It was an emergency, and I had no choice. I don't feel taken advantage of because I had the option not to use the loan. The truth is I needed the funds, and there was no other choice.

      It's been a challenge repaying, but I managed to pay it off. The interest is ridiculous, but I know if anyone is in a business of lending to those with bad credit, the protection is high interest. Surely, these companies must have a large pool of customers who default. After all, for whatever reason you have, you get poor credit rating by not paying your debts, right? And no person or no bank will trust you with their money!

      If Rise Loan did not grant this loan, it would have cost me more than just money at the time. It was a pressing family issue at stake. I'm glad they were there when I needed it. I later needed them again, I got a better rate, but still high. If you ask me now if I would use this in the future, I'd say no, because I learned from this experience to value my credit and protect my credit rating! I put myself on a disciplined financial plan and improved my credit score enough over the three years, so this type loan will never again be my only option.

    • Apr 7, 2017

      Alejandro Rivera

      Do not apply because they stole my money. They couldn't get access to my bank account and they couldn't put the loan into my bank. Instead, they told me to buy an iTunes card (which cost $100), and then they would give me my reference number. They gave it to me, and I went up to Walmart, and they told me the money was already taken out. I called, and they never answered. Until I get them to answer, people please don't apply and don't listen to what they say. They said I would get my refund in seven days. Please call back if you are reading this rise credit. I want my money back, thieves.

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  • 37 out 39 people found this review helpful

    Don't apply

    • Temecula, CA,
    • Aug 13, 2016

    I always get an error when trying to login. They didn't cancel my loan until a week later but still charged me the interest. Don't apply, it is not worth your time.

    Bottom Line: No, I would not recommend this to a friend

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  • 40 out 42 people found this review helpful

    Jumped through hoops for NOTHING.

    I applied for a loan through Rise. They advised they needed further information, sent me a link to enter my username and password to verify. Once they received all this information they indeed sent me another email from the fraud department and wanted to do a conference call with my bank. So, I called into Rise and let them contact my bank with me on the phone. My bank verified my account and routing number. Then they advised it would take up to 48 hours to verify that. SERIOUSLY?

    I'm so over them. I went to Lend Up and got approved in 10 seconds after submitting my information and the money was in my account the next day. Rise is full of it.

    Bottom Line: No, I would not recommend this to a friend

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  • 13 out 31 people found this review helpful

    Legit and professional

    To ease people's minds, yes Rise is legit and professional. I obtained a loan from Rise with very little obstacles and delay. I applied and gave them the information they required on a Thursday and my funds were in my account Friday morning. They handled my request professionally and with one thing in mind - customer service.

    Bottom Line: Yes, I would recommend this to a friend

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  • 52 out 55 people found this review helpful

    Total Rip Off. Please Don't Do It.

    • Phenix City, AL,
    • Jun 18, 2016

    I got a ticket in the mail advising I was eligible to received up the 3500 from Rise. Now I had no idea at all that I would end up paying 10,000 back just for borrowing 3500. I have paid off the 3500 going on twice now and it still is telling me that I won't be done paying for the loan until 2017. This should be illegal and not allowed to be done to people who are just trying to make it. I literally pay 279.09 every two weeks which is 558.18 a month. If I paid this for a year it would pay off 3500. And then another 3000.00. Please if you can help it, don't accept, sign up for or agree to this loan if they send you an offer. It just will make you more in debt and cost more money.

    Bottom Line: No, I would not recommend this to a friend

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  • 47 out 52 people found this review helpful

    False advertising

    Rise is advertising falsely. They are on Credit Karma and it clearly states that they don't base their decision off of you credit but your income. That's not true, it is all false.

    Bottom Line: No, I would not recommend this to a friend

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  • 55 out 60 people found this review helpful

    Beware

    I am in a rather dire situation financially but this company is not the way out. Loan rates start at 100% and only go up. 100% means you would pay back double the loan if it took you a year and this is the best outcome you can expect because rates could go up to 500% I stopped the application mid way when they wanted my bank account numbers, before approving me for anything, and it felt untrustworthy to me.

    Since stopping the application, I have gotten 2 emails encouraging me to finish. I absolutely cannot trust this company at all to use any information I give them in any capacity.

    Bottom Line: No, I would not recommend this to a friend

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  • 54 out 56 people found this review helpful

    My payoff isn't accepted!

    • Alabama,
    • Mar 14, 2016

    I opened this loan up in 2015 and have had it around 6 months. Now that I would like to pay this HIGH INTEREST RATE CARD OFF with my American Express Card, these people are saying they DO NOT ACCEPT American Express Card. I think this is very stupid and a way to continue to take people money and charge high interest rates! This needs to be re-evaluated because I'm tired of paying this loan. I appreciated the fact they were all there when I needed them, but if I can't pay this off how I see fit and legal, why would I recommend this company to someone else? Please I just want to pay this off, and maybe and just maybe I will use them again in the future!

    Bottom Line: No, I would not recommend this to a friend

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    • May 13, 2016

      Lisa

      Whenever that's happened to me, or people I know, going to my bank and taking a cash withdrawal from my credit card was the solution. Don't know if banks still participate in this practice.

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