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 From there, the funds can be sent via ACH the following business day, and your first payment will generally be withdrawn 14 days after your loan’s effective date.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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22 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: 20
Bottom Line: 5% would recommend it to a friend
Showing 1-11 of 22
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  • 5 out 6 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 14, 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

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  • 28 out 29 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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  • 32 out 33 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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  • 11 out 26 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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  • 41 out 43 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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  • 40 out 45 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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  • 47 out 52 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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  • 47 out 49 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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  • 50 out 52 people found this review helpful

    Ripped off

    • Santa Paula, CA,
    • Feb 20, 2016

    These people are not in the loan business, and they rip people off, with no shame. It's disgusting that they take advantage of people in need, and should be put out of business for stealing our hard earned money. I borrowed a loan of $3,000, and I have made 11 payments of $176.80 every two weeks, and ONLY $298.34 has gone down, and I still owe $2,700. Please don't use this company, it was the worse decision I have ever made.

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

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  • 58 out 59 people found this review helpful

    Trapped by RISE Finance

    • Los Angeles, CA,
    • Jan 21, 2016

    I would never have applied for this loan of $2600, had I known what the interest rate really was, or that it was compounded daily. I must pay as much interest as the payment each month in order to pay it down. I have made three payments of $500 and still my balance is the same! Finally they told me how they calculate the interest. I thought the $500 payment included the interest. I am sick. I can not sleep. I must try to find a better loan with better terms and pay this off to get away from it. How could I be so blind. They should not be allowed to do this to people.

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

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    • Feb 10, 2016

      Barbara E.

      I am so very sad to find that I still owe an additional approximately $400 on a $1000 loan for which I have paid approximately $1500.00, thinking it was paid in full. Kept track of all of my payments only to find that RISE wants an additional $371.95. I read the contract closely. Never again.

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  • 46 out 48 people found this review helpful

    False Advertising

    • Sacramento, CA,
    • Dec 17, 2015

    I was told my loan was approved online after filling out an application. However, no funds have been sent within the next couple of days as they originally said they would. Then, I was sent an email the next day requesting for further information while letting me know that it was not approved. I sent all the information requested on the email. Then when I called to find out two days later about the funds, they wanted further personal information, that I did not receive a request for prior to calling.

    When I called Rise, I spoke with a Supervisor named Chad. He said they had sent out an email requesting this further personal information, that was not on the previous email. I looked through all the emails sent from Rise and that email that he was referring to was nowhere to found. This makes me a bit suspicious. He could not help me nor explain to me as to why my loan was not approved with all the information that was sent as requested.

    I feel this company is not legit. End result: I feel this company advertises it will approve you quickly and they give you that impression via their web site and mail advertising yet they don't provide that service. This I feel is false advertising. I would not recommend this company.

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

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