About Rise Credit

By HighYa Staff
Updated on: Jun 20, 2017

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 From there, the funds can be sent via ACH the following business day, and your first payment will generally be withdrawn 14 days after your loan’s effective date.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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61 Customer Reviews for Rise Credit

Average Customer Rating: 3.0
Rating Snapshot:
5 star: 26 4 star: 4 3 star: 0 2 star: 3 1 star:  28
Bottom Line: 48% would recommend it to a friend
Showing 1-11 of 61
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  • Re-establishing your credit

    Rise Credit is the perfect company to have when trying to get your finances in order, for people with less than perfect credit to re-establish your credit in a better light. Yes, I would recommend Rise to all my friends, and I have done so.

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

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  • Thanks

    When I applied for this loan, I thought no way I would get it. Surprise, surprise! The process was easy and private. The payment plan was what I could afford, with no collateral or co-signer needed. Thank God for Rise Credit!

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

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  • 1 out 1 people found this review helpful

    Rise was there for me to help me when I was in need.

    The loan I got through Rise Credit helped me pay off past due bills so I wouldn't fall further behind. I'm glad Rise Credit was of great help, even though my credit was not that perfect they got me through it.

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

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  • 1 out 1 people found this review helpful

    Great, couldn't believe it

    • Wichita, KS,
    • Jun 22, 2017
    • Verified Reviewer

    I really appreciate Rise Credit for coming through when I needed them the most. I appreciate them explaining everything to me. The customer service team was very helpful. When I applied and was approved so fast, I couldn't believe it.

    The only thing I would say about Rise Credit is not to keep the loan out for too long because the daily interest rate can become very high. Other than that, it was very helpful. Thank you Rise Credit.

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

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  • Excellent experience

    This was quick and easy, and I thought I would not get the loan. This company is the best, and I will be able to repay quickly because of the reason I needed the loan. So, when you need a loan and can pay it back in a reasonable manner, Rise Credit is the company to help you meet your goals.

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

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    • Jun 22, 2017

      Shanika White, Customer Service

      Thank you very much for sharing your experience with Rise. We are happy that you had a pleasant experience. Please do not hesitate to let us know if there is anything further that we may be able to assist you with.

      Sincerely,

      Rise Credit.

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  • 0 out 1 people found this review helpful

    Was easy

    • Georgia,
    • Jun 21, 2017
    • Verified Reviewer

    It was an easy experience, the way banking used to be. I just entered in my info, my options were clearly detailed, and I could make an informed choice.

    Now I understand why all of my local bank branches have closed; this is much easier.

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

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    • Jun 22, 2017

      Shanika White, Customer Service

      We are so glad to hear you had a good experience. We want to take the time to welcome you to the Rise family! Please let us know if we can be of any assistance in the future.

      Thank you,

      Rise Credit

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  • 1 out 1 people found this review helpful

    Loan

    I applied for the loan, received approval and money was in the next day. Although I know the interest is high, I appreciate that this loan has helped me out. I am going to try and pay this off sooner than scheduled so that I can reapply if necessary at some other time. Thank you.

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

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    • Jun 22, 2017

      Shanika White, Customer Service

      We are happy to hear you had a good experience. Welcome to the Rise family! Please let us know if we can be of any assistance in the future.

      Thank you,

      Rise Credit

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  • 1 out 1 people found this review helpful

    Really easy and very professional!

    I received a pre-approved letter and call, and it was a very easy process that was greatly needed. I also was emailed great detail pay back info and loan documents. I would recommend this service to anyone needing some assistance. Money was ready and available the very next day.

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

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    • Jun 21, 2017

      Shanika White, Customer Service

      Thank you for taking the time to share your experience. We are always so happy to hear these wonderful details. Thank you for choosing Rise!

      Sincerely, Rise Credit

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  • Super fast results

    The application process was easy, and the results were fast. I had my loan the very next day in my bank account.

    The repayment process is great too.

    Unlike other loan companies, you have an option to repay the loan over time. This helps keep people out of the Payday Loan trap.

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

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    • Jun 20, 2017

      Shanika White, Customer Service

      Hi Timothy,

      We are happy to hear you had a good experience. Welcome to the Rise family! Please let us know if we can be of any assistance in the future.

      Thank you,

      Rise Credit

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  • 1 out 1 people found this review helpful

    Your loan is always on time

    Rise Credit is very good; they gave me my loan on time. I will always do business with Rise Credit. I will let all of my friends and family know where to go to for a loan. I read bad reviews from some customers on here, but I will not go off what someone else says about Rise Credit. Everyone have their own mind, and I will follow my own. Thanks Rise Credit for being there when I needed it.

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

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    • Jun 19, 2017

      Shanika White, Customer Service

      We are so happy you chose Rise for your lending needs and that you look forward to recommending others! Please let us know if there is anything that we can help with regarding your Rise account.

      Thanks,

      Rise Credit

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  • Nearly impossible to get a new loan, even thought the loan was paid in full months ahead

    A ticket was opened by the Rise Credit customer service representative with a three-day service level agreement. It has been a week now, and no one from Rise Credit can provide a specific date as to when the IT issue/ticket will be corrected so a new loan can be processed. Clearly, not a reliable source for a loan.

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

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    • Jun 19, 2017

      Shanika White, Customer Service

      Hi Francisco,

      I am sorry for your dissatisfaction with your Rise loan. Please call us at 866-580-1226, or email us at rise_spokesperson@risecredit.com. We welcome the opportunity to assist you.

      Sincerely, Rise Credit

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Showing 1-11 of 61

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