About Rise Credit

By Derek Lakin
HighYa Staff Updated on: Aug 11, 2017

Your interest may have been piqued by a recent commercial or mailer 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, the lender claims to offer flexible repayment terms, rates that go down over time, access to their Free Credit Score Plus service, and tools that can help customers start a budget, set savings goals, and better manage their debt.

In short, Rise claims that “a better financial you, starts with you,” so they help their customers build good credit and learn new money habits.

According to a chart on their website, Rise’s rates tend to fall somewhere between credit card cash advances on the low end, and payday loans on the upper. But does this mean you should use them?

To address this important question, along with many others, we performed some in-depth research using third-party resources, as well as speaking to the company directly. Here’s what we found.

Rise Credit Details

By offering loan amounts between $500 and $5K, Rise Credit claims to potentially benefit customers—and differentiate themselves from the competition—in three ways:

  1. Although the company recommends getting out of debt as soon as possible, they offer up to a 50 percent rate reduction on future loans or advances.
  2. Their free Credit Score Plus service provides customers with access to credit score, credit alerts, and savings and spending tips and tools.
  3. Like most lenders, Rise also reports payments to the major credit bureaus. As a result, if customers “demonstrate positive financial behavior” and make payments on time, their credit score could improve.

If you’re interested in applying for a Rise Credit loan, the process works over the following steps:

First, 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, you’ll need to apply online and to have a valid checking account and email address. We’ll talk about additional requirements in a moment.

Once approved, your loan can be funded as soon as the next business day (as long as approval occurs before 6 pm ET) and sent directly to your checking account. Then, you’ll be able to log into your Rise account to view activity and check your balance 24/7.

How Does Rise’s Credit Score Plus Program Work?

For some quick background, there are three main credit bureaus: TransUnion, Equifax, and Experian. They collect financial data about individuals related to mortgages, auto loans, personal loans, and forth. Then, they package this information into a unique credit score, each of which is typically within 20 points of one another.

Whenever you apply for a new loan, lenders will utilize one or more of these scores to help determine your eligibility, APR (often the lower your score, the higher your rate will be), and repayment term.

With these details in mind, Rise’s Credit Score Plus service is offered through TransUnion Interactive, Inc., so you’ll only receive their specific score. While details are slim on the Rise website, we’re also told this involves free credit alerts.

If your Credit Score Plus account remains inactive for 90 consecutive days, TransUnion will automatically un-enroll you in the program, and you’ll be required to re-enroll if you wish to continue service.

What Are Rise Credit’s Eligibility Criteria?

As of this writing, Rise online loans were available to residents of the following states: AL, CA, DE, GA, ID, IL, KS, MS, MO, NM, ND, OH, SC, TX, UT, and WI.

In order to qualify for a Rise Credit loan, you must be at least 18 years of age with a job or other proven source of income. You’ll also need to have an active/valid checking account, a working phone number, and an email address.

According to the FAQ on their website, “RISE is not available to applicants listed as Covered Borrowers in the Military Lending Act database, including qualifying active duty service members and their dependents as defined in 32 C.F.R. § 232.”

Taken together, Rise’s eligibility guidelines—along with the rates you’ll pay—are based on an “assessment of what you can afford, your application information and credit history, and the loan amounts and terms offered in your state.” Let’s continue this discussion in the next section.

How Much Does a Rise Credit Loan Cost?

After you complete your application, the FAQ indicates your loan could be approved in seconds. From there, the funds can be sent via ACH as soon as the following business day, as long as your application was submitted prior to 6 pm ET.

If you prefer, Rise can send you a paper check, although this will take 7-10 days for delivery through the USPS. Your first payment will generally be withdrawn 14 days after your loan’s effective date.

Depending on your state of residence, you can repay your loan over the course of between four and 26 months, with APRs ranging between 36 and 299 percent. Here’s a quick example of how this might play out, according to the disclaimer at the bottom of Rise’s website:

The most common RISE loan in the state of California is $2,600 with 32 bi-weekly payments of $241.44 (last payment may vary), and an APR of 224.35%.

What’s this mean from a money perspective? Assuming you followed the full payment schedule, in this example, you'd end up paying more than $7,700 on an original loan of $2,600.

In this regard, the FAQ emphasizes that Rise is “an expensive form of credit,” ideal for use in emergency situations like car repairs, medical care, or job-related travel expenses. On the other hand, they also point out that their loans can be less expensive than things like overdraft, late, or utility reconnection fees (if you pay it off quickly, of course).

Rise provides a five-day window during which time customers can pay off their loan in full, without accumulating any fees.

If you make 24 months of scheduled payments and have APR(s) over 75 percent during this time, you could be rewarded with a 50 percent drop in your rate for future loans. After 12 additional months, you could see your rate drop as low as 36 percent.

Rise Credit claims that their Credit Score Plus service is free, and that their loans come without any hidden fees or early payment penalties.

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

What Do Other Consumers Have to Say About Rise Credit?

Since writing our original article, nearly 70 HighYa readers provided their feedback about Rise, giving the company an average rating of 3.1 stars. Most compliments seemed related to ease of use, quick approvals, and solid customer support.

On the other hand, frequent complaints referenced high-interest rates and declinations.

We also encountered nearly 17,000 user reviews on ekomi-us.com, where Rise had an average rating of 4.7 stars. There, most compliments and complaints seemed to mirror those found on HighYa.

The company, based out of Fort Worth, TX, also had a 2.2-star average rating on CreditKarma.com among 70 pieces of feedback, and a one-star rating among 23 Yelp reviewers, at the time of our research. Most of the compliments and complaints seemed to mirror those found on HighYa.

Rise also had an A+ Better Business Bureau rating, 32 reviews (split evenly between negative and positive), and 93 closed complaints as of 7/7/17. Most related to high fees and difficulty processing loans, although the company appeared to respond quickly with a resolution.

Where does all of this information leave you?

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? If you’re in a financial emergency and there aren’t any other options, high-interest loans like these could be a real lifesaver.

But before sending in your application, keep in mind that, like payday loans, short-term installment loans often come with very high interest rates. As a result—and as we outlined in the Pricing section example earlier—you could end up repaying three times (or more) than your original loan amount if you don’t pay it off quickly.

And if you frequently encounter repayment issues with your short-term loan (whether through Rise or any other installment lender), you could be assessed late fees and other penalties that keep you in a cycle of debt. If it goes on long enough, it could even end up harming your credit score.

As with any other financial decision, it’s important to weigh all these potential pros and cons before accepting your Rise Credit loan; especially factors like how much money you need and how badly you need it, the associated interest rates, length of repayment, and whether or not you can ultimately afford to pay meaningfully more than you borrowed.

In the meantime, if you’re looking for additional free, in-depth information about how to improve your financial wellness, be sure to browse our extensive credit-related articles and guides section.

Before you go, tell millions of readers about your Rise Credit experience by writing a review below.

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130 Consumer Reviews for Rise Credit

Average Consumer Rating: 3.6
Rating Snapshot:
5 star: 72 4 star: 12 3 star: 2 2 star: 6 1 star:  38
Bottom Line: 65% would recommend it to a friend
Showing 1-11 of 130
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  • Editor’s Note: It is our understanding that this company has been asking its customers to leave feedback on HighYa. We assure you that each of these reviews has still been subjected to the same verification & vetting process that all submitted reviews go through. Learn More Here
  • Loan sharks

    • Ohio,
    • Sep 21, 2018
    • Verified Reviewer

    Rise is a loan shark organization. My son borrowed $1,000 but is being asked for another $1,000 on top of the loan for some BS fee to justify usury rates. Do not use this company or you will regret it.

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

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    • Sep 21, 2018

      RISE Support Team, Customer Service

      Thank you for reaching out to us in regards to your concerns. Interest accrues on a daily basis and continues to accrue until the balance has been paid in full. This is why the payoff amount is subject to change.

      The payment schedule per your loan agreement includes all of the interest that will be applied if you make payments through the last scheduled due date. If you pay off your loan early, then the additional interest would not be applied because you only pay interest on the number of days that you keep your loan.

      If you have questions in regards to your loan, please email us at rise_spokesperson@risecredit.com so that we can further assist you.

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  • 2 out 2 people found this review helpful

    Illegal lending to elderly with no income

    • Phoenix, AZ,
    • Sep 7, 2018
    • Verified Reviewer

    I just obtained POA for my elderly mother's finances. When I went into her checking account, I saw that she recently received a $1,500 deposit from Rise. She was too proud to tell me she was struggling, got a preapproved offer from Rise, and went for it thinking they'd approve her for $500 or something. At 77 years old, she lives on only her meager $600 social security checks each month. Yet somehow, Rise approved her for a $1,500 loan this month. Um. She gets $600 a month?! And the interest rate is downright obscene. So now, they'll take more than half of her monthly income for the next year until the loan plus interest is paid.

    The fact that Rise approved her on $600 a month income derived solely from Social Security is the epitome of predatory lending. Not to mention, she lives in Arizona where Rise supposedly does not even do business. Not sure how that happened - her income statement, drivers license, etc. all show AZ as her place of residence. I've just contacted the Attorney General in Arizona, and am going to make sure I cause as much ruckus as I can about this company and their illegal tactics to prey on seniors.

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

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    • Sep 7, 2018

      RISE Support Team, Customer Service

      Rise appreciates your concerns and encourages your mother to contact us at 866-580-1226 so that this issue can be resolved.

      Thank you,

      Rise Credit

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  • 4 out 4 people found this review helpful

    Rise isn't loyal to existing customers

    • Atlanta, GA,
    • Aug 16, 2018
    • Verified Reviewer

    I have had three loans with this group and always worked to pay in a timely manner. My existing loan is eight months in and I have never missed a payment. Due to an emergency situation, I asked to refinance my existing loan for the extra cash and I was told that refinancing is computer generated only. That is total hogwash! You would think they would want to keep good paying customers, not Rise. Where is the loyalty to good paying customers?

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

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    • Aug 16, 2018

      RISE Support Team, Customer Service

      Thank you for reaching out to us. We regret that you have not been provided the option to refinance your current loan at this time. The option to refinance is a system generated a decision. Once your account becomes eligible, you will be notified via email. You will also be able to view this by logging into your account on www.risecredit.com. At this time, we are unable to determine when anyone account may become eligible for this option. At this time, your account is not eligible for this option. Please watch your email and your Rise Credit account for this important update.

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  • 3 out 3 people found this review helpful

    Deceitful bait and switch marketing

    • Austin, TX,
    • Aug 10, 2018
    • Verified Reviewer

    I received an unsolicited letter from RISE stating I have been "pre-approved" for a $1,000 loan and this is a "firm offer of credit." When I applied for a loan, I was turned down. Nothing on my credit report had changed since I received the pre-approval. I met all the requirements regarding the "firm offer of credit." I had not moved, incurred more debt, lost my job, or done anything that would change my fiscal obligations. Now there is a hard inquiry on my credit reports and RISE refuses to remove it.

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

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    • Aug 13, 2018

      RISE Support Team, Customer Service

      Thank you for reaching out to us in regards to your recent concerns. When a "pre-approval" letter is received, this is an invitation to apply for a loan and not a guarantee of approval. Once the application is fully submitted, this will process a hard inquiry as stated on the website. The pre-approval does not process the hard inquiry and is based on general information that you may be eligible for a loan. If you have any additional questions or concerns, please do not hesitate in contacting us at 866-580-1226 or via email at rise_spokesperson@risecredit.com.

      Thank You,

      Rise Credit

    • Aug 13, 2018

      Sue F.

      They continue to ignore the part of their marketing that violates laws. You stated in the pre-approval letter that this is a “firm offer of credit.” You lied about that. I’m filing a complaint with the CFPB. They will get to the bottom of this, and I will seek a class action lawsuit against them as well for your deceitful marketing practices.

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  • 8 out 8 people found this review helpful

    Part scam...don't advise to do business with this organization

    • Memphis, TN,
    • Jun 11, 2018
    • Verified Reviewer

    I submitted payments a few times for smaller amounts, which they received. I finally submitted a payoff amount that they acknowledged online with a phrase like "good job making your payment you're making progress," however, they "didn't get that one" so another huge payment is scheduled to come out, and interest has accrued daily. I'm going to HAVE to put a stop payment on these people. ALOT of trouble!

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

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    • Jun 12, 2018

      RISE Support Team, Customer Service

      Thank you for reaching out to us in regards to your concerns. Please contact us at 866-580-1226 or via email at: rise_spokesperson@risecredit.com so that we can locate and review your account.

      Thank You,

      RISE Credit

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  • 14 out 14 people found this review helpful

    Scam loan offer

    I got approved for a loan, claimed it was funded and even had the ACH and updated payment schedule. It suddenly became that they wanted the same documents they wanted before, which were given to them, and claimed they didn’t fund the loan after all.

    Scammers! I turned down another loan thinking this was done and now I’m having to see if I can reapply there.

    I filed a complaint with the Attorney General and Department of Finance and will file a notice of JAMS Complaint tomorrow. I’ll make them spend more than what they screwed me out of.

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

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    • Apr 24, 2018

      RISE Support Team, Customer Service

      We regret to hear of the inconvenience that you have experienced. Verification documents can be requested at any time prior to funding. We would be happy to look into your account for you to determine what exactly what has happened. Please email us rise_spokesperson@risecredit.com.

      Thank you,

      Rise Credit

    • May 7, 2018

      Gerald Powell

      I'm trying to submit an application online. It has not been completed but it seems that it has frozen. Please advise or unlock it so that I can proceed.

    • May 8, 2018

      RISE Support Team, Customer Service

      Good Evening Gerald,

      Please contact us at 866-580-1226, so that we can better assist you and locate your account.

      Thank You,

      Rise Credit

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  • 3 out 3 people found this review helpful

    There when you need them

    RISE provides exactly what they state their company will do - fast, convenient, easy to follow tapplication process and quick response. If you are in a jam and going to your bank is a no, then RISE is for you. If your credit score is high and you do not mind the long application process, then RISE is probably not for you.

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

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    • Apr 23, 2018

      RISE Support Team, Customer Service

      We are so glad to hear you had a good experience and we want to take 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

    • Aug 13, 2018

      Averi T.

      I requested a loan of $3,100 over a year ago. I needed emergency funds before payday to take a trip. The loan process was quick and easy. My money was in my account the next morning! Their customer service was excellent, and I highly recommend this company. If your circumstances don't allow you to make your payments easily and on time/early, do not take out a loan like this. Thank you Rise!

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  • 3 out 4 people found this review helpful

    Thank you RISE

    • St. Louis, MO,
    • Apr 17, 2018
    • Verified Reviewer

    I would recommend RISE to anyone that has credit problems, especially if you can't get a loan from anywhere else. They have helped me through some tough times. I personally would like to say thanks for the chance to prove I'm worthy of this chance to progress a little more.

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

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    • Apr 18, 2018

      RISE Support Team, Customer Service

      We are so happy you chose Rise for your lending needs, and that you will recommend us to 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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  • 4 out 4 people found this review helpful

    Perfect timing

    RISE offered me a renewal, and it just so happened at the right time. I have stage 3 cancer and found out my insurance was expired on March 31st. On top of that, my steering pump went out in my car. On top of all that I was stressing about how I would pay for my meds, doc visit and get my car fixed. RISE sent me the email while I was crying my eyes out. Perfect timing; I was able to get my meds, get the part I needed for my car, and also someone to fix it for me. I struggle to work, and I am determined to get through this journey of my life and come out on top.

    All glory to God, and RISE! Thank you for your super fast timing and having the funds in my account the very next day!

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

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    • Apr 18, 2018

      RISE Support Team, Customer Service

      We are happy we were able to help! 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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  • 3 out 3 people found this review helpful

    They were there when I needed them!

    • Greenville, SC,
    • Apr 17, 2018
    • Verified Reviewer

    Rise Credit is awesome at helping people out when they need it the most. Especially when others won’t help at all. The only thing that I wish they would offer is a chance to refinance the loan to get payments lower or offer better rates if you make so many payments on time. Thank you, Rise Credit, for being there when I needed you!

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

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    • Apr 18, 2018

      RISE Support Team, Customer Service

      Thank you for taking time to share your experience. It is always a pleasure to serve you. We are always so ecstatic to hear these wonderful details. Thank you for choosing Rise!

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  • Awesome help

    • Sacramento, CA,
    • Apr 17, 2018
    • Verified Reviewer

    Awesome customer service, but the rates are way too high. Please consider lowering your rate so people can really RISE and be a company that is true to your name! Thanks to Rise for the loan and to the man that walked me through the app.

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

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    • Apr 18, 2018

      RISE Support Team, Customer Service

      We are happy to hear you had an excellent 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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