Recently, I made an extra $500.00 payment. All but about $90.00 was credited to the principal. Imagine my dismay when my regularly scheduled payment - the next week - was applied to interest only. Upon asking why, it seems that if a payment is made in-between payment due dates, your next payment will be used to make up the lost interest. It was suggested that I make extra payments only on the actual due date so that at least some money goes toward the principal.
Bottom Line: No, I would not recommend this to a friend
8 people found it helpfulLink to this Review
We regret to hear of your dissatisfaction with the RISE. We would be happy to review your account with you and address any questions you may have about how your payments are allocated. You may reach us by phone at 866-580-1226 or via email at email@example.com.