Rise Credit is a is a state licensed lender who emphasizes the ability to build good credit and new money habits with their personal loans. You can get approved for a loan ranging from $300 – $5,000 and their most promising features are evidently their rates that do have the ability to go down over time, the ability to borrow on your own terms, 5-day risk-free guarantee, and free credit score plus. Most of the features do seem to have a sense of allure for new customers, however, pulling a loan from Rise Credit can get quite expensive. Be sure to read on if you’re interested!
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Rise Credit Loans In-Depth:
Before you get discouraged by the APR and bi-weekly payments, be aware that Rise Credit has the most transparent terms and conditions I have ever witnessed and they are willing to admit that their rates are not the cheapest nor are their products for everyone.
I must add that the APRs (36% to 365%), depending on your credit worthiness of course, is no surprise given that this is a product for those with bad credit and normally don’t have many options to begin with when it comes to borrowing. The fact that they give you the chance to lower your interest if you stay in good standing is even more than what any other ‘Bad Credit Lender’ is willing to do for you. In addition to that, Rise offers terms that extend up to 26 months, which provides the utmost flexibility in the bi-weekly payment schedule.
Rise Credit Loans Summary:
- Apply Now
- Account Type: Personal Loans
- Availability: Alabama, California, Delaware, Georgia, Idaho, Illinois, Missouri, New Mexico, North Dakota, Ohio, South Carolina, South Dakota, Texas, Utah, Wisconsin
- Expiration Date: None
- Additional Requirements: Applicants need to be at least 18 years of age, have a regular source of income, an active checking account, email address and live in a state that Rise services.
- Monthly Fee: No maintenance fees, but expect a bi-weekly payment due.
Rise Credit Loans Features:
- Rates maybe lowered with timely payments.
- Money back guarantee and other helpful features.
- State Licensed. Based in TX. Since 2013.
Loan Lender Comparison Table:
| Lender | Rise | Avant | Discover |
| APR | 36% to 365% | 9.95% to 36% | 6.99% to 24.99% |
| Origination fees | Varies by state | 0.95% – 3.75% of the loan amount | None |
| Late payment fee | Varies by State | $25 | $39 |
| Loan amounts | $500 to $5,000 | $1,000 to $35,000 | $2,500 to $35,000 |
| Loan Duration | Up to 26 months | 2 to 5 years | 3 to 7 years |
| Time it takes to receive funds | Within 24 hours | As soon as the same day or within a week | Next day or up to one week |
| Minimum credit score | Unspecified | 580 | 660 |
| Applicants? average income | Unspecified | $40,000+ | Minimum of $25,000 |
Conclusion:
If you have bad credit and you’re having trouble finding a loan lender that deems you responsible enough for approval, then you can always try Rise Credit, a state licensed lender. Current residents of Alabama, California, Delaware, Georgia, Idaho, Illinois, Missouri, New Mexico, North Dakota, Ohio, South Carolina, South Dakota, Texas, Utah, and Wisconsin can take advantage of this product and build good credit along with new money habits! Keep in mind that the APR can get quite hefty for individuals with severely low credit scores so this product is not for everyone. Keep in mind that there is a late payment fee and origination fee varying by states. Late payment fees usually rake up 5% on your missed payment. Also, be sure to check out our Best Mortgage Rates!
