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- Rates maybe lowered with timely payments.
- Money back guarantee and other helpful features.
- State Licensed. Based in TX. Since 2013.
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RISE Credit is a state licensed lender.
RISE Credit provides you a maximum loan amount and rates after you apply. The loan amount generally ranges from between $200 and $3,000 and is determined partly by state law. The loan amount is also is also based on your application. In order to be approved you must have a proven source of income, email address, verifiable phone, an active and valid checking account and be at least 18 years old (or 19 years old if you are an Alabama residence). Once you are approved they tell you the maximum loan amount you have been approved for and you can select how much you want to borrow.
RISE Credit has some interesting features that make it different from other installment lenders. The have a Five Day Money Back Guarantee so you have 5 business days from your loan origination date to change your mind. This means if you decide you don't want the loan as long as you repay the principal within 5 business days there will be no fees. The also have RISE Rewards. This is a point system that can reduce your fees for doing certain actions. For example, if you pay on time you earn points or if you take and pass free classes at Financial U. Financial U is RISE's online learning center that teaches basic financial concepts. The points actually do add up. Savings will vary by state and individual but our quick estimates are one could save around $100-$150 per $1000 loan on subsequent loans based on RISE Rewards. Remember although you are saving fees you are still paying. These types of loans should be used for emergencies only so if you are taking out multiple loans a year you may need to try and cut back on your spending, i.e. Don't Use Short Term Loans for Vacation Cash.
RISE has additional services like a free credit checking service that provides alerts and access to your TransUnion Credit Report. TransUnion is one of the three major bureaus, and although traditionally the smallest of the three this service is still a nice-to-have service.
There is no mention on their site as whether or not they actually report your loan history to TransUnion or any other bureaus so we have to assume that taking a RISE Credit loan does NOT impact you credit score if paid off on time. A RISE Credit loan could adversely impact your loan if you do not pay off your loan and the loan is sold to a collections agency as many collection agencies do report to the credit bureaus. See Do Short Term Loans Impact Credit Score.
RISE is an Elevate company. Elevate was spun out of Think Finance in early 2014. The company’s credit products include RISE, Sunny, and Elastic. Elevate is privately held and is backed by Sequoia Capital and Technology Crossover Ventures.
In summary, if you are in a bind and need quick cash we think RISE Credit is a great option and they are one of our top picks.