RiseCredit ReviewsRISE is licensed and regulated by the state and it provides easy access to personal & installment loans to its customers. With a culture of transparency engraved into its daily operations, they offer funds to all customers faced with financial emergencies. To most customers, the company has become a one stop solution for quick financing when low-cost loans are inaccessible. Website:www.risecredit.com
Rise Credit is a short term loan provider that serves its customers from an online platform. It claims to be a solution to people who are seeking to find their financial balance. The company positions itself as a viable option if you can’t access low-cost loans and it adopts some transparency culture by warning its customers about the potential pitfalls of short term loans.
Company offers a huge amount of information on their website and this is geared towards helping the customer make informed choices. To go further, they urge their customers to clear the loans on time to avoid additional penalties.
Through transparency, RISE sets itself apart from other lenders and publicly confirms the risks of payday loans.
The company has been offering payday, installment loans and line of credits since 2005 and has grown to serve 15 states across the US. To benefit from their service, you have to be a resident of the covered states. They offer amounts that vary according to different states but the range is $200-$5000.
The application is entirely online and approval can be fast according to their website. To apply online you will need to fill out the following details:
- Driver’s license number
- Social security number
- Bank name, account number, and the routing number
- Valid email address
- Name of employer, monthly earnings, previous pay date and next pay date
After submitting the application form, a response will be sent and if you qualify, the approval can be instantaneous. If approved, the funds will be sent to your bank account as soon as the next business day.
RISE has a 5-day satisfaction guarantee which allows you to return the money if you’ve had a change of mind at no cost. Additionally, early payments will not lead to any payments.
To ensure that customers maintain a good credit history, some borrowers who pay their loans on time can access future loans at better rates. The company also reports the payments made to credit bureaus. According to Rise Credit, this is geared towards helping their customers build their credit scores along with the financial help given.
On the due date for your loan, the funds will be debited from your account automatically.
On the platform, you can choose to use the free Credit Score Plus tool and even signup to receive credit alerts. This means you’ll receive a notification each time a new report is added to your credit score. The rewards program is very practical and you receive some points when you make extra payments, early payments, or on your birthday. The points can be redeemed later for a discount on your next loan.
To earn more points, you can take the free financial U courses available on their website.
To qualify for money with RISE you should fulfill the following conditions:
- Be 18 years or older
- Be a citizen or a permanent resident of the US
- Reside in any of the states covered by their service
- Have an active bank account
- Be in a position to prove a source of a stable income
- Have a valid phone number and email address
There are several features to consider given that rise offer several loan options:
- Cash loans
These are basically payday loans and this lender claims to avail the approved loan in a single business day.
- Installment loans
RISE Credit allows you to select the number of payments you will make based on the amount borrowed and the interval of your paydays. Also, the term may go up to two years in some states.
- Line of credit loans
The amount varies with states but the normal range is $500 to $5000. The amount you can qualify to borrow is dependent on residence, credit history and your capability to pay. Upon approval, you can borrow within your credit limit as many times as you want.
For all loans, the application process is online with fast approval status notification. If the application is submitted and approved by 6:00 PM AT, the funds are wired to your account as soon as the next business day. However, during the application, you may be required to provide additional information for assessment.
The loan approval amounts will be between $500 and $5000 with the exact amount depending on where you live. For returning customers, Risecredit.com can offer a higher amount depending on the repayment history along with your capability to pay the requested loan.
Should you change your mind about an approved loan, RISE gives you five days from the moment you signed the loan agreement to return the money. If you pay the money within the 5-day period, there will be no charges for the transaction.
Returning customers are eligible for reduced rates depending on their qualifications. Eligible customers can get a loan with an APR as low as 36% but it could take a few loans before arriving there.
Depending on where you live, the APR will within 36%-299%. Unlike most lenders, this company doesn’t charge early payment fees and it’s a great way of lowering your cost of borrowing.
One peculiar characteristic with this lender is the transparency on fees and rates. According to them, the disclosed charges are the only ones you’ll be required to pay.
- Quick approval and turn-around time
- Higher loan amounts that can go up to $5000
- You can access cheaper loans by building your credit history on company’s website
- Five-day risk-free guarantee where you can return the funds at no cost
- The rewards program can help you save on future loans and earning points is easy.
- No penalties for early loan payments
- Financial education resources that are aimed at helping the customer get out of debt
Currently, Company offers their payday loan services in these states:
Alabama, California, Delaware, Idaho, Georgia, Illinois, Missouri, North Dakota, New Mexico, Ohio, South Carolina, Texas, South Dakota, Utah, and Wisconsin.
To learn about the specific rates and fees applicable to you, visit their website and enter your state of residence.
Main Address: PO Box 101808 ,Fort Worth, TX 76185
RISE seems to have plenty of discount codes and the most common promise a 50% off on your first loan fees. To get the codes you can sign up to receive their weekly newsletter.