Rise Credit Review

Overview

Established in 2013, Rise Credit has become one of the leading providers of short-term installment loans to individuals with low or no credit history. Based in Fort Worth, Texas and being a subsidiary of Elevate Credit, Inc., it has been gaining traction over the years for the financial assistance it offers.

Rise Credit is a great option for those striving to build a sound credit score. Loan amounts vary from $500 up to $5,000 with repayment periods ranging from 4 months to 26 months. Apart from this, users can also avail free credit monitoring & educational resources to help them stay on track with their finances.

Rise Credit stands out with its smooth and simple application process. It only takes a few minutes to apply online and you can get an instant decision. If approved, you will have access to the funds in just one business day which is incredibly convenient and time-saving.

Requirements. Do you qualify?

In order to apply for a loan with Rise, you must meet certain criteria in order to be eligible. Many of the qualifications are basic, but here are a few that need to be fulfilled in order to get approved:

1. To be eligible, you should have completed 18 years of age or above (19 in states like Alabama and Nebraska).
2. To be eligible, applicants must have U.S. citizenship or permanent residency status.
3. In order to maintain a consistent financial livelihood, it is important to have a stable income stream; whether it be from employment, running your own business or receiving benefits.
4. Having an open and active checking account in your own name is a must.
5. To register, it is necessary to provide a valid email address and contact number.
6. In order to apply for a loan with Rise, you must live in one of the 28 states that Rise services.

Meeting the basic requirements for any loan with Rise does not guarantee that you will be approved. Your creditworthiness, income, expenses and other aspects of your financial situation are taken into consideration to make the decision to approve or reject your loan application, as well as set eligibility & terms.If your financial situation is less than ideal, it can be difficult to get approved for a loan from Rise or qualify for a good interest rate. This is because credit score and debt-to-income ratio are important factors in determining loan eligibility.

Application process. How to apply?

Obtaining a loan from Rise is straightforward and can be done in a few simple steps, all completed online. Here’s an overview of the process:

1. If you’re interested in applying for Rise, simply go to their website and click the “Apply Now” button. You’ll be able to start your application from there.
2. To proceed, we require some key personal data from you including your full name, residential address, date of birth and other necessary details.
3. To complete the application process, you must furnish information regarding your current employment and income status, along with other financial data.
4. Rise evaluates your credit history and income to offer you a selection of loan choices. You can pick the amount and repayment timeline that suits your budget & lifestyle. With this tailored approach, you can confidently make a financing decision that is right for you!
5. Prior to signing off on your loan agreement, it is important to go through the terms and conditions in detail. This will ensure you have a clear understanding of the interest rate, fees & repayment schedule associated with your loan. It’s essential to review the agreement so that you know what you’re agreeing to.
6. Get your money: If you get the go-ahead on your loan, you can expect to have it in your bank account by the following working day.

It is to be noted that taking a loan from Rise can affect your credit rating through a hard inquiry, leading to a temporary decrease in the credit score. When considering a loan, make sure you only borrow what you actually need and can afford to repay. Missing payments or defaulting on your loan could result in additional fees, a decrease in your credit score, and legal consequences.

Compare Rise Credit with Upstart

If you’re considering taking a personal loan, Upstart and Rise Credit are two lenders you must look into. While they share some similarities, they also have various differences that should be taken into consideration in order to decide which one is the best fit for your needs.

Here’s a breakdown of the core distinctions between Upstart and Rise Credit:

1. Upstart has a minimum credit score requirement of 580, whereas Rise Credit may cater to those with even lower ratings in 28 states only. But Upstart is accessible to everyone from anywhere in the US.
2. Upstart is the go-to option for bigger loans, ranging from $1,000 to $50,000. For smaller amounts of money, Rise Credit provides loans up to $5,000.
3. Upstart and Rise Credit are two popular lending companies. The former offers comparatively low interest rates to those with better creditwhile Rise Credit may have slightly higher rates but with more flexible repayment options & fewer fees.
4. When it comes to loan terms, Upstart stands out due to its payment options which range from 3 to 5 years. Rise Credit, however, caters more for those looking for a quicker repayment period as their terms range from 4 to 26 months.
5. Navigating the process of applying for a loan with Upstart or LendingClub is quite straightforward; however, Upstart may take one step further by asking for additional information like educational qualifications and job history.

Determining the best lender for you requires taking into account multiple factors including your credit score, loan amount, interest rate, repayment term and so on. That being said, Upstart and Rise Credit can provide a helpful point of comparison when thinking through your finances. Gaining an understanding of a lender’s reputation and customer service could be made easier by reading through customer reviews and ratings. This can prove to be invaluable information when making a decision.

Summary

Rise Credit can be an excellent choice for people with a low credit score who need to borrow money quickly. But it is essential to keep in mind that the interest rates are expensive and, thus, you should only take out an amount you know you will be able to pay back on time.