RISE personal loans: 2024 Review

RISE is best for those with bad credit who need fast funding

RISE can be a good option for borrowers with poor credit. While it doesn't list a minimum credit score requirement, it is a high-cost form of credit, which is often geared towards borrowers with low credit scores. It also reports to Experian and TransUnion on a monthly basis, which means on-time payments can potentially help raise your credit score.

RISE personal loan purposes 

RISE does not specifically disclose this information. That said, borrowers typically cannot use a personal loan for illegal activities, business expenses or to pay for college tuition.

Where RISE personal loans stands out

• Serves borrowers with poor credit: Getting a personal loan can be challenging if you have less-than-stellar credit. RISE can make funding possible for those who might not meet other lender requirements. Its reporting structure can also result in an improved score in the longer term. 
• Next day funding: RISE also offers funding as soon as the next day following approval, so its loans can be a good option if you need to cover a small, unexpected expense and can't get funding elsewhere. 
• Low minimum loan amount: Even with higher APRs, you can borrow as little as $500 for a minor emergency expense, such as a dental bill or home repair. Most personal loan lenders have higher loan minimums.

Where RISE personal loans falls short

• Extremely high APRs: Although lenders that cater to poor credit borrowers are expected to have higher annual percentage rates, RISE’s expected rates are exorbitant. RISE has a minimum of 60.00 percent APR and a maximum of almost 300 percent APR. 
• Low maximum loan amount: Most personal loan lenders extend loans of at least up to $25,000, and RISE falls $20,000 short of that.
• Limited transparency: Credit and income requirements are not provided on RISE's website and you cannot prequalify.

RISE customer experience

RISE offers its customers a five-day risk-free guarantee. If you decide that a loan with RISE isn’t right for you, you can get refunded. That said, your credit score will still temporarily drop from the hard credit check required for approval, so it may be better to prequalify with a few lenders before accepting an offer. 

Customer support 

RISE has telephone customer service hours seven days a week. You can reach a support agent by phone between the hours of 8 a.m. and 11 p.m. ET from Monday through Friday, and 9 a.m. to 6 p.m. ET on Saturday and Sunday. Customers also can use the automated telephone system to manage their accounts 24/7.

Digital experience 

RISE is a fully digital lender, so the application and approval process is conducted online. Applying online takes far less time than visiting a bank, and you get a decision on the loan within minutes.

Along with the online application, funding can also be expedited, and you could receive funds deposited into your bank account in as little as one business day. 

What people are saying about RISE

As of June 2024, RISE has nearly 5,000 reviews on Trustpilot. The majority of the reviews lean positively, with an average 4.5-star rating. Most borrowers mention a positive experience and speedy funding timeline, but the high rates are hard to ignore. 

Here’s what one 3-star reviewer said:

“I got the loan the next day which is incredibly amazing and I appreciate. It just stinks that the interest is so high that I'm paying 1 and a half times of the loan in APR. I borrowed $1,000, but I will be paying back about $2,500 when all said and done.”

— Trustpilot user

A less satisfied customer shared this: 

“I pulled out a loan for $3,500 to take care of unforseen events in my life. They deposit the funds into your account within 24-48 hours however here's the negative, they take advantage of the fact that you need money and take advantage by giving you a rate of 149%, that means if by the end of the loan term the total will be over $10,000.”

— Trustpilot user

RISE has a strong track record of replying to negative reviews — as of writing, it has a 98 percent reply rate. 

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions. 

How this lender compares

RISE vs. NetCredit

Both RISE and NetCredit offer personal loans for borrowers with low credit scores. However, when it comes down to it, NetCredit could be a better choice for a number of reasons. 

First, its loans feature lower APR ranges. NetCredit also offers a loan limit of $10,000 — twice what RISE offers. NetCredit also offers repayment terms of up to 60 months, and you can get the funds as soon as the same day you're approved.

RISE vs. OppLoans

OppLoans and RISE both offer small loan amounts with short repayment terms. Despite this, RISE loans may be a better option if you need more flexibility, as OppLoans offers repayment terms of up to 18 months and a maximum loan amount of $4,000 — both of which fall short compared to RISE’s offerings. 

That said, OppLoans does offer a more competitive APR cap at 179.00 percent, as well as same-day funding — something that isn’t available with RISE.

How Bankrate rates RISE