You may have received a mail offer from Rise Credit or perhaps an email with an invitation code to apply for Rise loans. First off, lets get to what the Rise loan offer is.
Rise Credit Card is a lender, depending on what state you apply in depends on who the bank is that does the financing. It could be Finwise bank or it could be Capital bank.
- Loan Amount: Rise offers loans ranging from $500 to $5,000, depending on your creditworthiness and the state you live in.
- Interest Rates: Rise’s interest rates are for the most part higher than your standard bank. They even state in their fine print at the bottom of the page that they are an expensive lending tool.
- Repayment Terms: Loan repayment terms range from 4 to 26 months. You can make payments every two weeks or every month, depending on your preference.
- Credit Score Requirements: Rise does not disclose its minimum credit score requirement, but the company does consider other factors besides your credit score when determining your eligibility for a loan.
- Fees: Rise charges an origination fee, which can range from 0% to 5%, depending on the state you live in. Late payment fees and insufficient fund fees may also apply.
- Approval Process: Rise’s online application process is quick and easy, and you can receive a decision in as little as a few minutes. If approved, you may receive your funds as soon as the next business day. Cutoff is usually 6PM EST.
A Rise loan is recommended for someone in an emergency such as a car breaking down or unexpected medical bills, as an example. Be aware though, that the high interest rates and fees associated with Rise loans can make them an expensive option compared to other types of loans. Always remember to only borrow what you can afford to repay.
Terms to know before you apply
You will need to have a checking account as well as a valid email address. They may request additional documents, so be aware of that.
Rise credit is not a payday loan
Rise credit is not considered a payday loan, but a loan for those who are in financial distress. From things like emergencies, medical expenses and the like. The terms are better than that of a payday loan, but still more expensive to repay than a standard bank.
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