Each state has its own payday loan regulations – some cap how much lenders can charge and others having no limits, though most payday loans don’t differ in price very much. Alternative lenders, like RISE, offer products that are similar in that they don’t have the same lending requirements as banks, but they aren’t as expensive as payday loans.
RISE offers installment loans with rates that tend to be lower than those payday lenders like Speedy Cash charge. You can also get larger amounts of money through RISE, with loans available for as much as $5,000. In many states, other lenders don’t offer amounts in excess of $3,000.
Because RISE uses its own proprietary system to determine loan eligibility, rates and terms, the rates and payment schedules vary. It looks at your credit, employment and loan repayment history to determine the cost of your loan. Most installment loans have fixed fees, so there’s an opportunity for you to owe less with a loan through RISE.
In general, RISE offers lower rates than payday lenders do for their installment loans. State regulations vary, so the rates are different depending on where you live. In Illinois, for example, RISE’s APRs are around 99%, while we saw other payday lenders charge anywhere from 200% to 400%.
RISE offers benefits to repeat borrowers. If you make 24 on-time monthly payments, the rate on your next loan can be reduced by as much as 50%. If you continue to meet RISE’s eligibility requirements over 36 monthly payments, you’re eligible for a rate of 36%, which is significantly lower than any other lender we reviewed offers.
One of RISE’s disadvantages is it’s only available in 17 states. Payday loans are legal in 34 states, so RISE is only available in half the states it could operate in. Depending on where you live, it may not be a viable option for you.
RISE is also an online-only lender, so there are no in-store locations. On disadvantage of getting a loan online is it can take one business day to receive your funds, longer if you apply on a weekend and need to wait until the following Monday.
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One advantage RISE has over other lenders is it works with you to customize your loan. You’re approved for a certain amount and can choose how much of that amount you wish to borrow. There’s also some flexibility on the payment schedule when you set up your loan.
RISE has tools for monitoring credit. When you apply for a loan, you can sign up for Credit Score Plus, which gives you access to your TransUnion credit score and monthly updates on that score. You also get alerts and notifications about activity that affects your credit score. If you’re investigating payday loans and alternatives because of insufficient credit, this is a useful tool that can help you build your credit. When your credit improves, you can get loans from institutions that don’t charge exorbitant rates.
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Top Ten Reviews has reviewed the Best Payday Loans 2019 so that we're able to offer you the authoritative buying advice you expect.