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Rise Credit review

Rise Credit is a short-term loans company that allows borrowers to improve their credit rating if they pay on-time.

Rise Credit review
(Image: © Rise Credit)

Our Verdict

Rise Credit is a less predatory loan company than most, and one that encourages you to improve your credit if you're a regular customer.

For

  • Make payments on-time and you’ll improve your credit rating
  • Free financial resources online
  • Reduction program rewards on-time loan repayments

Against

  • Rates more expensive than options outside of payday loan companies

Rise Credit is an online loan company that offers relatively small, short-term loans. Its customers typically have low to no credit status and are perhaps looking to improve their credit rating via repayments on short-term loans. The company states that it looks to work with customers to make repayments affordable and avoid some of the more predatory and exploitative practices of the payday loans industry in general. 

Rise Credit has been in business since 2014 and provides loans ranging in size from $500 to $5,000. Rise Credit operates in 31 states and these states are listed on their website here. If you want to find out how they compare to other lenders read our round-up of the best payday loans online.

Rise Credit review: Cost of loans

  • Rates of interest are variable
  • Customers must also reside in one of the states where Rise Credit operates

Rates of interest are variable down to the individual’s specific financial circumstances and geographic location. For our purposes, we took a quote for a married, 45-year old man with two children and no credit rating looking to borrow $1,000 for a total period of four months. The total repayment quoted was $1,782, equaling a total charge of $782, this being equivalent to an Annual Percentage Rate (APR) of 149%. That's slightly higher than some, such as Check Into Cash, but is about industry average. 

To qualify for a Rise Credit short term loan, customers must have proof of identity and of regular income as well as a checking account. Customers must also reside in one of the states where Rise Credit operates. 

Rise Credit review: Products

  • Two products: Instalment loans and lines of credit
  • Loans range from $500 to $5,000

Rise Credit offers two products, installment loans and lines of credit. The first is a short-term instalment loan with repayment terms lasting up to 26 months and featuring repayments on the loan as often as every two weeks. Loans range from $500 to $5,000 and Rise Credit does not have prepayment penalties, or origination fees, so customers can benefit from paying off the loan early. 

Lines of credit allow eligible customers to use credit as needed and repay it on an agreed schedule. Customers can either make minimum payments on the line of credit, or pay it off early to avoid accruing more interest. 

Rise Credit review: Rate reduction program

  • Borrowers are eligible to cut their rate in half
  • Transactions are reported to credit score agencies

After making 24 on-time payments toward one or more Rise loans, borrowers are eligible to cut their rate in half. After 36 on-time payments, you may qualify for a new Rise loan at 36% APR, which is the upper limit of most non-payday loans. Customers with no or very low credit ratings can improve their situation further by making on-time payments and paying off loans. Transactions are reported to credit score agencies and Rise works with customers to help them move up the ladder.

The Rise Credit website has a good amount of resources, which are free to use for customers. These resources explain loan procedures, go into more detail about establishing credit and have glossaries of all the terms used in loans and credit. In this way, along with Oportun, Rise Credit is one of the most ethical lenders.

Rise Credit: Usability and user reviews

  • Not currently accredited with the Better Business Bureau
  • High Trustpilot score

Rise Credit is not accredited to the Better Business Bureau, but the organization awarded them an excellent A+ rating. It also receives an excellent rating on Trustpilot, who analyze reviews from around the globe, where it received a score of 4.6/5

Rise Credit does not have an online calculator like many payday loan companies have and so the quote process does require customers to enter personal details. The application process can take just a few seconds according to its website and funds can, in theory, be released the next business day.

Should you choose Rise Credit?

What we like about Rise Credit is that it does make an attempt to improve the credit ratings of its regular customers, which is a nice gesture designed to help people stay out of debt. It is one of the more ethical lenders out there, and this is reflected in the 4.6 rating Rise Credit currently has on Trustpilot. The lack of an online calculator is an issue, as it makes the loans seem less transparent, but overall you can feel as confident as possible getting a loan here. That is with the caveat that payday loans are only recommended as a last resort for borrowers.

A note on PayDay loans

You should only consider payday loans when all other options have been exhausted. Even if you have bad credit, you should look to repair it before taking out a loan. These high interest loans can lead to significant debt and other financial worries, so we recommend you read through the guides below before you make a decision.