Rise Credit Review

Sometimes life happens. Emergencies suddenly come up, and unfortunately, we are put in a position where we have to get creative about paying for the costs associated with it. While traditional lending options might be a solution, it is not always a viable option for everyone. You could have issues with your credit score or need cash fast. Either way, traditional lending might not be possible for you.

As an alternative, there are short-term lending options available that provide you cash and quickly. Rise Credit is a lender that offers quick cash with high interest rates to individuals with less than stellar credit. While it may not be the cheapest option, it might be the only option to consider when you are in a pinch.

In an effort to help you gain access to the correct information when it comes time to choosing a financial service provider, we have put together this comprehensive Rise Credit review.

Table of Contents

General Information About Rise Credit

Rise Credit Review

Serving as an online installment loan for consumers with bad or limited credit scores, Rise Credit is an option provided by the Texas-based company, Elevate.

Rise Credit loans are specifically designed for individuals who cannot get loans through traditional lending sources like financial institutions or other online lenders. Rise Credit’s idea is that its loans are used to help consumers in times of need, including unexpected expenses such as medical emergencies or sudden vehicle repair.

To properly evaluate each potential borrower, Rise Credit generates an internal score based on personal information, including credit, income information, and bank account data. Your loan is then provided to you based on what you can afford and your current income level.

The Pros of Rise Credit

Rise Credit is available to anyone, including those with bad or little credit history, in times of sudden need. When you choose to finance through Rise Credit, you can look forward to the following benefits:

  • Improve your rates with on-time payments
  • Choose your terms
  • Simple online application
  • Five-day risk-free guarantee
  • No penalty for early payoffs
  • Free credit score monitoring
  • Build credit
  • Access to personal finance tools

Improve Your Rates With on-Time Payments

With Rise Credit, you know you are joining a company that prioritizes your overall financial well-being. As a result, you can gain access to lowered rates by continuing to make on-time payments. According to its website, Rise Credit has dropped rates for over 150,000 of its customers.

Rather than being stuck in a look of never-ending debt, opt for a financial provider willing to work with you and reward you for your efforts.

Choose Your Terms

Rise Credit has a wide range of loan options to allow customers to borrow what they need when they need it. You also have flexible payment scheduling options that let you pick out your terms. Keep in mind that some state restrictions may apply to your payment schedule options.

Simple Online Application

Applying for a loan through Rise Credit is incredibly simple. To submit your application through Rise Credit, you will need the following basic information to begin:

  • First name
  • Last name
  • Zip Code
  • State
  • Social security number
  • Email address
  • Mobile phone number

Once you fill out the application and submit it, it will be reviewed by a Rise Credit representative.

Quick Approvals

As long as you have completed your application with all of the necessary information, the final decision regarding your loan will come back within just a few minutes. Your funds will be directly deposited into your bank account by the following business day.

Five-Day Risk-Free Guarantee

In the heat of the moment, you might have moved forward with your loan through Rise Credit. Then, suddenly, you realize you don’t necessarily need the funding you initially thought you did. Not to worry because Rise Credit allows you five business days from the time you take your loan or advance to change your mind without any penalties.

No Penalty for Early Payoffs

Because Rise Credit is so committed to ensuring your financial security, it doesn’t want to punish you for paying off your loan early. Unlike some other lenders out there, Rise Credit does not charge you any type of penalties for early payoffs to your loan. 

If you decide you no longer want a loan through Rise Credit, simply get in touch with a representative over the phone and repay the original principal. You do not have to worry about paying any additional fees as long as you are within your five-day grace period.

Free Credit Score Monitoring

Since Rise Credit takes information pulled from your credit score, it is helpful to provide you with resources to continue monitoring your credit score properly. You can check your TransUnion credit score and opt to receive credit alerts for free, all in hopes of helping you head in the right direction towards financial stability.

Build Credit

Unlike any other online lenders we’ve seen, Rise Credit reports all of your payments to one of the most significant credit bureaus. As long as you make on-time payments to Rise Credit, you can watch as your credit score builds up and improves over time.

Access to Personal Finance Tools

Besides providing you with free credit score monitoring and the ability to grow your credit over time, Rise Credit also has several different financial resources readily available to its customers.

With the Rise Credit Learn New Money Habits site, you can quickly learn how to budget, set a savings goal, and manage your debt better using interactive trackers and tools provided to you. There are also videos and FAQs supplied alongside each of the tools to help you better understand.

Enjoy access to the Rise Credit Personal Finance Glossary where you can quickly reference any terms you are unfamiliar with. The world of finance can be tricky to understand, especially with all the acronyms and other obscure jargon. This tool can be beneficial during the loan agreement portion to ensure you know every last detail of your signing up.

The Cons of Rise Credit

Along with the good, there is also the bad. Some of the downsides to choosing Rise Credit as your financial service provider include:

  • High rates compared to other lenders
  • Additional hidden fees
  • Loans with APRs above state-mandated maximums

High Rates Compared to Other Lenders

The nature of short-term lenders is to charge high APRs to their customers. When looking at a Rise Credit comparison to other online lenders, rates rival some payday lenders with maximum APRs at 299% in some states.

Additional Hidden Fees

On top of all of the fees already discussed, there are some additional fees as well. For example, some states charge a loan fee that ranges from $15 to $30 for every $100 you borrow. Verification fees can also be added to your borrowed amount.

Because there are many fees that you may or may not be aware of through Rise Credit, you must detail out what your APR rates are and what costs you are committing to in your loan terms before taking out a loan.

Loans with APRs Above State-Mandated Maximums

Most states have laws surrounding lending options. In these circumstances, there are maximum APRs set out by the state that lenders must abide by. There have been multiple instances in which Rise Credit has been caught approving loans well above state maximums.

Knowing this information, be sure to be informed about your state regulations before looking into any short-term lending options. When you are equipped with the correct information, you can ensure that you will get the best deal available.

Overall Reputation & Reviews for Rise Credit

It’s always a good idea to check out a company’s overall reputation before doing business with it. A simple way to do this is by checking Rise Credit ratings on popular, reputable sites online.

Not surprisingly, Rise Credit has multiple five-star reviews listed from customers on its website. You can read customer testimonials directly on the site, with frequent mention of improved credit scores after utilizing services provided by Rise Credit.

The Better Business Bureau is a private, nonprofit organization focused on developing consumer trust within the marketplace. The Better Business Bureau ranks Rise Credit with a lower rating giving it a 1.48-star rating. Despite this consumer rating, the BBB Rating & Accreditation is an A+, although it says directly below that that the business has not yet been BBB Accredited.

When looking through the customer complaints on the Better Business Bureau, it does look like Rise Credit attempts to respond to every single one. Unlike some other lenders we’ve seen, though, it seems to be automated responses, which is a bit disappointing.

Alternatively, according to Trustpilot, another consumer review website, Rise Credit has a 4.5-star rating with over 2,700 reviews. 

Something that we noticed to be unique was that through Trustpilot, it looks like Rise Credit responds to every customer review, even the positive ones. We found this to be a nice touch since usually you only see responses to negative reviews.

Because of the large disparity between BBB and Trustpilot, it’s important to compare the reviews to get a better understanding of what Rise Credit is actually like.

Q&A for Rise Credit

If you’ve still got questions about Rise Credit, look at our Q&A to find additional information about this short-term financial provider.

Which States Does Rise Credit Operate In?

Rise Credit currently operates in 31 states across the United States, including:

  • Alabama
  • Alaska
  • Arizona
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • New Mexico
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Washington
  • Wisconsin
  • Wyoming

The following states have loans that originate and are funded by FinWise Bank:

  • Alaska
  • Arizona
  • Florida
  • Hawaii
  • Indiana
  • Kentucky
  • Louisiana
  • Michigan
  • Minnesota
  • Montana
  • Nebraska
  • Nevada
  • Ohio
  • Oklahoma
  • Oregon
  • Washington
  • Wyoming

The following states have loans that originate and are funded by CC Bank:

  • Kansas
  • Tennessee
  • Texas

Which Type Of Loans Does Rise Credit Offer?

Rise offers more personal loan options than other lenders out there. Having a variety of loan types helps to personalize the service provided to you as a lender. The types of loans Rise Credit offer include:

Personal Loans

Personal loans offered by Rise Credit are a type of installment loan that you can use for nearly any purpose.

Installment Loans

An installment loan will essentially loan you a lump sum of cash that you are responsible for paying back with a fixed number of payments. These will be over a regular interval and usually the same amount each time.

Online Loans

Apply online for a loan and receive an approval decision within a matter of minutes.

Cash Loans

A cash loan is a type of short-term installment loan that you can use to help you cover any emergency expenses.

Short Term Loans

A short-term loan is exactly as it sounds, quick cash that you are responsible for paying back in a short amount of time.

$500 to $5000 Loans

Through Rise Credit, you can apply for cash loans from $500 up to $5,000, depending on your needs and qualifications.

Payday Loan Alternative

A payday loan is a small, short-term loan meant to help you and be repaid by your next paycheck.

Cash Advance

Cash advances are another form of short-term loans that can help you cover any unexpected expenses.

Fast Loans

Get loan approval quickly and funded even faster through Rise Credit.

Auto Repair Financing

If your car breaks down and has expensive repairs needed, an auto repair financing option might be just what you need.

Emergency Loans

A loan that covers any sort of emergency or unexpected expenses is known as an emergency loan. These loans are repaid with a fixed number of regular payments.

Debt Consolidation Loans

Opt for a debt consolidation loan to help you save money, lower your monthly payments, and make managing your bills a more straightforward process overall.

Loans to Pay Off Credit Cards

You can use a personal loan to help you pay off credit cards and avoid the never-ending debt cycle.

Renovation Loans

A renovation loan is an installment loan taken out by a homeowner to repair or improve their home.

Unsecured Loans

Unsecured loans allow you to secure funding without having to put up any sort of collateral.

How Do I Qualify For Rise Credit Loans & Do They Require A Credit Check?

The requirements for Rise Credit loans are simple. To apply for a loan today, you will need to meet the following criteria:

  • Be at least 18 years old (19 years old in Alabama and Nebraska)
  • Live in one of the states that Rise Credit services
  • Have a job or some regular source of income
  • Have an active and valid checking account
  • Have an email address to receive account information

Rise Credit does pull a hard credit check upon initial application. Don’t be deterred by this, though. The company pulls this information to be able to provide you with an updated TransUnion credit score along with your account.

Because Rise Credit is aimed towards people with little or bad credit history, just because you have a bad credit score does not mean that you will necessarily be turned away from a loan.

How Much Does Rise Credit Cost?

The costs associated with Rise Credit loans are dependent on the assessment of what you can afford, your application information, your credit history, the loan amounts, and what terms are offered in your state.

While Rise Credit may have some lower APRs than other payday loan lenders out there, they are still an expensive option. As an example, for a borrower with bad credit with a $2,100 loan with five months repayment terms at 125% APRs, which is the average for Rise Credit, you would incur some high costs. Your monthly payments would be $560, your total interest would amount to $699, and your final amount due would end up costing you $2,799.

Rise Credit clearly states on its website that it may not be the cheapest credit option or the best option out there for you, which is unique to a lender. The premise of the company is to provide quick cash for those in need at a cost.


Rise Credit is an industry leader for short-term financing options, having been in the business for nearly 30 years. Don’t just take our word for it, though. Take a look at some of the great reviews through the Better Business Bureau or Trustpilot for detailed accounts of customers’ experiences working with Rise Credit.

While it is great having the peace of mind to experience quality customer service, it does come with a price. Rise Credit offers quick cash that can be approved in minutes, but you will pay higher fees than with alternative lenders, up to 1100%. This means it’s really only a good solution for those who need a small emergency loan, not someone with long-term debt issues.

The bottom line is to make sure you look into all of the details and know exactly what you will be expected to pay before signing any documents. Otherwise, your experience with Rise Credit should prove to be positive.

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