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RISE Review

Online payday loans are on the rise, and RISE is a company that's capitalizing on its ability to offer convenience and instant approval for almost anyone. The benefit of choosing RISE over a storefront payday advance service in Houston is that you can fill out a form online and know whether you're approved for a loan within minutes.

Typically, RISE is able to loan you money by the next business day. Also, you get to choose your terms. If you want to pay back the loan as a single payment, you can do that, and you'll end up paying less than if you choose to pay it back over time. Generally, though, loans are issued with a four to five month repayment contract. The annual percentage rate, or APR, is lower on higher-dollar loans, but it's just below the national average for storefront payday loan companies, which is around 391 percent for a 14-day loan.

The reason payday loans from companies like RISE are so risky is because of the fees that come with the opportunity to take out a loan. For the most part, those who need to take an advance on their paychecks have low credit or no credit, so getting a loan from a credit union or bank can be difficult. So, you pay in the form of fees, like the Credit Services Organization fee, which can often reach numbers close to the loan amount. Couple those fees with the APR, and you could be paying on the principal long before you ever repay the amount you borrowed.

RISE works a lot like one of its competitors in that it offers a reward program that lets you earn lower interest rates. So, after you've made 24 months of payments on time, you could get another loan from RISE at 50 percent the APR of your previous loan. What doesn't go down, though, are the fees. That's why it's important to carefully consider a payday loan and whether you can afford to pay back the money you borrow.

This online payday loan service is a lot like storefront loan companies in Houston in that it can get you the cash you need when you need it, regardless of your credit score. However, it isn't a good way to build credit, so don't use this method as an avenue to good credit.

RISE offers small-dollar, high-interest loans that are essentially payday loans in Houston and other areas. The biggest difference between this service and other payday advance companies is that it offers the service completely online, and you can earn lower APR over time.