RISE is an online only direct lender that offers payday loan alternatives to borrowers in 15 states. This is fewer states than Check Into Cash and Check ‘n Go. Its loans are available in larger amounts and for longer terms than most traditional payday loans which are usually available for 14 day periods. Rates and fees vary depending on the state you live in, but they are more comparable to those of a standard payday loan than a regular personal loan.
One of the main things that sets a payday loan apart from other types of loans is that they don’t require a credit check. To apply for a loan with RISE you’ll need to be 18 years old, have a job or regular source of income, have an active checking account and an email account you can receive account information through.
After you apply you’ll be approved quickly, within the same day. In some cases, you may need to provide additional information or proof of income. Once you’re approved, you can choose how much you want to borrow from the amount you’re approved for. This can vary depending on which state you live in. Your payment schedule and repayment date are based on your application information. There is a 7-day payment extension if you need more time to pay back your loan.
One area where RISE differs from traditional online cash advances is that you can pay off your loan in multiple payments. A standard payday loan includes a finance charge and is repaid in full at the end of your term. You can make multiple payments on a RISE loan and there are no prepayment penalties.
If you pay off your first loan with RISE, you are eligible for reduced rates on subsequent loans. After 24 months of payments you’ll see a 50% drop on your rates, and with an additional 12 months of on-time payments you’ll be eligible for the lowest rates offered by RISE.
It’s important to note that while RISE offers rates that are competitive with other similar products for low credit borrowers, the rates on its loans are still high when compared to other products.
RISE offers a service called Credit Score Plus that gives you the opportunity to check your TransUnion credit score and receive credit alerts that notify you when new information is added to your score. There’s no additional charge for this service.
Since the rates are still higher than most other loans, RISE is not entirely risk free. We recommend exploring other options such as an overdraft line of credit, a personal loan through a credit union or finding someone to co-sign on a loan with you.
While RISE is not a traditional payday loan, it still has higher rates than other loans. It does offer more flexibility with its payment schedule and loan terms than most payday lenders. You can apply online and if approved receive funding within one to two business days.