Rise Installment Loans: 2024 Review

Rise Credit is an online lender operated by Texas-based lending company Elevate. Its installment loans are designed for bad-credit borrowers and those who can’t get a loan from a traditional bank or online lender.

Rise loan interest rates can rival those of payday lenders, with maximum annual percentage rates (APRs) reaching 299% in some states. High rates make these loans an expensive way to get cash in an emergency. NerdWallet recommends avoiding loans with rates above 36%, unless you’ve ruled out all alternatives.

» COMPARE: Best bad credit loans

Rise Credit rates, fees and terms

Rise Credit’s rates, fees and repayment terms vary by state, but here’s what the lender offers across all states where it operates.

How to qualify for a Rise Credit personal loan

Applicants can pre-qualify with Rise to check for potential loan offers before formally applying. The process won’t affect your credit score with the three major credit bureaus. However, Rise says it will do a hard credit pull with Teletrack, an alternative credit reporting company owned by Equifax that collects information about consumers who get payday and other high-interest loans.

A hard credit pull with Teletrack means if you apply for a loan with another lender that uses Teletrack, that lender will see that you sought a loan from Rise.

Once you submit an application, Rise may also review information from two major credit bureaus (Experian and TransUnion). This means borrowers with thin or no credit history may not qualify for a Rise loan. The lender doesn’t disclose a minimum credit score requirement.

To apply for a Rise loan, you must:

• Be at least 18 years old.

• Have a job or regular source of income.

• Have an active checking account.

• Have an email address.

Rise loan pros and cons

A Rise Credit loan is an option for borrowers who don’t qualify for a lower-rate loan from a different lender. Before you borrow, consider the pros and cons.

Pros

Borrowers with low credit scores may qualify. A bad credit score (below 630) may not keep you from getting a Rise loan, but the lender makes up for the risk of lending to bad-credit borrowers by charging high interest rates.

Fast funding. Rise says it makes a loan decision within minutes after receiving an application. Once approved, Rise says it can fund a loan as early as the next business day.

Reports payments to two of the three major credit bureaus. Rise reports payments to Experian and TransUnion. A lender that reports payments to two bureaus is good, but ideally the lender would report to Equifax as well. That way, if you make on-time payments toward your Rise loan, future lenders and other creditors would be guaranteed to see that positive history.

» MORE: Fast personal loans

Cons

High interest rates. Rise’s annual percentage rates can reach 299% in some states and 149% in others. Most consumer advocates say an affordable loan should not have an APR above 36% — much lower than even Rise’s minimum rates in most states.

Interest costs may make up more than the amount borrowed. Because of their high rates, Rise loans can end up costing more than you initially borrowed. For example, an 11-month, $1,250 loan repaid in biweekly payments at 298% APR would cost $1,648 in interest alone.

No joint or co-signed loans. Rise does not allow borrowers to get a joint or co-signed loan, which allow borrowers to add a co-applicant with better credit or income for a potentially lower rate.

Rise Credit loan example

A $2,000 loan with a repayment term of 13 months at a 274% APR would carry:

• Biweekly payments: $226.

• Total interest: $2,805.

• Total amount due: $4,805.

» MORE: Installment loan calculator

Should you get a Rise Credit loan?

This type of financing is only designed for borrowers who can’t get a loan elsewhere, so consider it as a last resort in an emergency. It can be easy to fall behind on payments toward high-interest loans. Because Rise reports to Experian and TransUnion, a missed payment may hurt your credit while an on-time payment may help it.

Depending on your goal, you may have better options. Rise isn't a good idea if:

• You are trying to build credit: There are faster and cheaper ways to build credit, including a secured credit card or credit-builder loan. If you don’t know your score, you can get it for free on NerdWallet.

• You can get cash elsewhere: Cheaper alternatives are not always fast or convenient, and sometimes they require asking for help. But those alternatives could save you from overpaying in interest and getting caught in a cycle of debt.

How Rise compares

OppLoans’ rates may be lower, but loan amounts are comparable to Rise. Unlike Rise, OppLoans payments are reported to all three major credit bureaus and borrowers can change their OppLoans payment date.

Oportun focuses on helping those with no credit history establish it. Oportun caps APRs at 36% and is a certified community development financial institution, meaning its primary mission must be promoting community development.

» MORE: Best installment loans

Lawsuit against Rise

In 2020, Washington, D.C.'s attorney general filed a lawsuit against Elevate, alleging Rise and Elastic — another Elevate company — lent money at interest rates above the district's mandated maximum. The lawsuit also alleged the lenders misled consumers in marketing materials and didn't accurately communicate the loans' interest rates.

Elevate settled the lawsuit in 2022 and agreed to pay $3.3 million in refunds to local customers and $450,000 to the district.

When NerdWallet asked the lender in 2020 about its practice of lending at high rates in states where they are legally prohibited, a spokesperson said in an emailed statement that Elevate adheres to “applicable state and federal banking laws."

» MORE: What is a rent-a-bank loan?

Alternatives to Rise Credit loans

Here are alternatives that may be cheaper than borrowing.

For help meeting basic needs: Seek assistance from local nonprofits, charities and religious organizations. They can help you get food, clothing and access to transportation for job interviews.

For help with rent or utilities: Contact your utility company, landlord or mortgage issuer for help deferring a payment. If you need long-term help, consider seeking other housing, or contact a housing counselor.

To pay medical bills: Learn about ways to cover medical costs, including payment plans.

To cover other one-time emergency expenses:

• Ask a friend or family member for a loan, or form a lending circle to borrow from those you trust without accruing interest.

• Get a payday alternative loan or a small personal loan from a credit union. You have to be a member to use this option, but it’s one of the most affordable ways to pay for an emergency.

• Try other ways to make money. You need some extra time to make this option work.

• Use a “buy now, pay later” payment plan to split up an expensive purchase. 

• Ask your employer for a paycheck advance, or use a loan app to borrow against your next paycheck.

Before you get a Rise loan

• Exhaust all other options: If rent or bills are coming up, try to buy time from your creditor or work out a payment plan. Also, consider facing the short-term consequences of not paying, like a late fee.

• Compare the cost of taking out the loan to the cost of not taking it out: Calculate the overall cost of not having funds for your purpose, then weigh that against the typical cost of a Rise loan in your state.

If a Rise installment loan is your best option, do what you can to carve out room in your budget to pay it off as quickly as possible. For most people, this loan is too expensive to become a long-term or repeat solution.

How to get a Rise Credit loan

Here are the steps to get a Rise Credit loan:

1. Select “Apply Now” on the lender’s website to start an application.

2. Enter information like your name, phone number and Social Security number and select “Continue.”

3. Once you provide additional information, like your income and address, the lender will show you any available offers.

4. If you accept a loan offer, the lender will do a hard credit pull and finalize your approval. Loans are typically funded the next business day.

If you got an offer in the mail, the application process may be shorter because the lender may have already done a soft credit pull. In that case, you’ll enter some personal information and the invitation code and accept the offer.

How we rate Rise

NerdWallet writers rate lenders against a rubric that changes each year based on how personal loan products evolve. Here’s what we prioritized this year: