RISE Credit

RISE, one of the many installment loan companies out there, is brought to you by Think Finance, the same guys who founded Payday One and Plain Green Loans. Although RISE Credit promised customers interest rates as low as 36%, beware as some experts warn it’s just another payday loan product with different features. For example, if you live in California, you can borrow $2600 - $5000 and the Annual Percentage Rate (APR) varies from 36% - 225%. Since we live in a capitalist country, it would be smart to think most of their loans are well over their minimum advertised APR of 36%. In fact, attorney Lauren Sanders from the National Consumer Law Center, said RISE “looks designed to be deceptive.”

If you are wondering where they get 36% from, you are like everyone else. Not only does it have century old history, the 36% APR rate was meant to be a maximum cap so consumers would have a better chance of repaying. As more and more states are passing similar legislation capping loans at 36%, congress and many federal agencies are OK with it too. If interest caps didn’t exist, imagine how you would feel if your credit card APR was over 100%. That is how RISE first time customers will feel. Their website disclaimer states “First time RISE customers typically qualify for an installment loan of $500 to $5000 with APRs that range from 124% to 363% respectively.”

RISE Credit Ratings

2.7 Service
3.5 cost
5.0 timing
3.0 use again

There is hope. Unlike traditional payday lending companies, RISE keeps lowering APRs on future loans for returning customers with good payment history. They encourage responsible borrowing and this is one of the ways to get a loan from them as low as 36%. RISE can have a positive impact on your credit score too as payments are reported to major credit bureaus.

See if a RISE loan is right for you by calling (866) 580-1226 or visiting RISECredit.com. With their 5-day risk free guarantee, you have nothing to lose.