RISE Personal Loans Review

This page includes analysis of our favorite cards from The Simple Dollar's advertisers and the marketplace. Visit our advertiser disclosure to learn more.

RISE by Elevate is a non-prime lending company founded in 2014 and currently headquartered in Fort Worth, TX. The company offers many products to its over 2.4 million customers, including RISE personal loans that may help those with less-than-great credit get the fast cash they need.

What is nice about the company is it offers full transparency into the process, the costs and what is required of you in all steps of the process. Additionally, the company offers five days to change your mind and return the money and boasts it will work to lower rates for customers that continue to make on-time payments.

While the approval process is fast, the money is expensive. Compared to many other borrowing options, RISE personal loan rates are higher. But this is generally to be expected when getting a bad credit loan.

Check Your Personal Loan Rates

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

RISE: Fast cash for those with bad credit

RISE by Elevate is a personal loan program where borrowers can get up to $5,000 direct deposited the next day.

RISE by Elevate is not shy about making it clear the company is an expensive form of lending designed for those with less-than-perfect credit. The actual costs of borrowing, term lengths and amounts you can borrow through RISE vary extensively by the state that you live in. For example, borrowers in Idaho can get anywhere from $500 to $5,000, with repayment terms spanning from 4 months to 26 months. In Texas, though, the maximum RISE personal loan you can take out is $2,000, and repayment terms are 4 or 5 months only.

The company does approve loans and direct deposit funds in one business day in most cases, which is good for borrowers that need money fast. Additionally, the company offers free credit report monitoring for customers.

Our two cents: RISE by Elevate personal loans can get most people up to $5,000 by the next day. However, no matter what state you live in or how good your credit is, the money will be expensive.

RISE by Elevate at a glance

Lender Min Loan Max Loan APR Range Terms Key Benefit
Elevate $500 $5,000 50% – 299% 4 months – 26 months Ability to progress to better rates

What we like about it

The things that stood out during the RISE personal loan review were everything outside of the actual cost of borrowing. The company had a quick and streamlined approval process where borrowers can get money direct deposited the next business day. Those looking to learn about credit and borrowing can visit a dedicated section of the company’s website to read blogs and articles about financial wellness, finance and building better credit. All rates, borrowing terms and term lengths are spelled out on the website.

If you’re struggling to get a personal loan from other lenders, Rise may be your only option when you need cash fast.

Things to consider

The money is expensive. APR rates start high at 50% and may go all the way up to 299%, depending on your state, credit score, the amount you are looking to borrow and repayment terms. If you have good credit and can get a loan elsewhere, you may want to shop around for a better rate. If you’ve got bad credit and are struggling to find approval, your only option may be paying the higher prices.

What you need to know

RISE by Elevate personal loans are available with terms from 4 months to 26 months, APRs from 50% to 299% and borrowing limits from $500 to $5,000. All of these will vary greatly based on the state that you’re living in. Additionally, the actual rates you get and the amounts you are approved for will depend on your credit factors.

You can apply for RISE personal loans on the company’s website. According to Elevate, over 95% of the loan applications are approved automatically within seconds.

Fees and penalties

RISE does not list any fees or penalties on its website. However, do expect charges to continue to accrue on late payments. If you are going to miss a payment by a few days, reach out to RISE. The company mentions on its website that it can offer payment extensions in certain situations.

Collateral and criteria

RISE personal loans do not require collateral as they are unsecured loans. Secured loans are not available through the company. To apply, you need to be 18 years old, have a job or a regular source of income, have a valid checking account and have an email address for correspondence.

Alternatives to RISE

RISE vs. NetCredit

Compared to RISE, NetCredit is a much more flexible option with unsecured personal loans available up to a higher maximum of $10,000. The company does boast its willingness to work with less-than-great credit scores like RISE. Comparatively, rates are better with NetCredit for most states. For example, NetCredit APRs in Alabama are from 24% up to 155%. With RISE in the same state, APRs go from 60% to 295%. But, this does signal that approval may be more restricted with NetCredit.

RISE vs. Earnest

Those consumers with good to great credit may want to consider Earnest as their lender. The company offers fee-free loans with repayment terms of 3, 4 or 5 years on personal loans. APR rates start at 5.99%, which is considerably lower than the 50% you’d get with RISE. However, the company requires a 680 credit score and a history of on-time payments, which may exclude those with credit issues.

Check Your Personal Loan Rates

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

The bottom line

While the money borrowed through Rise by Elevate is expensive, it may be one of the few options you have when times are tough, and you have less-than-great credit. Exhaust all other more affordable options before reaching out to RISE. If you do need to get a loan through the company, thankfully, you can expect full transparency, helpful customer service and upfront information about all stages of the borrowing process.

Related articles

Jason Lee
Jason Lee
Contributing Writer

Jason Lee is a U.S.-based freelance writer with a passion for writing about dating, banking, tech, personal growth, food and personal finance. As a business owner, relationship strategist, and officer in the U.S. military, Jason enjoys sharing his unique knowledge base and skill sets with the rest of the world. Follow Jason on Facebook here