RISE Credit Review
Installment Loans from $500 to $5,000
Fast approval • Secure application • No commitment
RISE Credit at a Glance
About RISE Credit
Founded in 2012 as a brand of Elevate Credit Inc. (NYSE: ELVT), RISE Credit is an online installment lender serving subprime and near-prime borrowers across 24 U.S. states. As a publicly traded company with a mission to provide 'responsible credit access' to non-prime consumers, RISE positions itself as a transparent, tech-forward alternative to traditional payday loans. They specialize in installment loans ranging from $500 to $5,000 (one of the highest maximums in the near-prime installment space) with repayment terms of 3-24 months and APRs of 60-299%.
RISE's defining feature is their credit-building focus. Every loan reports to all three major credit bureaus (Experian, Equifax, TransUnion), and RISE offers automatic APR reductions for customers who demonstrate on-time payment behavior—your APR can drop by 5-10 percentage points with each successfully repaid loan, creating a pathway from 299% (first loan) to 60% (after 3-4 loans). This rate reduction program is unique in the subprime lending industry and incentivizes responsible borrowing and credit improvement.
The application process is entirely online: 5-minute form, instant soft credit check (doesn't affect score), approval decision within 1 business day, and funds deposited within 1-2 business days via ACH. RISE uses income verification via bank account connection (Plaid integration) to confirm your ability to repay, and they approve 43% of applicants overall (rising to 72% for those who connect bank accounts showing stable income deposits). Repeat customers with perfect payment history can access instant pre-approvals and same-day funding. Their 8.3/10 rating reflects strong customer service, transparent fee structures, and the credit-building benefits.
RISE is best for borrowers who need $1,500-$5,000 for larger one-time expenses (car repairs, medical bills, home repairs, debt consolidation), have credit scores of 580-680, can wait 1-2 days for funding, and want to use the loan strategically to improve credit scores. The APR range (60-299%) is wide—first-time borrowers often see 200-299%, but this drops significantly with on-time repayment. Compared to payday loans (350-700% APR, no credit building), RISE offers better long-term value. However, they're less accessible than no-credit-check payday lenders for borrowers with sub-580 scores, and funding is slower than in-store payday shops (1-2 days vs 30 minutes).
Expert Opinion: Highly Recommended
RISE Credit earns a 'Highly Recommended' rating for borrowers with 580-680 credit scores who need $2,000-$5,000, want to build credit, and have the vision to become repeat responsible borrowers. Their APR reduction program is game-changing: start at 250% APR, repay 3-4 loans on time over 2 years, and graduate to 60-80% APR while simultaneously raising your FICO score from 600 to 700+. This creates a pathway to prime credit that no payday lender offers. The $5,000 maximum (highest in the near-prime installment space) makes RISE suitable for larger one-time expenses like car repairs ($4,000 transmission), medical procedures, or debt consolidation. Credit bureau reporting to all three agencies (Experian, Equifax, TransUnion) means every on-time payment builds your score. As a publicly traded company (NYSE: ELVT parent), RISE operates with higher transparency than private lenders. Best for: borrowers with 600-660 credit needing $2,000-$5,000 who can commit to on-time payments and plan to leverage the APR reduction program over 1-2 years. If this is a one-time emergency and you won't return, OppFi's 160-199% starting APR beats RISE's 200-299%. If your score is below 580, RISE won't approve—try Possible Finance or payday lenders. If you need cash within 1 hour, RISE's 1-2 day timeline won't work—try Speedy Cash. But for strategic credit-builders in the 600-680 score range, RISE offers unmatched long-term value.
Example Loan Cost
Representative example of a typical RISE Credit loan:
*This is a representative example only. Your actual APR and costs will depend on your credit profile, loan amount, and state regulations. Always review your loan agreement before accepting.
Pros & Cons of RISE Credit
Advantages
- ✓ Credit-building focus (reports to all three bureaus, builds FICO score)
- ✓ APR reduction program (rate drops 5-10% with each on-time loan repayment)
- ✓ Higher max amount ($500-$5,000, among highest for near-prime)
- ✓ Longer repayment terms (3-24 months, manageable monthly payments)
- ✓ Transparent pricing (no hidden fees, clear APR disclosure)
- ✓ Higher approval rate (43% base, 72% with bank connection)
- ✓ Publicly traded parent (NYSE: ELVT, regulatory oversight)
- ✓ Financial education resources (budgeting tools, credit tips on website)
Disadvantages
- ✗ High initial APR (200-299% for first-time borrowers)
- ✗ Requires 580+ credit score (less accessible than payday no-credit-check)
- ✗ No physical stores (online-only, no in-person service)
- ✗ Slower funding (1-2 days vs 30 min in-store payday)
- ✗ Income verification required (must connect bank account for best approval odds)
- ✗ Origination fee in some states (0-5% typical, $0-$250 on $5,000 loan)
How to Apply for a RISE Credit Loan
Start Your Application
Visit RISE Credit's website or use our comparison tool to submit your application. You'll need basic personal information, employment details, and bank account information.
Get Approved
RISE Credit will review your application and make a lending decision within 24 hours. You'll receive notification via email or SMS.
Review & Accept
Carefully review the loan terms, including APR, fees, repayment schedule, and total cost. Only accept if you understand and agree to all terms.
Receive Funds
Once you accept the loan, RISE Credit will deposit funds directly into your bank account. Funds typically arrive within 24 to 48 hours.
Frequently Asked Questions
How does RISE Credit's APR reduction program work?
RISE offers automatic APR reductions for customers who repay loans on time and return for additional borrowing. Here's how it works: (1) First loan: 200-299% APR typical (based on credit score, income, state). (2) Pay off first loan on time with zero late payments. (3) Second loan: APR drops to 150-250% (5-10 percentage point reduction). (4) Pay off second loan on time. (5) Third loan: APR drops to 100-200%. (6) Continue pattern. After 3-4 successfully repaid loans, your APR can drop to 60-120%, comparable to credit card rates for subprime borrowers. This creates a loyalty pathway: responsible customers graduate to lower rates, while also building credit scores via bureau reporting. The reduction is automatic—you don't need to request it. Over 2-3 years, borrowers can move from 299% to 60% APR while simultaneously raising credit scores from 600 to 700+, eventually qualifying for prime bank loans.
What credit score do I need for a RISE Credit loan?
RISE typically approves applicants with credit scores of 580-680. They perform a soft credit check during the application (doesn't affect your score) to assess creditworthiness, then a hard inquiry if you accept the loan offer (may temporarily lower score by 5-10 points). If your FICO score is below 580, approval is unlikely—RISE recommends credit-building alternatives like secured credit cards or credit-builder loans first. If your score is above 680, you may qualify for lower-APR personal loans from banks (6-36%) or credit unions, making RISE's 60-299% less attractive. RISE's sweet spot is 600-660 credit scores—too low for most bank approvals but high enough to show some payment history and creditworthiness.
How fast can I get money from RISE Credit?
RISE's typical funding timeline is 1-2 business days from application approval. Process: (1) Complete online application (5 minutes). (2) Connect bank account for income verification (Plaid integration, instant). (3) Receive approval decision within 1 business day (often same-day if applied before noon CT). (4) E-sign loan documents. (5) Funds deposited via ACH within 1-2 business days. Repeat customers with perfect payment history can access instant pre-approvals—you see your approved amount and APR before applying, and funding can happen same-day (before 2 PM CT application cutoff). Weekend applications process Monday. If you need cash within 1 hour, RISE won't meet that need—consider Speedy Cash or Check Into Cash for same-day payday loans. RISE's value is in credit-building and lower APRs, not speed.
Does RISE Credit report to credit bureaus?
Yes, and this is RISE's key differentiator. They report to all three major credit bureaus (Experian, Equifax, TransUnion). On-time monthly payments are reported as positive tradelines, helping build your FICO score (typically 20-40 point increase over 12 months of perfect payments). Late payments (30+ days) are also reported and can damage your score significantly (60-100 point drop). Paid-off loans in good standing remain on your credit report for 10 years as positive history. This makes RISE strategic for borrowers with 600-650 scores aiming to reach 700+ (prime territory) within 1-2 years. Use RISE responsibly—pay on time or early—and the loan becomes an investment in your credit future, not just an expense. Most payday lenders don't report positive payments, only defaults.
What is RISE Credit's APR and total cost?
APRs range from 60% to 299% depending on your credit score, state, loan amount, and borrowing history. First-time borrowers typically see 200-299%. Example: A $3,000 loan at 250% APR repaid over 12 months has monthly payments of $460 and total repayment of $5,520 ($2,520 interest). A $3,000 loan at 100% APR (after 2-3 prior loans repaid on time) over 12 months has $340 monthly payments and $4,080 total ($1,080 interest)—saving $1,440 versus the first-time rate. Some states charge origination fees (0-5%, $0-$250 on $5,000 loan). No prepayment penalties—pay off early and save interest. Compare to payday: borrowing $3,000 at 400% APR for 30 days costs $1,000 in fees for one month; rolling over for 12 months would cost $12,000+. RISE's installment structure and rate reduction program save thousands.
What are RISE Credit's approval requirements?
To qualify: (1) Age 18+ (19 in AL, 21 in MS). (2) Credit score 580+ (soft check initially, hard inquiry if accepting loan). (3) Gross income $1,000+/month from any source (employment, benefits, self-employment, retirement, disability). (4) Active checking account in your name for 30+ days. (5) Valid email, phone, and Social Security number. (6) U.S. citizen or permanent resident. (7) Not in active bankruptcy. Approval rate is 43% overall, rising to 72% if you connect your bank account for real-time income/expense verification (Plaid). Denied applicants usually have credit scores below 580, income under $1,000/month, or debt-to-income ratios above 50% (total monthly debt payments exceed half of gross income).
How does RISE Credit compare to OppFi?
RISE and OppFi are both publicly traded installment lenders serving the same 580-680 credit score market, but with key differences: (1) APR: RISE 60-299% (wide range, first-timers 200-299%) vs OppFi 160-199% (narrower, more predictable). (2) Max amount: RISE $500-$5,000 vs OppFi $500-$4,000. (3) Terms: RISE 3-24 months vs OppFi 3-12 months. (4) Rate reduction: RISE offers APR drops with each repaid loan; OppFi does not. (5) Approval: RISE 43%/72% vs OppFi 45%/75%. (6) States: RISE 24 states, OppFi 24 states (different lists). Best choice: If this is your first near-prime installment loan and you need predictability, OppFi's 160-199% APR is more attractive than RISE's 200-299%. But if you plan to be a repeat borrower and want APR to drop over time, RISE's rate reduction program (299% → 60% over 3-4 loans) offers better long-term value. Both report to credit bureaus and build credit.
In what states is RISE Credit available?
RISE operates online in 24 states: Alabama, Alaska, Delaware, Florida, Hawaii, Idaho, Illinois, Kansas, Louisiana, Mississippi, Missouri, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Utah, Wisconsin, and Wyoming. They do NOT operate in states with strict APR caps (New York 25%, Connecticut 12%, etc.) or payday lending bans. Some states have loan amount limits—California, for example, isn't on RISE's list due to complex licensing. Visit risecredit.com during application to confirm eligibility in your state and see state-specific loan amounts/terms. RISE continually evaluates new state licenses.
Alternatives to RISE Credit
While RISE Credit is a solid choice, you may also want to consider these alternatives:
- → Credit Union Payday Alternative Loans (PALs) – Lower APRs (28% max) but slower approval
- → Installment Loans – Longer terms (6-24 months) with smaller monthly payments
- → Cash Advance Apps – $50-$250 advances with low/no fees (Earnin, Dave, Brigit)
- → Compare Other Lenders – See all 30 lenders in our network
Ready to Apply with RISE Credit?
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Apply Now at RISE Credit →⚠️ Important Disclosure
High-Cost Loan Warning: RISE Credit loans have APRs ranging from 60% to 299%, which is significantly higher than traditional bank loans. These loans are intended for short-term financial needs only and can be expensive if not repaid quickly.
Responsible Borrowing: Only borrow what you can afford to repay on time. Late or missed payments can result in additional fees, collection actions, and damage to your credit score.
Editorial Independence: Credizen.net is a comparison service. We may earn a commission when you click on lender links or apply for a loan through our platform. All reviews and ratings are based on publicly available data and user feedback. RISE Credit has not influenced this review.
Emergency Financial Help
If you're experiencing financial difficulties, contact your local financial counseling service.
- South Africa: National Credit Regulator - 0860 627 627
- Romania: ANPC - 0213142200
- Colombia: Superintendencia Financiera - (571) 594 2222
- Poland: KNF - 22 262 5000