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Rise credit is a form of money credit. It is an online lender that provides fast cash to borrowers who don’t qualify for lower cost loans. It is designed to provide the best possible price for the borrower. Rise credit is the last resort of borrowing. It is only given out if other forms of credit are not available or are more expensive. It is also designed to be an emergency loan to help the borrower manage unexpected events. Rise credit is committed in lowering the cost of borrowing to its customers. One can take out a rise loan or a line of credit. Other forms of credit e.g. personal loans, credit cards cash and savings may be cheaper so the borrower is advised to look around the market before taking out a loan through rise. Rise has a 5-day risk free guarantee which allows you to change your mind about your borrowing plan. Rise customers are offered free credit score. Rise does not have prepayment penalty fees and any hidden costs. The payment plan is as follows;
- Loan amount ranges from $500-$5000 and a maximum term of 50 payments.
- APRs range between 124.67% and 363.97%
Manufacturer Information and Claims about Rise Credit
Rise credit is a product of Think Finance, the company behind its origin. It is based in the USA.RISE does not require access to consumers’ bank accounts. They can elect to pay by cheque or other payment methods. RISE Credit’s online application process asks consumers to reveal their banking information. The company promises a quick fix to its customers by offering direct unsecured loans. The loan can be applied online through its official website. The company also has a good support team which try to offer the best customer service.
How Rise Credit Works?
Rise is a short-term installment lender. The applicant should be at least 18year old, be employed or have a proven source of income. The contacts provided by the borrower should be valid. Interest rates and loan fees will depend on the personal financial background of the borrower and the state they live in. Once approved, the borrower is given the terms of loan repayment including the interest rates and the payment schedule. A person’s interest rates are lowered every time they pay back as scheduled. Payments are done bi-monthly or monthly. The application process is lengthy and one may need to pass a credit check before being approved. The application process is lengthy, and the borrower is required to provide some personal information when filling the online form. To qualify for a personal loan online through Rise, borrowers need to pass a credit check. Rise credit offers a 7-day extension on late payments. It also reports your credit status to the credit bureaus.
Material Composition of Rise Credit
It has no material composition.
Advantages of using Rise Credit
- Unemployed people can qualify for a loan from Rise. Social Security or other forms of steady income are accepted. The disabled can also get loans.
- Rise is safe and legal.
- Provides adequate information to its borrowers before taking out the loan.
- It has no hidden charges
- They have a higher loan limit compared to other lenders.
- Loans can be applied online.
Drawbacks of using Rise Credit
- Faxed documents and your bankruptcy history are both factors in your approval process
- It has expensive rates
Instructions for using Rise Credit
- Log into the official website and create a checking account. One must have a valid e-mail address.
- Read the documents that are provided to learn more about the terms, conditions and agreements of the loan.
- Fill out an online application. The application should include basic information and other detailed information like the debt status.
- Once approved, the loan is sent to your checking account
- Log into your account to view activity and check your balance 24/7.
Precautions for using Rise Credit
The borrower should be an adult over the age of 18 and should be able to pay back the loan.
Effects of using Rise Credit
Borrowing can lead one into more unplanned debts.