Rise Credit 2026 Personal Loan Review
Rise Credit personal loans are an option if you have bad credit, but the APRs are exorbitant. Consider a Rise loan only as a last resort.
- Have bad credit or a thin credit file.
- Need fast funding.
- Want to pre-qualify with a soft credit check.
- Need a small loan.
- Have other borrowing options.
- Need a midsize or large loan.
- Are consolidating debt or making a discretionary purchase.
- Don't have a job or regular income.
What to know about Rise Credit personal loans
Rise Credit provides personal loans to borrowers with bad credit, but with rates that hit triple digits, I’d only consider them in a true emergency where you’ve exhausted all other options.
Many consumer advocates say that in order for a loan to be affordable, its annual percentage rate cannot exceed 36%. Rise Credit loan APRs start at 59.8% and go as high as 299%. As the lender’s website states, “This is an expensive form of credit.”
Rise’s highest APRs are close to what you’d get with a payday loan, which are small loans (often $500 or less) that are usually due two weeks later in a lump sum. The short repayment terms and exorbitant APRs frequently lead to repeat borrowing and long-term debt.
Compared to payday loans, Rise loans are available in larger amounts of $500 to $5,000, with longer repayment terms of seven months to three years. Even though you get more time to repay funds, these high-interest loans have similar risks as payday loans: You may not be able to repay the loan and could wind up borrowing more as a result. You’re also likely to pay far more in interest than you originally borrowed.
Let’s say you take out a $3,000 Rise loan with a 199% APR and a 2-year term. You’d have monthly payments of about $437 (usually split into biweekly payments). Over the life of the loan, you’d repay $10,506, including $7,506 in interest — or more than three and a half times the loan amount.
If you’re thinking about a Rise loan, I’d suggest exploring alternatives first. Some lenders offer small-dollar loans of $1,000 or less to borrowers with less-than-perfect credit, while many credit unions offer payday alternative loans (PALs) of up to $2,000. Charging an expense to a credit card or taking a cash advance will likely be cheaper options, as well.
I’d also only consider a Rise personal loan if you’re facing a truly urgent cash crunch, like eviction or to repair a car that’s your only way to get to work. I would never recommend a high-interest loan for a discretionary expense, like a vacation or new furniture, or to consolidate debt.
Note that after several on-time payments, Rise may offer to refinance your loan for a higher amount and/or a lower APR. But refinancing can keep you in debt longer and lead to higher overall interest costs. Instead, try to put any extra funds toward paying off your existing loan faster to save money on interest. Like most lenders, Rise doesn’t charge a pre-payment penalty.
» MORE: Compare the best personal loans for bad credit
What we like about Rise Credit
- You can qualify with bad credit or a thin credit file: The big appeal of Rise Credit personal loans is that they’re available if you have bad credit or a thin credit file. The lender told NerdWallet that it doesn’t have a minimum credit score requirement and that its average borrower has a credit score of 629 or less (usually considered bad credit). Keep in mind, though, that it’s possible to get approved for a bad credit loan with more affordable terms through some banks, credit unions and online lenders.
- You can get your loan funds quickly: Another appeal of Rise loans is fast funding. The lender says it can send funds as soon as the next business day if you accept the loan offer by 6 p.m. Eastern time. Many lenders now offer same- or next-day funding, though some loans from banks and credit unions can take up to a week to fund.
- You can pre-qualify with a soft credit check: Rise lets you pre-qualify for a loan without hurting your credit score. If you pre-qualify, you’ll be able to see your potential loan amount, rate and monthly payment. You may also receive multiple offers to choose from. If you accept a loan offer, the lender will run a hard credit check, which temporarily drops your score by a few points.
- On-time payments can help you build credit: Rise reports your payments to two of the three major credit bureaus, Experian and TransUnion. Making on-time loan payments that are reported to credit bureaus usually helps your credit, but late or missed payments hurt your score. Many mainstream lenders report payments to all three bureaus (including Equifax). However, the fact that Rise reports to two bureaus is positive, considering that many loans with triple-digit APRs don’t report payments to credit bureaus at all.
Why Rise Credit may not be right for you
- The APRs are high: While a loan is usually considered unaffordable if it has an APR above 36%, Rise Credit loans have APRs between 59.8% and 299.8%. These sky-high APRs could stretch your budget and lead to more debt. You could also end up paying more in interest than you originally borrowed.
- You may pay an origination fee in some states: Rise Credit loans have origination fees up to 5% of the loan amount in Delaware, Idaho, Missouri, Utah and Wisconsin. The origination fee is subtracted from loan funds, meaning you’ll receive less money than you borrowed. The lender doesn’t assess this charge in the other 25 states where loans are available. Not all lenders charge an origination fee, but it typically ranges from 1% to 10% of the loan amount.
How much does a Rise Credit personal loan cost?
The total cost of your Rise Credit loan depends on the amount borrowed, annual percentage rate and loan term. Here is an example of how different rates affect the costs of a $3,000 loan with a 2-year term.
APR | 60% | 280% |
|---|---|---|
Monthly payment | $217 | $705 |
Total interest cost | $2,218 | $13,910 |
Total loan cost | $5,218 | $16,910 |
» MORE: Use our personal loan calculator to estimate your costs
Do you qualify for a Rise Credit personal loan?
You can qualify for a Rise Credit personal loan with annual after-tax income of at least $12,000, even if you have bad credit or a limited credit history. The lender doesn’t have a minimum credit score or maximum debt-to-income ratio.
However, your credit profile is a factor when you apply. Rise lets you pre-qualify with a soft credit check but conducts a hard credit check before funding the loan. The lender told NerdWallet that a low credit score is the most common reason applications are declined.
Rise Credit loans are only available in 30 states. They aren’t available in California, Colorado, Connecticut, Illinois, Iowa, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Oregon, Pennsylvania, Rhode Island, South Dakota, Vermont, Washington, West Virginia or Washington, D.C.
Rise Credit’s borrowing requirements
- Minimum credit score: None.
- Minimum income: $1,000 monthly after-tax income, or $12,000 annual after-tax income.
- Maximum debt-to-income ratio: None.
- Minimum credit history: No minimum length of credit history or number of accounts, but prescreened offers may require at least one account on file with a credit bureau.
- Must be at least 18 years old.
- Must have an active checking account (savings accounts and prepaid accounts aren’t accepted), email address and Social Security number.
- Must have a job or a regular source of income.
Profile of an average Rise Credit borrower
Rise Credit loans are available to borrowers in a variety of credit situations, but its typical borrower has bad credit. Here’s what Rise Credit told us about its average borrower.
- Average loan amount: Less than $5,000.
- Average APR: Above 36%.
- Most common loan term: 19.9 months.
- Most common loan purposes: Undisclosed.
- Average borrower’s credit score: Less than 629.
- Average annual income: $50,000 to $74,999.
- Average borrower’s debt-to-income ratio: Undisclosed.
» MORE: How to get a personal loan
Frequently asked questions
Q: Are Rise Credit loans the same as payday loans?
A: No, Rise Credit loans are installment loans, not payday loans. Unlike payday loans, which are typically due in a lump sum within about two weeks, Rise loans are repaid in biweekly installments over seven to 36 months.
Q: What happens if I can’t make a monthly payment toward my Rise loan?
A: Most important, contact the company right away and let them know about your hardship. They may offer to defer or temporarily reduce your payment. Rise says its customer service is available seven days a week.
Q: What’s the difference between the APR and interest rate on a personal loan?
A: A personal loan annual percentage rate (APR) is the combined total of the interest rate plus the origination fee, calculated on a yearly basis and expressed as a percentage.
APR is important because it shows you the full cost of borrowing over one year. It’s usually the best point of comparison if you’re comparing multiple personal loan offers.
How does Rise Credit compare to the best lenders?
 |  |  |  |  |
|---|---|---|---|---|
Est. APRFrom 59.80% to 299.00% | Est. APRFrom 6.99% to 35.49% | Est. APRFrom 5.96% to 35.99% | Est. APRFrom 7.24% to 24.89% | Est. APRFrom 7.74% to 35.99% |
Loan amountFrom $500 to $5,000 | Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $75,000 | Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $75,000 |
Min. credit scoreNaN | Min. credit scoreNaN | Min. credit score600 | Min. credit score660 | Min. credit score600 |
How we rated this lender
NerdWallet’s editorial team rates lenders using a rubric with five weighted categories and 29 subcategories. Here are the factors we prioritized, plus why this lender received each score.
Rise scores poorly on affordability because its APRs can run into the triple digits and it charges an origination fee in some states.
Our Method: We review lenders’ rates and fees, plus any opportunities for rate discounts.
Rise has seven-day-a-week customer service and hardship accommodations to borrowers, but it only reports to two credit bureaus and doesn’t have a mobile app.
Our Method: We look at factors such as customer service availability, monthly payment flexibility and whether the lender reports on-time payments to major credit bureaus.
Rise offers small and medium unsecured loans with several repayment options. Direct payments to creditors aren’t available.
Our Method: We assess loan amount and term ranges and whether lenders offer multiple loan types or direct payment to creditors on debt consolidation loans.
Rise checks your credit score before funding loans and works with borrowers across the credit spectrum, but loans are only available in 30 states.
Our Method: We consider how widely available and accessible the loans are and how lenders review applicants’ credit.
Rise displays most loan information on its website and offers a fast application and same- or next-day funding.
Our Method: We evaluate loan approval and funding times and the lender’s transparency throughout the application process.
Read more about our ratings methodologies for personal loans.
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