RISE is not the cheapest form of credit so it’s important that you understand the costs of your funds and your rights as a borrower. A better financial you starts with you. And better financial choices start by being informed. We want you to be confident that RISE is the best form of credit for you so make sure you know the answers to each of these questions before you take out a RISE loan or line of credit.
RISE is designed to provide you with funds at the best possible price and only if other forms of credit are not available or are more expensive. Alternative forms of credit, such as a credit card cash advance, personal loan, home equity line of credit advance, borrowing from a friend or family, or use of existing savings, may be less expensive and better able to meet your financial needs. We encourage you to (1) shop the marketplace until you are convinced that you have found the best possible solution, (2) borrow only what you need and repay the funds as soon as possible, and (3) if a refinance is available to you only chose that option if you need to extend your terms after you have reduced the principal as much as possible. You can also consult a consumer credit counseling service for other options (Please visit the Federal Trade Commission’s site for recommendations for selecting a credit counselor that rights for you: http://www.consumer.ftc.gov/articles/0153-choosing-credit-counselor.
For members of the military, please keep in mind that there may be financial assistance in the form of zero interest loans and pay advance available from your military branch that is more affordable than taking out this loan.
The cost of credit will be clearly disclosed to you in terms of the dollar amount you will pay and the Annual Percentage Rate according to the Federal Truth-In-Lending law and regulations. To determine the costs for your state, please see our Rates and terms section. In Ohio and Texas, RISE acts as a credit services organization/credit access business and is not the lender – the loans are made by a third-party lender, and you will be charged a broker fee in addition to interest.
Please carefully read your documents including the Truth-In-Lending disclosure to understand the cost of your loan or line of credit. The documents contain many important terms including, but not limited to, the cost ofyour funds, the terms of repayment including the use of ACH debits, right of rescission, delinquency and default, and dispute resolution.
RISE has a 5-Day Risk-Free Guarantee. You have five business days from your origination date to change your mind. If you decide that the funds are not right for you, simply call the toll-free customer service number at 866.580.1226, repay the principal within the five business day period and there will be no finance charges or fees.
We understand that situations may arise that could impact your ability to make your scheduled payments. RISE does offer a 7-day extension on payments for those times when you need a few extra days. In most states, interest will continue to accrue on overdue amounts when you miss a payment. If you make a late payment or a payment is returned to us, you may incur additional fees. Fees vary by states so check your agreement for details.
If you have lost your job or have suffered other hardships, we will try to work with you to come up with solutions. It’s important to remember that RISE does report to credit bureaus and not making scheduled payments could negatively impact your credit score so we strongly urge you to contact us about your situation as soon as possible.
If you don’t contact us and your payment is late, we will attempt to contact you via one or more authorized methods, including phone calls, emails, and text messages, to arrange for payment. In addition, if you chose ACH as your method of repayment, we may re-present any returned payments to your bank pursuant to the terms of your agreement.
Please know that failure to pay may cause you to incur returned payment fees from your bank, or negatively impact your credit score. If you fail to repay your loan or line of credit in accordance with its terms, we may place your debt with a third-party collection agency or other company that acquires and/or collects delinquent consumer debt. Keep in mind that debt collectors are required to follow federal and state regulations and any abuses should be reported to us immediately.
The best way to lower your cost of credit is to seek out the lowest cost credit available to you and pay off any outstanding balances as soon as possible. We are committed to lowering your cost of credit as a RISE customer. If you make 24 monthly payments (48 bi-weekly payments), the rate for your next loan or cash advance will be 50% off (excluding customers with starting rates of less than 75%). And, if you make 36 monthly payments (72 bi-weekly payments), you qualify for a 36% rate for your next loan or cash advance with RISE. Note that it may take two or more loans, or multiple cash advances, to reach a 36% rate. Keep in mind that RISE is not one size fits all and can vary based on your state and repayment term.
Perhaps equally important is knowing where you stand. That’s why we offer all of our customers free Credit Score Plus, a service from TransUnion® that provides your credit score and credit alerts for free! We encourage you to sign up and learn more about your credit and other helpful tips about budgeting, savings and debt management by visiting our Financial Wellness page.
RISE is designed to help you manage unexpected events. With that in mind, before taking out a refinance or cash advance, please carefully consider whether there are other financial options available to you. We also encourage you to visit our Financial Wellness page to learn money habits if you are having trouble managing your finances and if you need more assistance, contact a financial counselor.
Customers in certain states are eligible to apply for a refinance based on their payment history with RISE. Repeated timely payments of at least the minimum amount due will help you qualify. When you are approved for a refinance, you will qualify for at least the same amount of money that you were approved for on your previous loan application. Some customers may qualify for larger amounts, subject to affordability. Refinance approval is based on your current application information.
If you want to revoke your ACH authorization please contact Customer Support and tell the agent you’d like to revoke your ACH debit authorization. The agent will make the necessary changes to your account and speak with you about the alternative payment options available to you.
If you have any concerns about any payments that have been debited from your bank account, please contact us immediately. We will research the issue and attempt to resolve it as soon as possible. If you believe an ACH payment has been incorrectly processed you have the right to ask your bank to reverse the payment. You can find more information about your ACH rights in loans terms and conditions.
At RISE we try to hold ourselves to the highest possible standards, but we’re not perfect. We look forward to hearing about ways we can improve so please call or email us at (866) 580-1226 or firstname.lastname@example.org with any questions or problems you may have regarding your account.
If you don’t believe we have resolved the problem satisfactorily you can always contact the Consumer Financial Protection Bureau.
Note to Ohio and Texas customers:
In Ohio and Texas, RISE acts as a credit services organization/credit access business (CSO/CAB) and is not the lender – loans are made by a third-party lender. However, the foregoing Policy on Responsible Lending applies equally to us in our role as a CSO/CAB and to the applicable third-party lender.