Rise is an online lender that offers $2,250 to $5,000 installment loans to residents of Alabama. Rather than turning to more expensive short-term loans, a loan from RISE could help you pay for an emergency and repay the loan over 16 to 36 months.

RISE installment loans versus payday loans in Alabama

If you’re looking to quickly borrow money, you may be considering a payday loan or an online installment loan.

Consider the basic differences between RISE’s installment loans and what state laws allow storefront and online payday lenders to offer.



RISE   Installment Loan

Payday   Loans in Alabama

Loan amount

 $2,250 to $5,000

Up to $500

Loan term

16 to 36 months

10 to 31 days

Cost of borrowing

The loan will not have APR above 299%

Up to 17.50% of the amount advanced, which could   be equal to about 456% APR on a 14-day loan.

Credit check

There is a credit check and making on-time payments   could improve your credit.

Income   or bank account check, but no credit check. Generally, repaying the loan   won’t help you build credit.


Where payday loans may fall short

Payday loans in Alabama can be an especially expensive form of debt. Perhaps due to being charged up to the equivalent of 456% APR over 14 days, borrowers may not be able to come up with enough money to repay the loan by their next payday.

Alabama law allows borrowers to roll over their payday loan once.


Other short-term loan options

If you quickly need access to a small emergency loan, using a credit card, taking out a credit card cash advance, asking friends or family for help, seeing if your employer can advance part of your paycheck, or pawning might be less expensive than using a payday loan in Alabama.


There are pros and cons to every option, and you should consider your situation and all options before deciding.

An installment loan from RISE could help you during an emergency

A RISE installment loan in Alabama could be less expensive than other types of emergency loans. And if you need money for auto or home repairs, a medical emergency, or to cover necessary bills and expenses, RISE can transfer funds into your account within one business day.* RISE also offers longer loan terms, which can help lower your payments and make repaying the loan easier.


How RISE can help your credit

Taking out an installment loan from RISE and making on-time payments could also help improve your credit.


Unlike many payday lenders and some other installment loan lenders, RISE reports borrowers’ payments to one of the major credit reporting bureaus—TransUnion. As a result, your on-time payments could improve your credit history and increase your credit scores.


As a RISE customer, you can use Credit Score Plus to get free access to one of your TransUnion credit scores so you can monitor your progress. You’ll also receive free TransUnion credit report monitoring which can alert you to changes in your report that could be an indication of identity theft.