INSTALLMENT

LOANS

Borrow what you need, when you need it with a RISE installment loan. 

At RISE, we’re committed to helping you build a better financial future: We also offer free access to credit monitoring and financial wellness tools.

What is an installment loan?

An installment loan is a cash loan that you pay back with a fixed number of regular, equal payments over a set amount of time. A home mortgage, for example, is a type of installment loan.

 

What is an online installment loan?

With an online installment loan, the loan process is managed online by specialized lenders (like RISE). Many borrowers find it quicker and easier to get an installment loan online than in person at a traditional bank or credit union.

 

How are RISE installment loans different?

For many people, RISE installment loans are a great way to borrow money and start building a better tomorrow. Here’s what makes RISE different:

• Choose your terms: Once approved for a certain amount, tell us how much you want to borrow. Our loan amounts range from $500 to $5,000 depending on your state of residence. Use our Design Your Loan feature to choose payment dates that are convenient for you.

• Receive funds quickly: Applications processed and approved before 6pm ET are typically funded electronically the next business day.

• Build credit: With free Credit Score Plus, we’ll give you instant access to your credit score plus free credit alerts and financial education tools to help you build better money habits and improve your financial future.

• Progress to better rates: We believe a brighter financial future starts with access to affordable credit. That’s why we’ve committed to lowering our rates. So far we’ve dropped the rates of more than 150,000 customers! On-time payments deserve to be rewarded.**


How do you apply for an installment loan?

In most cases, applying for an installment loan is quick and easy. Applicants for installment loans must complete an application and show proof of an active checking account. After the lender completes their review, the applicant is notified in writing of the decision to approve or decline the loan. With RISE, installment loan customers get their money as soon as the next business day.*

 

How do installment loans compare to payday loans?

Both offer quick and easy solutions for Americans to get the financial assistance they need. The primary difference is how you pay back the loan: Payday loans are paid back in one lump sum equaling the amount you borrowed plus fees, while installment loans are paid back over time in a series of fixed, equal payments. If you aren’t able to pay off a loan in one lump sum, an installment loan could be a good fit for your financial situation.

 

Who should consider an installment loan?

An installment loan could be a good option for anyone who is building credit, needs money quickly and can make regular repayments.

 

What can you do with an installment loan?

 In most cases, people take out installment loans when they need to cover unexpected expenses -- like car repairs or hospital bills -- or if they need extra money for a specific event, like a down payment on a car. Other people use installment loans to pay off credit card balances or consolidate debt. But the truth is, what you do with the funds is up to you.

 

 

 

Home repairs

Rather than relying on high interest credit cards or depleting a savings account, many people opt to get the money they need to pay for home repairs or improvements with an installment loan.

 

 

Down payment for a car

In most cases, buying a car requires a down payment. Installment loans can be used to cover a down payment for purchase, giving you an alternative to other, more expensive forms of credit.

   

 

 

 Medical bills

If you’re struggling with medical debt, you can borrow a lump sum with an installment loan to wipe out your medical bills.

 

 

 Unexpected expenses

The typical use for an installment loan is to pay for unexpected expenses or emergencies, like an urgent car repair.

 

 

 Debt consolidation
Installment loans allow you to pay off unsecured debts, such as multiple credit cards, with one, easy-to-manage regular payment.

 What are the advantages of online installment loans?

There are many advantages to taking out an installment loan online, including a typically easy application process, fast approval and money in your checking account in a matter of a few business days.

 

 

Convenience

Unlike brick-and-mortar loans, online installment loans let you to shop, compare and apply from the privacy and comfort of your home.

 

 

Competitive rates 

Because there are so many lenders, interest rates are competitive and can be easily compared when shopping for an installment loan online.

 

 

Easier approval process 

With online installment loans, customers are required to submit less information than traditional loans and receive notice of approval within minutes.

How can you shop for an installment loan?

There are many advantages to taking out an installment loan online, including a typically easy application process, fast approval and money in your checking account in a matter of a few business days.

 

What are installment loan rates and terms?

 Installment loans typically have fixed interest rates and a set maturity date (the date by which you agree to pay back the loan). Terms vary by lender. At RISE, we offer loans from $500 to $5,000 for up to two years. Your interest rate is based on our assessment of what you can afford, your application information and credit history, and the amounts and terms offered in your state.

 

What should you know before you borrow?

If you’re seeking an installment loan, be sure to do your research. Watch out for lenders advertising online loans for bad credit or loans with no credit check. These kinds of online loans may have higher interest rates and unusual terms and penalties.

 

RISE is in your corner with installment loans that can be paid back over time. Our online application is fast and we can get you funds as soon as tomorrow*—plus, you can choose your repayment schedule. See how RISE can deliver the cash you need today and help you build a better financial tomorrow.