Personal Loans

Personal loans — money you can use for almost anything

A personal loan is a type of installment loan. When you take out a personal loan with a fixed interest rate, you’ll know:

• Your loan’s term (when it will be paid off)
• How much each installment payment will be
• How many payments you’ll need to make before paying off the loan
• Your total cost of borrowing
  

There are other types of installment loans, including student loans, auto loans, home equity loans, and mortgages. However, unlike those loans, you can use the funds from a personal loan for almost anything. (Almost, because you may need to agree to a few rules, like not using the money for tuition expenses or illegal activity.)

Common uses for RISE’s personal loans

RISE offers unsecured, fixed-rate personal loans online. Unlike some other personal loan companies, we specialize in lending to borrowers who have had credit troubles in the past or haven’t yet built a good credit score, so you don't need to worry about your credit history.

RISE’s unsecured personal loans aren’t a good fit for every situation, but borrowers often use them to pay for:

• Auto repairs: A broken-down vehicle could prevent you from getting to work or caring for your family. Fixing the vehicle could be an immediate emergency, and with a RISE loan, you could have the funds in your account by the next business day.*
• Home repairs: A broken AC unit or furnace, a leaky roof and other necessary repairs could need your immediate attention. In some cases, the damage could spread or worsen and cost more to repair later.
• Medical bills: You can’t predict a visit to the doctor or emergency room, and when a loved one needs help, you may need to take out a loan to cover the cost.
• Emergency expenses: The flexibility of a personal loan could make it a good fit for covering all sorts of other emergency expenses. If you need money, RISE will try to help you get it.

A RISE loan may also be a good alternative to a payday loan or auto title loan, as it could offer a lower interest rate and you won’t need to secure the loan with a check or your vehicle. You could also use a RISE loan to consolidate payday loans and break yourself out of a payday loan cycle.

The RISE personal loan

As with many of the best personal loans, RISE’s personal loans are easy to understand and clearly disclose the applicable interest rate. The exact loan terms can depend on where you live and your financial situation, including factors like bad credit, but here are the basics:

• No application or prepayment fees: We think you shouldn't have to pay to take out a loan or pay it off early.
• Risk-free guarantee: If you decide you don’t need a loan, you can return the principal loan amount within five business days and won’t have to pay any fees.
• High loan limit: Emergencies come in different sizes. You could get approved for up to the maximum loan amount of $5,000, but you get to choose how much you want to borrow.
• Flexible loan terms: Loan terms vary by state (check Rates and Terms), so you may be able choose a loan term and a payment schedule based on your payment dates.
• Build credit: RISE will report your payments to a national credit bureau, which could help you build credit and improve your credit score, even if you're starting with bad credit if you consistently make on-time payments.
• Alternative to credit cards: Unlike high-interest credit cards, RISE's personal loans can provide a clear repayment plan to help borrowers manage their financial emergencies.

In addition to our loans, RISE has built financial wellness tools and resources that it offers to everyone for free. Borrowers can use these to build a budget, monitor your credit, get a free credit score or look up financial terms.

When you do need a personal loan, RISE’s online, automated process allows us to quickly approve applicants and send funds to borrowers by the next business day.*