10/5/2017 0 Comments Rise Credit LoansRise Credit Review - Credit. Loan. com®How much money do you have saved for an emergency situation? Out of 5,0. 00 adults surveyed, 6. Sure, that seems like a lot of money if you’re budgeting for a weekend getaway or adding change to your rainy day fund, but it’s definitely not enough cash to get you through an emergency or the aftermath of dealing with a large, unplanned expense. Consider this: While these exact figures will vary depending on where you live and the kind of insurance you carry, the underlying issue is still the same: $1,0. But what if you’re already in one of these crummy situations? You’re facing an unplanned jump in medical bills. Your car’s in the shop and the repair estimate is through the roof. Your beloved pet needs an expensive surgery to save his life. There’s a very real possibility that you could wipe out your entire savings and still not have enough to cover these emergency expenses. Plus, you won’t have any type of safety net to fall back on should anything else arise—which is all too common when you’re dealing with medical tests, treatments, and car repairs. When you find yourself trapped between a large bill and a small savings account, turning to a short- term loan may be your best option. You’ll receive a loan as one lump payment and then you’ll be expected to repay the loan amount (plus interest) within a year or so of obtaining it (hence the short- term part). These loans were designed to get you through unexpected expenses when you don’t have the cash on hand to pay for them yourself. In today’s guide, we’ll be exploring one short- term loan provider specifically: RISE Credit. We’ll cover everything there is to know about RISE, including their strengths, weaknesses, and frequently asked questions about their service, so you have all the facts. Looking for a Loan? Get the cash you need, on terms that work for you. Get Started. So What is RISE Credit Anyway? In short, RISE is an online credit lender that provides installment loans to those who wouldn’t normally have access to such low- cost options. When life throws a curveball your way, they’ll help you out by loaning a small chunk of change to get you through your tough time. In most cases, you’ll have the money deposited directly in your account so it’s available the very next business day. How is RISE Different from a Payday Loan? Unlike a payday loan, which typically requires repayment of the loan in full as soon as you receive your next paycheck, RISE lets you pay back your loan in installments and even allows you to choose your payment schedule. Rise Credit Loans 5000In Ohio, RISE Credit Service of Ohio. The most common RISE loan in the state of California is $2,600 with 32 bi-weekly payments of $241.44. This means you can stagger your payments so they’re not due before you receive your paycheck or when the rest of your bills are. RISE also gives you the option of paying off your loan early without facing any additional penalties or fees. This way you’ll only pay for the days you actually held the loan, not the full length of your loan term. The last key difference with RISE is that, should you need them again, you’ll see a 5. After another 1. 2 months of consistent payments, your interest rate can drop to as low as 3. Rise Credit Loans LocationsConsumers looking for relief from the cycle of debt often associated with the use of payday loans may have seen the light at the end of the tunnel with RISE. RISE Personal Loans - Read unbiased reviews of RISE Personal Loans, rated 2.5 out of 5 stars by 367 users. On the other hand, payday loans can charge interest rates as high as 7. APR despite your awesome pay- back history. How Does RISE Work? As an online provider, you can apply for a RISE loan online in the comfort of your own home, or anywhere else you’re connected to the internet, by navigating to secure. Using their safe and encrypted portal, simply fill out an online application, provide your email address, social security number, and a valid checking account number, among a few other details, to get started. Keep in mind that you must: Be at least 1. Alabama)Live in a state that RISE services (PS: only 1. RISE offers quick, online cash options for financial emergencies and more. Fast online approval process and great rates. Have a job or another consistent source of income. From there, your application is submitted for approval and is reviewed within seconds. Once your request is approved, you decide the amount you want to borrow and agree to the loan terms you like. How Much Can I Borrow from RISE? Your loan amount can range from $1. RISE will use your credit history and a few other financial factors to determine your final loan amount. If you’re able to submit your application before 6pm ET and you’re approved, you could see the funds in your checking account the very next business day. Talk about immediate stress relief. In the small chance you’re not approved, the team at RISE will “provide a reason for denial” so you’re not left in the dark and know how to improve your application for next time. Get the cash you need. Fast. Easy. Get a decision from a lender in minutes! Get Started. What are the Services Offered by RISE? RISE gives you three types of loans to choose from: Installment loan. Online loan. Cash loan. They also have refinancing options for your current loan. Let’s take a look at the differences between each of these services: RISE Installment Loans. Installment loans can be compared to a typical payday loan: you’re able to take out a small amount of money right away. In this case, between $1. These loans are ideal for minor unexpected expenses that crop up. The good news is that unlike a payday loan, you’re not required to pay back your RISE loan as soon as your next paycheck clears. Instead, you can choose to spread your payments out over a longer period of time. Paying in installments—instead of all at once on payday—gives you the added convenience of smaller, more manageable payments so you can budget the rest of your everyday expenses instead of taking a large financial hit all at once. RISE Online Loans. The maximum loan amount you can receive with a RISE installment loan is $1,0. But what if you need more than that to cover a big expense? RISE online loans are offered in higher amounts ranging from $5. Their promise of “honesty, transparency, and fairness” mean RISE online loans are free of hidden fees and inflexible payment schedules, according to their site. They ensure that your payments always “align with your pay dates” so you never have to worry about overdrafting your bank account just to pay them back. How do they do that? RISE coordinates your loan payments with your pay periods. If you get paid every other week, you’ll be expected to make a payment every other week; if you only receive a paycheck once a month, RISE will be happy with one monthly payment. You can also take advantage of their automatic payments feature. With this, RISE will send you a friendly email reminder about your upcoming payment before your due date. You’ll be able to check your funds to make sure you have enough cash in your checking account before RISE automatically deducts your payment amount from your account. This crosses off one more item on your already jam- packed to- do list and guarantees that your payments are never missed or late (which could incur late fees and raise your interest rate). RISE Cash Loans. RISEcash loans are a mix between installment and online loans: they can be used to cover an expense as small as a utility bill or as large as a medical emergency. The convenience of a cash loan, as RISE mentions, is that it “may be less costly in the long run compared to the late charges and overdraft fees you can incur if you neglect on your other bills.”This makes them the go- to option any time you need a bit of cash in a short amount of time. Cash loans also coincide with your paydays so you’re not shelling out money before you have it available in your account. And you can even set up automatic payments just like you would with online loans. RISE Refinancing Options. Let’s say you decide to go with a RISE loan, but you need additional cash or want to see if you qualify for a lower interest rate. Certain customers may be able to refinance their loan and receive additional funds if they meet certain eligibility criteria. A refinancing option is only available to current customers who: Make their payments on time. Meet the minimum required payment each time. Live in a state that’s eligible for refinancing. Information about the refinancing process is automatically made available and emailed to you once you meet the above criteria. From there, you’ll receive an entirely new loan. You’ll be qualified for at least the same amount of loan money you were approved for with your previous loan, and in some cases, you may qualify for more than your original amount. If you still owe money on your previous loan, this amount will be taken out of your new loan as a form of repayment. A Safe Short- Term Loan Option Or A Payday Wolf In Rocky’s Sweatshirt? Consumerist. Consumers looking for relief from the cycle of debt often associated with the use of payday loans may have seen the light at the end of the tunnel with RISE Credit. The products billed as the next generation in financial products has it all – a true American hero featured in its ads and the promise to give you a financial comeback. But if it looks like a duck, swims like a duck, and quacks like a duck then it’s probably a duck; or in this case just another predatory loan, according to consumer advocates. THE REAL DEAL OR JUST ANOTHER BAD DEAL? With a slick, professional marketing campaign featuring a famous sequence from Rocky II, RISE Credit came on the scene in fall 2. The program even comes with a free credit report and the option of financial counseling for qualified borrowers. On the surface RISE Credit appears to present a viable option for consumers in need of short- term financial help. Depicting Rocky Balboa preparing for his comeback is enough to make any American hopeful, but if you look a little closer some experts say the product is just a payday wolf in Rocky’s sweatshirt.“High cost loans can be structured to look like longer- term loans but are still predatory, these are all predatory features found in payday loans, which makes these troubling in terms of consequences we know happen in payday loans,” said Diane Standaert, senior legal counsel for the Center for Responsible Lending. HELPING OR HURTING THOSE IN NEED? Typical short- term, high- risk payday loans have been known to leave consumers in a revolving door of debt by establishing three- digit annual percentage rates and tacking on exorbitant fees. But RISE markets itself as something different; a new kind of financial tool for those in need of emergency funds. Demand for short- term credit options is growing as many Americans have been squeezed out of the traditional banking environment in recent years with few or no options to meet their needs in a financial emergency,” said Kelly Ann Doherty, senior director of corporate communications for Think Finance, the company behind RISE Credit. Think Finance designed and launched RISE, an installment loan product that leverages Think Finance’s sophisticated and rigorous underwriting capabilities, to be more affordable, convenient and responsible than other alternatives currently on the market.” Think Finance’s attempt to bridge the gap between payday loans and credit cards is commendable, but their product still raises red flags for consumer advocacy groups. It really looks like another one of these loans that purports to be different from payday loans, but is a payday loan with the renewals built- in,” Lauren Saunders, managing attorney for the National Consumer Law Center, said. It looks designed to be deceptive.”Doherty said that RISE does not include any renewals only a principal pay down. RISE’s principal pay down requirement is consistent with the Pew Research Center’s most recent recommendations for this industry,” she said. Unlike payday loans where consumers must repay or renew the loan in two weeks time, RISE allows consumers to pay off their loans over several months. Just because it’s advertised as an installment loan does not make it a safe loan,” Standaert said. The features add up to being a very dangerous loan for consumers.”LET’S DO SOME MATHWhen you look closer at RISE’s product you find that to receive a lower interest rate than typical payday loans a consumer must borrow more money. In South Dakota, for example, if a consumer wants to borrow the typical payday loan amount of $3. That adds up to an APR of 3. In fact, to receive the lowest advertised rate of 7. To its credit, RISE does warn consumers that its loans are “an expensive form of credit”. Additionally, the product’s website features a “Know Before You Owe” section detailing that consumers are vulnerable to fees for late payments, returned payments, and/or a broker fee in Ohio and Texas, where it acts as a credit services organization and loans are made by a third- party lender. However, specific fee amounts are not listed.“It’s important to understand that these loans typically don’t function in the way they are advertised,” Standaert said. They make promises of quick financial fixes but in reality they function as long- term debt traps.”Borrowing online poses as a convenient option for consumers, but it comes with added dangers of financial debt. When consumers apply for small- dollar loans like RISE online, they are putting themselves into a precarious situation, said Suzanne Martindale, staff attorney with Consumers Union.“If you apply online, you are basically giving them your information and authorization to reach into your bank and repay themselves,” she said. That could spiral people further into debt.”Think Finance’s Doherty said RISE does not require access to consumers’ bank accounts. They can elect to pay by check or other payment methods. Still, the RISE Credit online application process prompts consumers for their banking information. Promises of convenience and quick- fixes are nothing new for Think Finance, the company behind RISE Credit. Think Finance is backed by Silicon Valley venture capital firms Sequoia Capital, Startup Capital Ventures, and Technology Crossover Ventures. Backers for Think Finance have not responded to Consumerist’s request for comment. A HISTORY OF QUESTIONABLE LENDINGUntil 2. Think Finance operated as Think. Cash and offered loans under Pay. Day One. Think Finance CEO Ken Rees formerly headed Cash. Works, a provider of check- cashing products, and has been a longtime proponent of alternative banking options, including payday loans.“We started out as a payday lender,” he told the Los Angeles Times. But as we evolved, we realized that we could come up with products that are different, that can help people get out of debt.”In an October 2. Bank. Tech, Rees called checking accounts “predatory products” and the reason consumers “choose alternative financial services products is not because they’re too dumb to figure out that there’s a high APR associated with those products, but because compared to the alternatives they’re a lot cheaper.”It hasn’t been smooth sailing for Think Finance and its other lending services. Last summer, the company came under scrutiny for its part in using Native American tribes’ immunity from state and federal laws to evade customer protections. Think Finance operates Great Plains Lending and Plain Green Loans. The New York State Department of Financial Services issued a letter asking online lenders, including Great Plains, to cease and desist offering loans the violated New York usury laws. In December, Think Finance came under scrutiny for offering My. Salary. Line, a small- dollar loan program pitched through consumers through their employers and payroll benefit providers. Curious why it would allow iconic image from Rocky II to be used for a questionable lending operation, Consumerist reached out to MGM’s footage licensing department, which controls the use of stills and clips from the movie. We have yet to hear a response.
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