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How to get out of a RISE loan

George Simons | November 27, 2023

George Simons
Co-Founder of SoloSuit
George Simons, JD/MBA

George Simons is the co-founder and CEO of SoloSuit. He has helped Americans protect over $1 billion from predatory debt lawsuits. George graduated from BYU Law school in 2020 with a JD-MBA. In his spare time, George likes to cook, because he likes to eat.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: RISE loans are quick and accessible, but they come with a cost. Here's everything you need to know about RISE loans and how to back out of one. SoloSuit can help if you've been sued over a RISE loan.

RISE loans are usually designed for individuals with bad credit or those who don't qualify for loans from a traditional bank or online lender. For this reason, RISE loans are usually taken during emergencies. This is because they have very high interest rates, usually higher than regular payday loans. So, if you're wondering how to get out of a RISE loan, this article covers everything you need to know.

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How can I get out of a RISE loan?

When you take a loan with RISE and then change your mind later, you have up to 5 business days to cancel the loan—that's 5 business days from the day you signed the loan agreement.

To cancel the loan, you can simply call RISE's customer support service at 866-580-1226 and inform them of your intention to cancel. You'll then be required to repay the principal, but you won't be charged any interest or fees.

RISE loans can be tempting mostly because they usually have a high approval rate. To be approved for these loans, the borrower must:

  • be at least 18 years old (19 in Alabama and Nebraska);
  • live in one of the 31 states RISE serves;
  • have a job or a regular source of income;
  • have an active and valid checking account, and;
  • have an email address.

The company offers loans between $500 to $10000. However, the amount varies depending on the laws of your state. If you're a returning customer, you may be eligible for an increased loan amount. RISE will consider your payment history and the affordability of the requested amount.

With such minimal requirements, many borrowers are attracted to RISE loans. But one of the greatest drawbacks of RISE loans is that they come with high interest rates, ranging from 50% to 200%.

However, the interest rate varies from state to state. For instance, residents of Texas could pay interests as high as 299%.

Why should you get out of a RISE loan?

Even though RISE offers quick loan processing, even for individuals with bad credit, there are instances where these loans may not be worth the stress. Here are some good examples.

RISE sometimes sets its APRs above some state-mandated maximums. This means that borrowers may have to pay more than double what their state allows for such loans. For example, Ohio prohibits lenders of short-term loans from having APRs higher than 28%.

However, RISE offers loans with APRs ranging between 99% and 149% in the same state. This means that, technically, you'll have to repay up to 5 times more than the state-recommended minimum!

Some borrowers opt to borrow money from RISE to build their credit score. This is because most traditional lenders, such as banks, don't usually lend money to individuals with a bad credit history or a low credit score.

For example, RISE might be a tempting option if you don't necessarily have a bad credit history but are looking for means to build your credit. But the truth is, this option isn't worth the risk.

The high APR could put you in more debt, ruining your credit score and history even further. For this reason, consider getting a secured credit card or credit-builder loan. You can even pay off existing debt to build your credit history.

Here's another thing you need to know:

Although RISE may allow you to extend the payment date up to 7 days, there's always the risk of incurring late fees and other charges when you fail to pay back the amount beyond the extended period. Add the late payment fees to the high APR, and you'll realize how expensive it is to acquire such loans.

Things to know before borrowing from RISE

RISE shouldn't be your go-to lender, especially if you haven't exhausted other options available. Instead, consider alternative forms of credit, such as credit card cash advance, home equity line of credit advance, personal loans, or even borrowing from your friends or family.

Additionally, if you have existing savings, it may be cheaper to use them than to take a loan with a high APR.

It's also important to ensure that you have a clear and feasible way to repay the RISE loan if that's the only option you have available. As a general rule, it's always advisable to borrow only what you can repay. Borrowing beyond your current financial bracket could land you into more debt.

Given that RISE loans are known for their fast approval and processing, usually within 24 hours, some consumers are tempted to borrow more than they need. After all, why not borrow as much as you can, since you probably don't have other options to get quick money? However, this could land you into more financial problems, further ruining your credit history and score.

Consult with a credit counselor

Consulting a consumer credit counseling service is also another option if you live from paycheck to paycheck or worry about debt collectors. A credit counselor can help you understand how to develop a workable budget, save money for retirement, debt management, among other services.

For instance, a credit counselor can help you create a debt management plan. This plan aims to help you manage your debt by depositing money with the credit counseling organization. The organization will then create a payment plan and schedule with your creditors.

If approved, you'll be required to deposit a certain amount of money each month with the credit counseling organization. They will then use this money to pay your unsecured debt, such as student loans, credit cards, medical bills, etc.

In return, your creditors may agree to lower certain interest rates or fees. However, it's always advisable to continue making payments with the creditor even as you consult a credit counselor. If you stop making payments, you may be required to pay late payment fees and other additional charges.

The bottom line

The bottom line is that RISE is never the best option to get a loan, especially if you have other alternatives available. Consider talking to a credit counselor if you can't get out of a RISE loan within the first 5 days after signing the loan agreement. And, if your creditor harasses you about late payments or any other reason, you may need to speak with an attorney.

What if I'm being sued for my RISE Credit loan?

It is common practice for RISE to sell their debts to collection agencies for pennies on the dollar. As such, you may find yourself in a lawsuit with a third-party debt collection agency over your unpaid RISE loan. If debt collectors are coming after you for this reason, the most important action to take is responding in court.

If a debt collection agency is suing you for your RISE loan debt, you will receive a Summons and Complaint which notify you of the lawsuit and outline the specific allegations against you. You must respond within 14-30 days, depending on which state the lawsuit is in. Failure to respond can result in a default judgment, which gives the collector the right to garnish your wages or seize your property.

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