Financial emergencies are a common occurrence for many Americans. Whether it’s medical bills, car repairs, home repairs, or other unexpected expenses, these costs can throw off your entire budget. So, where do you turn when you don’t have the cash you need to meet these demands? Many folks turn to personal loans. In fact, according to the U.S. Federal Reserve, Americans borrowed a total of $3,707.4 billion in non-revolving credit as of the beginning of 2023.1
If you’re considering loans like Rise Credit, read on to learn more about them and how they work. Rise Credit® is a registered trademark of Elevate Credit Service, LLC.
Finding The Right Personal Loan
The right personal loan is probably out there waiting for you. But knowing which one is right for your financial situation is not always easy. It takes a lot of time, effort, and research to check if a loan company is legitimate and can offer the right kind of loan for you.
You must do your homework when it comes to applying for online personal installment loans. Unfortunately, there are many lenders out there waiting to take advantage of borrowers in need. In addition, products like payday loans, title loans, pawn shop loans, and other short-term solutions can be hazardous.
Luckily, there are safe and affordable alternatives to predatory loans. You just have to know where to look. And CreditNinja wants to help you find them.
Rise Credit: What You Need To Know
Rise Credit is an online personal lender that offers installment loans for borrowers with less-than-perfect credit scores. These loans are not meant to be a long-term solution, and they may be able to solve a quick cash emergency, but they may also come with high interest rates.
The type of loan and rate you receive from Rise Credit will largely depend on the state where you live and your specific financial situation. Rise Credit specializes in unsecured, personal installment loans.
An unsecured loan does not require any collateral. This means you won’t have to risk a valuable asset to receive a loan. Instead, borrowers offer unsecured loans based on their credit history, income, and overall ability to repay the loan.
While these loans may be a better alternative than payday or title loans, it’s still crucial to review the loan agreement to make sure you can afford them.
How Does Rise Credit Loans Work?
Rise Credit falls into the category of “online personal loan.” This means that you can apply from your phone or computer, receive your money, and even make payments online. Applying for a loan online with bad credit is usually much easier than doing it in person.
The process for receiving one of these loans is as follows:
- First, you have to fill out their online application and provide your personal and financial information. This may also include your bank account information.
- Rise Credit will review your information and determine whether or not to offer you a loan. If they offer you a loan, it’s crucial that you thoroughly review the loan agreement and terms.
- If you accept the loan amount and terms, you’ll need to sign for the loan. They will then deposit your money into your bank account. Once you receive the money and use it how you need to, your repayment will begin. This repayment date will be listed in your loan agreement.
- You’ll make monthly payments, over time, until the loan is completely paid off.
Rise Credit Loan Example
Rise Credit advertises interest rates that can range between 60% to 299% APR, loan amounts that range from $2250 to $5,000, and repayment terms that can range from 16 to 36 months. Say you received a loan amount of $3,000 with a 299% APR. If you wanted to pay off the loan in 16 months by making monthly payments, the repayment schedule may look something like this:
|Month||Starting Balance||Interest Amount||Principal Amount||Payment||Ending Balance|
As you can see, paying off a loan like this would require 15 payments of $232 and one payment of $203.34. These monthly payments are quite high, and may be stressful to keep up with over the course of a year and four months.
Who Are Loans Like Rise Credit Loans For?
Loans like Rise Credit are meant for borrowers with bad credit. If you have a poor credit history and cannot get traditional bank or credit union loans, you may be forced to resort to lenders like Rise Credit.
Having a bad credit score makes life pretty difficult. It means that you may not be approved for large loans with reasonable interest rates. This is because a low credit score tells lenders that you may not have been financially responsible in the past. Maybe you have too much debt, or you failed to make payments on time in the past. Whatever the reason, many lenders will likely see you as too much of a risk.
If you’re struggling to improve your credit score, and you need credit or loan solutions to help you boost your score, then a personal installment loan may help.
CreditNinja: How Does It Compare?
CreditNinja is also an online lender offering personal installment loans to borrowers in need.
Our loans are designed to help bad credit borrowers when they can’t get the cash they need from traditional banks or credit unions. So if you’re in a financial bind and not sure where to turn, CreditNinja is here to help.
CreditNinja is an excellent alternative to predatory loans like payday or title loans. You can get better loan amounts, more extended repayment periods, and more flexible terms than these risky loans. An installment loan from CreditNinja may be just the thing you need to solve your current financial problems.
CreditNinja’s Installment Loans
Personal installment loans from CreditNinja are designed to help borrowers with low credit scores and no other options. You may be wondering how to define an installment loan. Essentially they’re any loan you pay in monthly installments over time.
Our installment loans are unsecured. This means you won’t need to give us any collateral to get one, so you won’t risk losing a valuable asset. You can be approved for a CreditNinja installment loan simply by filling out the online application and providing us with your financial information.
Unsecured personal installment loans are a great way to take care of unexpected expenses, bills that keep piling up, children’s school costs, or even your rent when you’re short on cash.
How Does CreditNinja Stand Out?
CreditNinja prides itself on providing the loans you need when you need them most. We offer unmatched customer service, better interest rates and terms than typical payday loans, and high loan amounts.
CreditNinja stands out for the following reasons:
- Our fast and easy online application allows you to apply in minutes and get a decision right away.
- If you’re approved, we will deposit your money directly into your bank account.
- You don’t need an excellent credit score to get a loan from CreditNinja!
- Make your repayment painless by spreading your payments out over several months.
- Unparalleled customer service. We’re here to help answer all your questions.
Personal Loans/Bad Credit Loans: FAQ
Bad credit loans are designed for individuals with a bad credit score or limited credit history. Furthermore, bad credit loans offer a way for these individuals to secure financing, albeit often at higher interest rates than standard personal loans.
Debt consolidation loans allow you to combine multiple debts into a single loan with a fixed interest rate and monthly payment. This can simplify your finances, potentially reduce your interest rate, and help you pay off bad debt like payday loans debt faster.
A poor credit score indicates to lenders that you might have had difficulties repaying loans in the past. It’s a risk assessment tool used by lenders to determine the likelihood of you repaying the loan on time.
The three major credit bureaus are Experian, Equifax, and TransUnion. They collect and maintain credit score information on consumers, which lenders use to assess creditworthiness and make lending decisions.
Installment loans allow borrowers to repay the loan over a set period with regular, fixed payments. Payday loans, on the other hand, are short-term loans that are typically due on your next payday. They often come with higher interest rates and fees.
Personal loans can be beneficial for many, but it’s essential to assess your financial situation, understand the terms, and ensure you can make the repayments. They can be especially helpful for consolidating debt or covering large expenses.
Installment loans that are unsecured do not require any collateral, meaning you won’t have to risk a valuable asset to receive a loan. Borrowers repay these loans in fixed monthly installments over a specified period.
Loan origination fees are one-time charges by lenders for processing a new loan application. They are typically a percentage of the loan amount. It’s essential to factor in this fee when calculating the total cost of the loan.
There are lenders who specialize in offering bad credit installment loans. While the interest rates might be higher due to the increased risk, these loans provide an opportunity for those with less-than-perfect credit to access financing.
Regularly check your credit report for errors, pay your bills on time, reduce outstanding debts, and avoid applying for multiple loans simultaneously. Additionally, consider lenders who specialize in bad credit loans.
Who Should Pick CreditNinja?
CreditNinja loans are designed to help you in a time of need, regardless of whether you have a low credit score.
If you’ve ever had to resort to payday or title loans to make ends meet, then CreditNinja might be for you. But, don’t let risky payday loans drag you even further into debt. There are better, safer, and more affordable options out there. Make sure you’re familiar with the difference between payday and installment loans.
Check out CreditNinja today to find out how much you can get!
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