Emergency Personal Loan Below 700 Credit Score. NetCredit Personal Loan & Rise Credit Personal Loan
We’re going to compare the personal loans offered by NetCredit and Rise Credit. We have spent years in the lending industry and track dozens of lenders. We are going to bring that experience to help you make the decisions that would be best for your personal finances.
Both of these lenders extend credit to people with less-than-perfect credit and who are not able to get credit from a traditional bank or credit union. In the non-prime space, it is not unusual for the loan details to be dependent on the state in which you live. So, I will give you a good view of how these two lenders stack up against each other, but you may need to look specifically at what they offer in your state to know what you can expect.
Let’s start with the loan amounts that these lenders offer. NetCredit’s minimum loan amount is $1,000. Rise will lend down to $300. But this is the first example of how this might differ depending on the state in which you live. There are only 5 states where Rise offers are as low as $300. A majority of their states offer a minimum of $500. And there are a handful of states that have a higher minimum. NetCredit is even more diverse. While they have some states that lend as little as $500, most of their states offer a minimum of $1,000. From there, they have a smattering all the way up to $5,500. I am going to highlight Rise because they provide more flexibility on the low side of lending. If you just need a few hundred dollars to avoid taking out a payday loan, Rise might be the better option.
On the other hand, if you are looking for a more substantial amount of money, NetCredit will lend up to $10,000 in all of the states they lend in. Rise Credit tops out at $5,000. I am going to highlight NetCredit for having the higher loan amount.
NetCredit offers terms between 6 and 60 months. Sixty months seems like an awfully long time to be in debt, even for a $10,000 loan. Rise Credit will lend as short a term as 7 months and as long as 36 months, or 3 years. Longer terms will keep your payments lower, but it will also mean paying interest a long time. The early months of the loan will also feel like you are never going to make progress. If you go with either one of these companies, you will want to be particularly aggressive about making extra principal payments in the first six months. That will save you a lot of money on interest and get you out of debt faster.
Now let’s look at their APRs. This is where things get a bit more interesting. These loans should only be for short-term borrowing and only for emergencies…because they aren’t cheap. NetCredit’s minimum APR is 34%. Rise’s minimum is much more dependent on the state in which you reside. Their minimum is 60%, but they only offer that minimum in 20% of the states in which they operate. It is much more likely that you will experience a minimum of 99%. That is decidedly higher than NetCredit’s, so we will highlight NetCredit.
NetCredit has range of maximum APRs, which will depend on the state in which you live. You can see that their most common maximum APR is 100%. They have a handful of states that are below 60% and a chunk that is 155%. Rise also has a spread of APRs. They span between 60% to 299%. You can see that their most common top APR is 149%, though. In general, NetCredit has the lower APRs, so I will highlight them.
These APRs tell you a lot about who these two lenders will approve. I think NetCredit lends to people with Poor-to-Fair credit. I am guessing that they approve people with credit scores between 550 and 650. Rise, I think, skews more towards people with poor credit, with credit scores between 540 and 620.
NetCredit will charge an origination fee between 1 and 5% of the borrowed amount. Rise does not charge an origination fee. An origination fee comes out of the proceeds of the loan before you get your money. The origination fee is a percentage of the borrowed amount and comes out of the proceeds of the loan. So, if you borrow $10,000 and have a 5% origination fee, you will receive $9,500 but will still need to repay the $10,000. Remember that the origination fee is accounted for in the APR. The APR is the origination fee plus the interest rate. All things being equal, you want a lower origination fee if you plan on paying off your loan early. Paying off early will save you on the interest you would have paid, but you don’t get a reimbursement of the origination fee.
If you are late on your payment, NetCredit will charge you between 10 and 15 dollars. Rise does not charge a fee. Keep in mind that you will continue to be charged interest on any late amount, so being late isn’t free for Rise loans and can be more expensive than it looks for NetCredit. It will depend on the interest rate you have with them. We’ll highlight Rise since they don’t charge an additional fee.
I have mentioned that the loans that these lenders offer are heavily dependent on the state in which you reside. Well, that is true of availability. NetCredit offers loans in these 36 states. At the beginning of the year, they offered loans in Washington state, but no longer do. Rise only lends to 28 states. If you live in the Atlantic Northeast or a few western states, you won’t be able to apply for a Rise loan. I will highlight NetCredit for having a bigger footprint.
You would really only borrow from either of these lenders if you have an emergency. And, you don’t have anywhere else to turn. In the case of an emergency, they can act pretty quickly. They will both make a decision on whether to lend you money within minutes of you completing your application. The funds will be deposited into your checking account on the next business day.
So, let’s summarize what we’ve found in NetCredit versus Rise Personal Loans.
The most important fact about personal loans from NetCredit and Rise Credit is that they they are expensive forms of credit. That means you should only borrow small amounts for short periods of time. NetCredit is generally cheaper and lends in more states. Rise charges fewer fees. Both of these lenders will make a quick decision on whether to lend to you and for how much.
If you do have poor or fair credit, it can be particularly challenging to know who will extend credit to you. Each lender will have its own algorithm for making lending decisions. You might be denied by one only to be approved by a better option. That’s why it’s so crucial to shop around. You owe it to yourself to seek out the best deal that you can get. At The Yukon Project, we’ve tried to make shopping around easy. If you visit our marketplace page, you can apply to any one of our featured lenders and behind the scenes, we will check your rate with up to 40 other lenders. Our partners use a soft credit check, so applying won’t hurt your credit score. We will show you all of the approved offers so you can pick the loan that’s best for you.
If you have any questions about NetCredit or Rise Credit that we didn’t cover, leave a comment below and we’ll try and get it answered. If you found this video useful, please like it and subscribe to our channel. Thanks for watching.
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