Detail Review of OppLoans Personal Loans versus Rise Credit Personal Loans. $300 to $5,000 Personal Loans For Poor Credit.
We’re going to compare the personal loans offered by OppLoans 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. OppLoans minimum loan amount is $500. 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. OppLoans isn’t as diverse. Most of their states offer a minimum of $500. Only a couple are higher. I am going to highlight both of these lenders because they both offer a lot of flexibility on the low side of lending. So, if you just need a small amount of money, either of these lenders would be a good alternative to a payday loan.
On the other hand, if you are looking for a more substantial amount of money, OppLoans will lend up to $4,000 while Rise Credit will lend up to $5,000. I am going to highlight Rise for having the higher loan amount. However, I do need to say that both of these lenders are unlikely to lend their maximum amount to new customers. They often reserve those amount to returning customers who have proven to be reliable.
OppLoans offers terms between 9-18 months, so they are clearly designed for short-term borrowing. Rise Credit will lend as short a term as 7 months and as long as 36 months, or 3 years. Three years would help you keep your payments lower, but I think you do not want to be in debt to either of these companies for that long. If you do get a loan from Rise with a 3-year term, you will want to be particularly aggressive about making extra principal payments in the first six months. Otherwise, you might feels like you are not making progress.
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. OppLoan’s minimum APR is 160%. 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 lower than OppLoan’s, so we will highlight Rise.
OppLoans has two maximum APRs. In 40% of their states, the maximum APR is 160%. In 60% of the states, their maximum is 179%. Rise has both better…and worse top APRs. They span between 60% to 299%. You can see that their most common top APR is 149%, though. Certainly, if you are in a state that has a maximum APR of 299%, you wouldn’t be happy, but since most people will experience a lower APR than they would with OppLoans, I will highlight Rise.
These APRs tell you a lot about who these two lenders will approve. These loans are definitely for people who struggle to get approved from other lenders. They mainly lend to people who have poor credit, mid-500s to low 600s.
Neither one of these lenders will charge an origination fee on their loans. An origination fee is a fee that comes out of the proceeds of the loan and is a percentage of the borrowed amount. I will highlight both of them because they do not have this fee.
If you are late on your payment, neither OppLoans nor Rise will charge you a late fee. That’s great, but they will continue to charge you interest on any late amount. Given how high their interest rates are, being late isn’t…free. But, I will highlight them both because they are not taking the opportunity to add more fees.
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. OppLoans offers loans in these 40 states. In fact, they have added six states this year. So, they continue to expand. Rise, on the other hand, will only lend 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 OppLoans 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.
The most important fact about personal loans from OppLoans and Rise Credit is that they are small-dollar loans that should only be taken for a short period of time. They lend limited amount of money and their interest rates are high. It is good that they don’t charge origination fees or late fees. OppLoans is more likely to offer loans in your state. And 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 OppLoans 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.
Stop paying the high interest rates from carrying a monthly balance on your credit card!
Soft Credit Pull, Up To 40 Lenders at Once, See what you’re approved for!
