Loans Like Rise Credit | 5 Best Rise Credit Alternatives in 2021

There are numerous mechanisms of acquiring loans to cover expenses and execute various needs. However, due to a bad credit score and other parameters, most conventional systems such as banks and online lenders have a high rejection rate. Loans like rise credit and its alternatives may provide solace for such borrowers as their metrics are less strict.

Applications are fast and can suit borrowers with urgent needs. Nonetheless, they have downsides such as high-interest rates and no options to pre-qualify. This article has discussed all you need to know about loans like rise credit, features, and thresholds required in qualifying for a loan.

Loans Like Rise Credit – #1 Alternative: Viva Payday Loans

 

These loans have distinct metrics of qualification, interest rates, and features that differentiate their operation criteria. Below is a table that summarizes the key features.

Loan Amount Loan Terms APR Range Loan Fees Customer Support
Viva Payday Loan $100-$5,000 2-24 months 5.99%-35.99% Below $2,000-20% establishment fees and 4% monthly fees.

Above $2,001- 400$ establishment fee.

 

Phone: Yes

Email: Yes

Shopfront: No

Cash Net USA $100-$600 6-24 months 85%-449% Phone: Yes

Email: Yes

Shopfront: No

Fig Loan  $200-$500 3-6 months Starts at 1765 Phone: Yes

Email: Yes

Shopfront: No

Cash Central $300-$5,000 6-24 months Average-180%.

Goes up to 739%

$15 to $27 per $100 depending on the state Phone: Yes

Email: Yes

Shopfront: No

Big Picture Loans $200-$3,500 4-18 months 350%-699% Phone: Yes

Email: Yes

Shopfront: No

 

Best Loans Like Rise Credit

  • Viva Payday Loans – Best for Quick Payday Loans
  • Cash NetUSA – Best for Installment Loans
  • Fig Loan – Best for Paycheck Advance
  • Cash Central – Good for Title Loans
  • Big Picture Loans – Best for Bad Credit Loans

What Are Payday Loans?

These are short-term loans that offer little cash at higher interest in comparison to traditional lenders. Their application is fast and easy as it has no credit check, and no guarantor is required for approval. Payday Loans are accessible in high street shops and internet sites. Additionally, based on the lender you choose, distinct interest rates, loan limits, and features may affect its operation.

Hence, it should be better if you compare different lenders before applying for a loan. The lender should also scrutinize whether a borrower has the capability of repaying the loan. Also, the lender is supposed to enlighten the customer on the key features of the loan. This includes the amount you have to pay back, consequences if one does not pay back, and extra costs for delayed payments. They should also explain how continuous payment authorities (CPAs) work and the criteria of cancellation.

CPA is a consensus where the lender and borrower come to an agreement that they can access payment funds directly from your bank account. In case of delayed payments, the lender may ask the bank for all or part of the borrowed money.

If one does not have the funds to execute the payment, you can authorize the bank or card provider to halt payment. Nonetheless, you may achieve this if you take action at least one day before the payment date.

Common Uses of Payday Loans

There are numerous reasons for applying for payday loans. Mostly, they are used to cover short-term expenses or when one finds themselves in a situation that demands prompt cash. Below are the main reasons for borrowing payday loans.

Debt Consolidation

When one finds themselves in a situation where payment of existing debt is due, payday loans can be used to mitigate the situation. This is because they are fast and easy to acquire, covering up for such a demanding situation. There are also high chances of qualifying, and people with a substantial income are guaranteed to get the loan. You should, however, realize that they have high-interest rates that may mount up stress after a few months. This is particularly if you do not have a precise blueprint of how you will repay before the due date.

Medical Emergency

People who do not have health insurance are subject to encountering periodic medical emergencies. This is a high cost that may drain your wallet, especially when you are not financially stable. Also, various types of treatments have distinct payments. Payday loans have become paramount for people intending to resolve medical bills.

Mortgage Payments

Falling behind on mortgage repayments can be a downside when one is aiming to acquire a house. This is because the mortgage company starts to weigh your chances on whether you can own the home. They may also take action on late payments. Rather than getting to that point, most people opt to take payday loans and pay off the repayments required.

Paying Bills During Unemployment

Unemployment is a big nightmare for anyone. It may lead to emotional and financial strain as one experiences difficulties when trying to make ends meet. Payday loans can be an exceptional mediator as one can acquire money without delay. They stand in during your unemployed period and help you live your normal life before you get back to work.

Holiday Loans

Direct lenders always have a splendid time during major holidays in the calendar. This is because parents and families have high spending which may drain pockets fast. Thus, people may apply for payday loans to get all they need during the holiday season.

How to Qualify for Loans Like Rise Credit

As opposed to the traditional bank and online lenders, there is no credit check when applying for payday loans. This allows people with a bad credit score or who do not have a superior credit score to get the loan. But the Consumer Financial Protection Bureau (CFPB) has set several parameters for customers applying for payday loans. They include:

  • Have a minimum age of 18 years.
  • Possess an active checking account such as a bank, credit union, or prepaid account.
  • Provide proof of income and valid identification.

Top 5 Rise Credit Loan Alternatives – Fully Reviewed

Selecting the best payday loan lender can be quite hectic. This is because they have different interest rates, among other distinguishing features that may affect your loan payment. Below is a list of top payday loan lenders, their advantages and disadvantages, and ratings.

1. Viva Payday Loans – Overall Best Alternative to Rise Credit

Viva Payday Loans are eligible for residents in numerous states in the U.S. and have quick access to direct lenders in the market. It is a trading name for Payday Ventures LTD. Their requests are short as they take about two minutes, and decisions are disseminated instantly.

APR Rate Loan Amount Rate Loan Term Range Star Rating
5.99%-35.99% $100-$5,000 2-24 months 4.0/5

Pros

  • Applicable in numerous states.
  • They have an affiliation with a huge number of lenders.
  • Their decision-making takes only 2 minutes.
  • Borrowers can get loans up to $5,000.
  • There are no fees when using the search tool.
  • Their website has an easy-to-use interface.

Cons

  • They are not direct lenders.
  • Every state has different costs which may elevate your loan payments based on your location.
  • There is no assurance that you are getting the best deal.

Viva Payday Loan can be an attractive option for a competitive loan deal. They provide loans with all credit scores and work with numerous dealers in the market. Furthermore, the application process is easy and fast as it takes less than 5 minutes.

2. Big Picture Loans – Good for Short Term Loans

Big Picture Loans

The company is a tribal lender owned by Lac Vieux Desert Band of Lake Superior Chippewa Indians Tribe and has been in the market for eight years. After application, borrowers receive the funding on the next business day

APR Rate Loan Amount Rate Loan Term Range Star Rating
350% to 699% $200-$3,500 4 to 18 months 1.2/5

Pros

  • Fast approval of funds.
  • There are no prepayment penalties.
  • Loans are available in all the states.
  • There is a Financial Wellness Program that helps customers improve their financial health.
  • People with bad credit can acquire loans.

Cons

  • They are considered to have high-interest rates in the market.
  • Their customer service has received numerous complaints.
  • Extra fees may accompany late payments, non-payments, and returned payments.

The company has fast loan approvals that may suit people with urgent money needs. They also state that they serve customers with fair and poor credit scores. However, in the last year, they have received numerous complaints from their customers.

3. Cash Central – Best for Installment Loans

Cash Central Loans - Good for Short Term Loans

It is a lending company that has been in the market for decades of years. Other than the stipulated requirements, Cash Central requires two current and valid phone numbers. They release funds on the next business day and operate via online means.

APR Rate Loan Amount Rate Loan Term Range Star Rating
Up to 739% $300-$5,000 6-24 months 2.5/5

Pros

  • They have a simple application process.
  • Does not involve hard credit check.
  • The company has a convenient and confidential service.
  • Takes less than 24 hours to fulfill the transaction.
  • Available in numerous states.

Cons

  • Only available in certain states.
  • A lot of variations in APR rates.
  • The application can take longer if the lender demands supporting evidence.

Cash Central lenders state that they are dedicated to providing loans to high-risk customers. The company is affiliated with the Community Choice Financial group of companies and operates in over 20 states. They have operated for a long time, which has elevated their lending experience.

4. Fig Loans – Best for No Guarantor Loans

Fig Loans

They major in small and medium loan lending. The company states that its aim is to provide financial aid to solve immediate needs and create long-term well-being. Their services are valid in Florida, Illinois, Missouri, Ohio, Texas, and Utah.

APR Rate Loan Amount Rate Loan Term Range Star Rating
Starts at 176% $200-$500 Three to six months 2.8/5

Pros

  • Zero hidden fees and no repayment penalties.
  • Their credit-building loans can help uplift your credit score.
  • Timely payments boost one’s score.
  • There are no checks on the credit score.
  • Approval of a personal loan takes about two hours.

Cons

  • They take about four days to fund the loan.
  • The company has a small loan amount range.
  • Customers must have income deposits of at least $1,400.
  • You must also have a positive account balance to qualify for the loan.
  • Serves within a few states.

The company offers small to medium loans and serves in six states. Though they have no hidden fees and no repayment penalties, customers have numerous parameters to pass when applying for a loan.

5. CashNetUSA – Low APR on Quick Loans

This is an online lender that provides customers with a variety of loans based on their location. Additionally, loan amounts vary from state to state and are available in 29 states.

APR Rate Loan Amount Rate Loan Term Range Star Rating
85%-449% $100-$600 6 to 24 months 3.5/5

Pros

  • Fast funding.
  • They have equal monthly payments.
  • Alternative credit is accepted.
  • Provides loans to customers with low credit scores.
  • Offer several financial products.

Cons

  • Available only in a few states.
  • They have a small loan amount range.
  • Their interest rates are quite high.

Though the company has high-interest rates, they have received massive applauding from their customers. This is because they have an easy application process and maintain professionalism during the application process.

 

Features of Viva Payday Loans

Viva Payday Loans do not require credit checks during application and serve customers in eligible states in the United States. Below are the key features of the Viva Payday Loans:

Online Process

The application is conducted via online means and can take about 5 to 10 minutes. After the application, customers can get feedback after two minutes. This makes it possible to access loans at the comfort of your location and get prompt feedback on your qualification status.

Money Can Be Used for Any Purpose

Viva Payday loans are applicable to United States residents, and as opposed to other conventional lenders, they can be used for any purpose. This is quite advantageous as one has the preference to choose what to do with the funds.

Available for Bad Credit Customers

Nowadays, most people have loans from distinct lenders, which may restrict further borrowing. Additionally, people with defaulted loans may have problems accessing direct lenders. Viva Payday loans are effective to such people and can offer a substantial loan amount.

No Collateral

Traditional banks and lenders require collateral to stand in for the customer in case they default on the loan. This is not the case for Viva Payday loans as they provide loans to customers without providing any backup. Furthermore, there is no guarantor required to complete the application process.

Minimal Groundwork

As stated earlier, the application happens online and requires simple steps to finalize the application. Customers can get feedback within minutes after applying, which is quite relieving especially in urgent financial needs.

How To Get Loans Like Rise Credit

The application process is simple and quick, and customers should follow the below steps:

Step 1: Visit Viva Payday Loans

Customers should visit the company’s website to kickstart the application process. Online lenders are an appropriate option as the process is fast and precise. Also, by browsing through the website, you will have a briefing of what the company has to offer.

Step 2: Complete the Application Form

After visiting the site, you will get an application form to guide you towards borrowing the money. You should fill in the required credentials and submit them for censoring. You will also be required to sign the contract. The contract legislation states that the lender must disclose the terms and conditions to the borrower before signing.

Step 3: Get Your Decision

Applications and approval take little time, which is a great advantage of payday loans. This takes a couple of minutes, and your decision will be disseminated based on your qualification status.

Step 4: Receive Your Loan

After your application has been reviewed, the company will granny you the loan based on how they scrutinize your status. Once the funds have been deposited, you can now use them for the designated purposes. They are transferred electronically to one’s bank account as fast as possible.

Conclusion

Payday loans have proven to be an ideal solution for people with urgent needs. They have a short application period, and money can be transferred within 24 hours after application. Nonetheless, they have high-interest rates compared to traditional banks and lenders. It is advisable that one should countercheck and get all the information regarding payday loans.

Furthermore, conducting internet research may aid in getting the best lenders in the market. The above article has discussed the top payday loan lenders, their interest rates, and all their features.

Request Your Loan at our Top Rated Provider – Viva Payday Loans

 

CHECK OTHER ALTERNATIVES:

CreditNinja 

First Loan

Lendly 

FAQs

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About Jayme Wium PRO INVESTOR

Jayme is a professional freelance writer specializing in personal finance, business, nutrition, botany and mental health. She has studied extensively in these fields and spends a considerable amount of her time creating content to help simplify complex concepts for the everyday person.