How to Get Out of a RISE Loan: Your Options Explained

RISE loans offer quick cash, but they come with a steep price. High interest rates can trap you in debt.

You have options to escape a RISE loan. You can also defend yourself if you’re sued over unpaid debt.

Can You Cancel a RISE Loan?

You have 5 business days to cancel your RISE loan. The clock starts on the day you signed the loan agreement.

Call RISE customer support at 866-580-1226 to cancel. You’ll need to repay the principal amount only.

RISE won’t charge you interest or fees if you cancel within this window. After 5 business days, you’re locked into the loan terms.

Why RISE Loans Are Easy to Get

RISE approves borrowers quickly with minimal requirements. You need to meet these basic criteria:

• Be at least 18 years old (19 in Alabama and Nebraska)
• Live in one of the 31 states RISE serves
• Have a job or regular income source
• Maintain an active checking account
• Provide a valid email address

RISE offers loans between $500 and $10,000. Your state’s laws determine the exact amount available.

Returning customers may qualify for higher loan amounts. RISE reviews your payment history and affordability before approving increases.

The Hidden Costs of RISE Loans

RISE loans carry interest rates between 50% and 200%. Some states face even higher rates.

Texas residents can pay up to 299% interest. You could end up paying triple or quadruple what you borrowed.

RISE often exceeds state-mandated maximum APRs. Ohio caps short-term loan APRs at 28%.

Yet RISE charges Ohio residents between 99% and 149% APR. You’ll repay up to 5 times the state-recommended amount.

Late payment fees add to your burden. RISE allows a 7-day extension, but missing that deadline triggers additional charges.

Why You Should Avoid RISE Loans

RISE loans can destroy your financial health. The astronomical interest rates create a debt spiral.

Some borrowers take RISE loans to build credit. Bad credit or low scores make traditional lenders reject you.

But RISE loans damage your credit more than they help. High APRs push you deeper into debt.

Your credit score drops further when you miss payments. Your credit history shows more negative marks.

Better alternatives exist for credit building. Secured credit cards offer lower risk.

Credit-builder loans provide structure without predatory rates. Paying off existing debt improves your score faster.

Better Alternatives to RISE Loans

Exhaust other options before considering RISE. Several alternatives cost less and carry less risk.

Credit card cash advances charge high interest but less than RISE. Home equity lines of credit offer lower rates if you own property.

Personal loans from banks or credit unions provide better terms. Friends or family might lend money interest-free.

Your existing savings might cover your emergency. Using savings beats paying 200% interest on a loan.

Borrow only what you can realistically repay. RISE’s fast approval tempts borrowers to take more than needed.

Borrowing beyond your means creates more financial problems. Your credit score suffers more damage.

How Credit Counseling Can Help

A credit counselor can guide you toward better financial decisions. Our partner Cambridge Credit Counseling specializes in debt management solutions.

Credit counselors help you create workable budgets. They teach money management and debt reduction strategies.

A debt management plan consolidates your payments. You deposit money with the counseling organization monthly.

The organization pays your creditors according to a negotiated schedule. Creditors often agree to lower interest rates and waive fees.

Debt management plans cover unsecured debts like credit cards and medical bills. Student loans may also qualify for the program.

Continue making payments while working with a counselor. Stopping payments triggers late fees and additional charges.

What to Do If You’re Sued Over a RISE Loan

RISE often sells unpaid loans to debt collectors. Collection agencies buy these debts for pennies on the dollar.

You might face a lawsuit from a third-party collector. Our partner Solo helps you respond to debt collection lawsuits.

You’ll receive a Summons and Complaint when sued. These documents notify you of the lawsuit and list the allegations.

You must respond within 14 to 30 days. Response deadlines vary by state.

Ignoring the lawsuit results in a default judgment. Collectors can garnish your wages or seize your property with a judgment.

Filing an Answer protects your rights in court. You can challenge the debt amount and the collector’s legal standing.

How to Respond to a RISE Loan Lawsuit

Your Answer document responds to each allegation in the Complaint. You admit, deny, or claim insufficient knowledge for each point.

Include affirmative defenses in your Answer. Common defenses include statute of limitations and lack of standing.

File your Answer with the court before the deadline. Send copies to the plaintiff’s attorney as required.

You can draft an Answer yourself or get professional help. Our partner Solo guides you through the entire process.

Filing an Answer forces the collector to prove their case. Many collectors drop lawsuits when borrowers respond properly.

You might negotiate a settlement after filing your Answer. Collectors often accept less than the full amount.

Protect Yourself From Collector Harassment

Debt collectors must follow federal laws when contacting you. The Fair Debt Collection Practices Act limits their behavior.

Collectors cannot call before 8 AM or after 9 PM. They cannot contact you at work if you tell them not to.

You can demand that collectors stop calling you. Send a written request via certified mail.

After receiving your letter, collectors can only contact you to confirm they’ll stop. They can also notify you of specific legal actions.

Document every interaction with debt collectors. Keep records of calls, letters, and voicemails.

Report violations to the Consumer Financial Protection Bureau. You may also have grounds to sue abusive collectors.