Most people take out a loan from RISE when they have a genuinely pressing need. With RISE, you can borrow up to $5,000 to pay for the emergency and then repay the loan over time with fixed, regular payments.


Here are the four most common reasons people borrow money from RISE.


1. To Fix a Vehicle

Whether your engine starts smoking or you have to buy new tires to ensure its safe to drive, auto repairs and maintenance can be surprisingly expensive. However, you may have to address the problem right away because a broken-down vehicle can leave you literally and figuratively stranded.


Car and truck owners might be able to take out a title loan to pay for auto repairs, but doing so could put their vehicle at risk of repossession if they miss a payment in the future. You can use an unsecured loan from RISE to pay for auto repairs without putting up your vehicle as collateral.


2. To Repair Their Home

Home repairs often require your immediate attention. For example, left unattended, a leaky roof could result in additional damage and wind up costing a lot more to repair. Your homeowners insurance may cover some expenses, but you may need money to start the repairs while you wait for the insurer to process your claim. And if the damage is due to normal wear and tear, it likely won’t be covered at all.


According to HomeAdvisor, most typical minor home repairs cost less than $500 and can be dealt with by hiring a handyman, general contractor, or even going at it DIY. On the other hand, major repairs often cost thousands of dollars. Even a  simple job can be expensive if you need to hire a trained professional, such as an electrician or plumber, as they may charge $100 to $125 an hour.


3. To Cover Medical Bills

For many, the financial burden that accompanies a medical emergency simply isn’t affordable.


You can, and likely should, try to negotiate your medical bills to make them more affordable or get on a payment plan. And there are some government and charitable organizations that may be able to help you with medical bills.


Once you’ve taken steps to limit how much you owe, an installment loan from RISE could give you the rest of the money you need for a procedure, medicine or checkup.


4. To Pay for Emergency Expenses

Most borrowers who need an emergency loan likely need the money quick, and they may turn to RISE because they can get money in their account within one business day.


Ideally, you can build up an emergency fund that you can tap to cover all sorts of emergency expenses without having to borrow money. A general rule of thumb is to try and have three to six months’ worth of regular expenses kept in an easy-to-access account.


Realistically, according to a 2018 report from the Federal Reserve Board, 40% of adults need to either sell something or borrow money to pay for an unexpected $400 expense.    



There are many reasons to take out a personal loan and many ways to borrow money. Some may be better suited to long-term expenses, while others can help you address immediate needs. RISE’s loans are intended to be a solution for the latter.


RISE’s installment loans are an expensive form of credit, although they may be less expensive than some other last-minute options, such as a payday loan or over-drafting your bank account.


However, customers turn to RISE because an installment loan or credit line can help you spread out the cost of an emergency by letting you repay the loan over time. With RISE, you’ll know up front how much you’ll owe each pay period, how much you’ll pay overall and when your loan will be paid off.


RISE also reports your loan history to one or more credit bureaus, which can help you build a healthy credit history and increase your credit scores. As a result, you may qualify for lower-rate loans in the future if you decide to borrow from RISE again.


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