Rise Credit Alternatives For Canadians

Advertiser Disclosure

This article may contain references to products/services to our partners. We may be compensated when you click on links to their products/services. Our partners cannot pay us to guarantee any favorable reviews. All products we feature or write about are objective and unaffected from these partnerships.
Hide text

Last updated on October 1, 2021

Do you need money now, but a traditional loan wouldn’t work because you haven’t been so good with your credit? There are plenty of loan companies out there that are willing to help people in this situation.

The trouble for people who are new to this, or want to try out a new loan company is deciding which company to use. Most payday loan companies are debt traps and charge absurd amounts of interest.

So, where do you go to get the best deal possible? In this article, we’ll review Rise Credit to see if it’s a good option for you.

Is Rise Credit Available in Canada?

No, Rise Credit is only available in the US. An alternative for Canadians is LoansCanada.

What is Rise Credit?

When to consider using Rise Credit: in the case of a true emergency after exhausting all other options.

Rise Credit is an online loan for borrowers with bad credit offered by Elevate, a Texas-based lending company. Alternative to underwriting loans using traditional scoring techniques, they check your income and bank account data to generate a general score then assign rates and loans based on the results.

While Rise’s rates are lower than those of traditional payday lenders, it’s still an expensive way to get cash in an emergency.

What options does Rise Credit offer?

Rise Credit offers short-term installment loans with repayment terms lasting up to 26 months. You’ll be required to make repayments on-time every 2 weeks. After making 24 on-time payments towards the loan, borrowers are eligible to cut their interest rate in half. After 36 on-time repayments, borrowers may qualify for a new loan at 36% APR (annual percentage rate), which is the higher limit for most payday loans.

If you graduate to lower rates, you’re required to choose multiple or longer-term loans. While this may sound tempting, you’ll bury yourself further into debt if you aren’t able to pay on-time or afford the high interest.

Loans from Rise range from $500 to $5,000 and have an APR rate of 36%- 299%.

Rise also offers a line of credit to certain customers. Borrowers can use the credit as needed and repay on a schedule or repay it in whole as fast as possible to avoid gathering interest. The minimum payment will change depending on the amount owed.

Borrower requirements

Although Rise Credit is a loan company catered to people who can’t get traditional loans, they still need to set requirements so they know borrowers can actually eventually pay them back.


  • Have employment or another regular source of income.
  • Hold a checking account.
  • Live in one on the states Rise offers services.

Rise Credit serves most states, but it’s important to know if where you live isn’t eligible. Rise currently is not available to borrowers in Arkansas, Colorado, Connecticut, Iowa, Louisiana, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Dakota, Vermont, Virginia, and West Virginia.

Also, note some services aren’t offered in certain states but are in other states. For example, lines of credit are only available in Kansas and Tenessee. See the image above to see what’s available in your state.

Rise also has some competitive customer-first features. You can at least gain something while losing money.

Consumer-first features:

  • Your loan term can be customized.
  • Track your TransUnion credit score.
  • Reports payments to Experian and TransUnion.
  • Rate reduction with on-time payments.
  • Financial education.

Can you use Rise to improve your credit score?

Yes, it’s possible to use your Rise loan or credit to build your credit score. Rise will report your repayments to the three largest credit bureaus.

Rise Credit comparison

You might be thinking, why would you choose Rise when you haven’t considered other options yet. Well, let’s take a look at Rises’ closest competitors to see how they hold up.

Rise has a higher APR range than it’s main competitor, Oportun. Rates are closer to payday alternative lenders like Possible Finance, LendUp, and OppLoans.

Like Rise, LendUp and Oportun offer rate flexibility and payment options. You can choose repayment options that match your income schedule, as long as the state law agrees.

Reasons to not use Rise Credit:

  • You can get financial help elsewhere. While it may seem like the easiest option to use Rise since the requirements for loans are easy, it’s strongly recommended you exhaust every other option first. Ask family, friends, try the bank, get a paycheck advance,  get a credit card, go to a pawn shop, literally anything.
  • Your main goal is to build credit. You can build credit with Rise. However, the process is slow (especially if you took on a long repayment period), and it can damage your credit badly if you can’t pay the interest or you’re late on a payment.

Final Thoughts

Going to a loan company, in any case, is scary. But if you’re reading this article, you’re probably seriously considering it. While Rise Credit is still a better option than most payday loans, it’s something to sleep on. Let’s go over the pros and cons.


  • Accepts bad credit.
  • Money goes to your bank account quickly.
  • Free credit score access.


  • Available in a limited number of states.
  • Very high rates.
  • Hard credit pull.

For people who would otherwise take out a payday loan, Rise Credit may be the better option because there is no origination fee. But since the interest payments are still absurdly high, it could end up being a never-ending wheel of repayments, missed payments, and ruining your credit score.

It’s a last-resort option for people who don’t have a better solution and are willing to take on the risk. If you do decide to take a Rise loan, it’s suggested you make a payment schedule and plan your income so you know how much you’re allowed to spend on your personal stuff. Maybe get a side hustle, or learn how to make money fast so you can pay off the loan its interest fast to avoid penalization.

Whatever you decide to do, be smart and good luck!

Note: Rise Credit is only available in the US. An alternative for Canadians is LoansCanada.

Borrow up to $50,000

Fast approval. Free to apply. Get up to $50,000 today.

Start Free Quote ➞

Do you live in Canada?

Get updates on the best new products and offers for Canadians.