- Report: #1484897
Complaint Review: Rise Credit -
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Rise Credit
United States
Web:
risecredit.com
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Rise Credit Misleading payment plan
I applied for this loan to pay off a medical bill that was in collections to lower my monthly payment and help my credit score. I hope to help my score by paying the medical bill off and getting a NEW loan which both will help. I was paying $225/mth to the collection agency and Rise offered me a payment of $178/mth, good deal right!. no WRONG!!!
I was asked how often I am paid, (twice a month), so instead of a $178/mth payment its now $356-$534/mth depending on how the 2 week paydays fall in the month. Obviuosly I screwed up or did I?? I think I was mislead and there are others online who have uTube videos saying the exact same thing. BE WARE! I was told I signed a contract and could see if I wanted? No, you got me I guess!! no need to see it- but can you help? Big Fat NO!
1 Updates & Rebuttals
Jim
Beverly Hills,California,
United States
Maybe...??
#2Consumer Comment
Thu, September 12, 2019
Your loan or line of credit will be setup to be paid back over time. For installment loans, depending on your state of residence, you will be able to select the number of payments based on your amount and pay frequency. The above highlighted statement comes from the website you provided. I suppose the answer to whether you were ripped off or not, depends on your understanding of what you were offered. Now, if you interpreted $178/pay period as $178/month....? However, it seems pretty clear based on the website that payments are based on how often you're paid.
The other thing you need to consider is what the interest rate on what you're paying back is/was. If you were paying back to a collection agency, then you may wish to look at the interest rate they were getting from you compared to what this company is doing. It's possible you're now paying a much lower interest rate which would eventually reduce the overall amount you would have paid. Hard money guys like this, will charge you less in interest than a collection agency, which can use rates closer to that of a pay day loan place or pawn shop.
There is not enough information here to determine the answer to your question. Should you have looked at any agreement before signing? Always when it comes to money. However, if the new loan reduces the overall amount you would have paid, then it isn't necessarily a rip off - it's just pretty painful right now.
