See exactly how much a Rise Credit loan will cost you — monthly payment, total interest, and full repayment — before you apply.
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Your calculated cost vs. a $2,000 loan from other lenders (12-month term).
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Common questions about this topic — tap any question to expand the answer
Rise Credit uses simple-interest amortization. Your APR is set at origination based on your credit profile, income, and state of residence. Interest accrues daily on your remaining principal balance — so paying off early reduces total interest paid, since you stop the interest clock sooner.
A $2,000 Rise Credit loan at a typical 199% APR over 24 months would have a monthly payment of approximately $318 and total cost around $7,632 (including $5,632 in interest). Paying it off in 12 months instead would reduce total cost to approximately $4,400. Use the calculator above with your actual offered rate for a precise estimate.
Rise Credit does not offer internal refinancing. However, you can pay off your existing Rise loan with a new lower-rate loan from a credit union, traditional bank, or another online lender. This is called "loan stacking" or "debt consolidation refinancing" and is a common path for borrowers who improve their credit score during the original Rise loan term.
Pay extra principal every month, no matter how small. Because Rise has no prepayment penalty and uses daily simple-interest accrual, any amount paid above your scheduled payment goes directly to principal, accelerating payoff. Even an extra $50 per month can save hundreds in interest over a 24-month loan.