FORT WORTH, Texas--(EON: Enhanced Online News)--Think Finance, a leading developer of online financial products that bridge the gap between payday loans and credit cards, today announced the launch of RISE, an installment loan priced significantly lower than current marketplace alternatives, with rates that start at a third less than payday loans and drop to as low as 36 percent over time with positive payment history.
“We designed RISE with the middle-class American in mind, providing the payment flexibility and financial building blocks needed to get their finances on track.”
RISE is a new way to meet customers’ emergency financial needs. According to The National Foundation for Credit Counseling, more than 64 percent of all Americans do not have $1,000 in savings to meet unplanned emergencies. These consumers need access to credit and often turn to more expensive forms of credit like bank overdraft or payday loans. RISE is a new solution designed to help customers with lower prices, better features and more flexibility.
“Our goal at Think Finance is to continually raise the bar for consumer lending options and leverage our technology to create the most affordable, borrower-friendly alternatives in the market,” said Ken Rees, CEO of Think Finance. “We designed RISE with the middle-class American in mind, providing the payment flexibility and financial building blocks needed to get their finances on track.”
In addition to better rates that drop over time and reporting payments to a major credit bureau to help customers improve their credit scores, RISE provides free credit monitoring through TransUnion® to anyone who registers on the site. RISE also offers Financial U, a free online learning center that features videos and tools designed to help customers understand essential financial concepts and practice healthy spending habits. RISE customers who participate in Financial U and make on-time payments earn points that translate into lower rates over time.
RISE allows customers to design their own loans, empowering them to customize a variety of elements such as how many payments they want to make, how much each payment will cost, how long they’ll take to pay the loan back and the first repayment date. The size of RISE loans varies based on state law. Once approved, RISE loans are deposited directly into the customer’s bank account by the next business day. Customers can pay off the loan early without a pre-payment penalty. Fees are prorated, so customers only pay the finance charges accrued for the number of days they keep their loan.
Applying for a loan with RISE is a simple, secure two-to-three minute online application process. Customers can review balances and make online payments 24/7. RISE is currently available to customers in 13 states, including Alabama, California, Delaware, Idaho, South Dakota, Missouri, Louisiana, South Carolina, New Mexico, Ohio, Utah, Wisconsin and Texas, with more states on the way.
For more information, please visit www.risecredit.com.
About Think Finance
Think Finance develops online financial products that bridge the gap between payday loans and credit cards. Using our technology and analytics platform, Think Finance and the lenders we work with have provided over $3.5 billion in credit to 1.5 million consumers in the U.S. and abroad and have saved customers over $1 billion compared to payday loans. Think Finance is privately held and is backed by some of Silicon Valley's most respected venture capital firms including Sequoia Capital and Technology Crossover Ventures. The company was recently named No. 2 on Forbes' America's Most Promising Companies list. Learn more at www.ThinkFinance.com