RISE, an online lender, offers lines of credit in Kansas. You can open your credit line today for free and get approved for a credit limit of $500 to $5,000. Your draw’s annual percentage rate can range from 60% to 299%, but you’ll only pay interest if and when you borrow money against your credit line.
When a financial emergency strikes, having a line of credit could give you certainty and security. Whether you need to repair your car, pay a medical bill, or make up for lost hours at work, you can select how much you want to borrow (up to your credit limit) and get the money deposited into your account within one business day*.
RISE is an online lender that offers lines of credit in Kansas. You can complete the entire application process online and have a credit line available if you need it. In addition to having no application or maintenance fees, a RISE credit line has the following features:
In Kansas, your credit line could have a credit limit of $500 to $5,000, and each draw will have an annual percentage rate (APR) of 60% to 299%.
Keeping a RISE credit line open doesn’t cost you anything — there are no monthly or annual maintenance fees. Here’s how it works.
If you’re approved for a $3,000 credit line, you can borrow up to $3,000. However, you may not need to borrow that much during an emergency.
If you only need $1,000, you could take a draw, sometimes called a cash advance, for the $1,000. You still have another $2,000 available in your credit line if you need to take additional draws later.
You’ll repay the $1,000 you borrowed over time. A credit line can offer more flexibility and security than an installment loan because if you do need to borrow more, you can do so without having to submit a new application.
As you pay down your draw, your available credit will increase. Once you’ve repaid all your cash advances in full, you’ll be able to borrow up to $3,000 again.
With a payday loan, you may need to give the payday lending company a post-dated check for your loan amount plus a fee, or you may need to give the lender authorization to withdraw money from your bank account electronically. For example, you might write a check for $115 and get a loan for $100. With a 14-day loan, the lender can deposit your check or transfer the money after two weeks.
A $15 fee may not seem like a lot, but on a $100, 14-day loan that’s equivalent to paying about 390% APR**. By contrast, credit cards may have an APR around 30%, and RISE’s line of credit in Kansas has an APR of 60% to 299%.
Also, when you repay storefront and online payday loans in Kansas, the lenders generally won’t report your payments to the big three consumer credit bureaus. As a result, your payments may not improve your credit scores.
However, RISE will be report your credit line to TransUnion, one of the big three credit bureaus. So a RISE loan can help you build a positive credit history and improve your credit scores.
If you’re interested in learning more about managing your personal finances, visit RISE’s financial wellness center to find helpful tools. You can also learn how to build credit and sign up to receive free credit score and credit report monitoring with RISE’s Credit Score Plus program.