When an emergency strikes and you need money fast, an installment loan could be your best option.
Thanks to a new partnership between RISE and FinWise Bank, it’s never been easier or more convenient to secure installment loans in Michigan. With FinWise Bank as the lender, installment loans are available when you need fast cash for emergencies.
Within minutes, applicants will know whether they are approved for a personal loan from FinWise Bank through RISECredit.com. Michigan residents who are approved will receive funds in their bank account by the next business day.*
Payday loans aren’t the end-all-be-all. There are safer, more reasonable avenues to explore when you need to secure a loan quickly.
An online loan from FinWise Bank through RISE features:
- Approval decisions within minutes
- Loan amounts ranging from $500 to $5,000
- Repayment terms from 7 months to 26 months
- The loan’s Annual Percentage Rate (APR) will be from 99% to 149%
- Availability of funds by the next business day*
A payday loan is a short-term, high-cost arrangement between a borrower and a payday lender used to secure a small amount of cash in a short amount of time. Typically, the lender will require the borrower to leave a check for the amount of the loan, plus service fees, before releasing the requested funds.
While they vary, most payday loans in Michigan have the following characteristics**:
- High service fees
- Short repayment periods not to exceed 31 days
- Low borrowed amount capped at $600
- Very high APR
Due to the nature of payday loans, many borrowers find themselves caught in a cycle of perpetual, growing debt.
Installment loans allow borrowers to secure a lump sum of cash quickly and repay the amount over time. This type of loan can be used to cover a variety of emergency and non-emergency expenses including student loans, mortgages and auto loans.
You shouldn’t have to risk everything to cover an unexpected emergency. Thanks to the collaboration between RISE and FinWise Bank - you won’t have to.
FinWise Bank offers installment loans Michigan residents can accept with confidence. RISE loans by FinWise Bank are unsecured, which means you will never be asked to risk collateral in order to borrow money. You can even use your loan to cover anything from car repairs to medical expenses.
* Applications processed and approved before 6pm ET are typically funded the next business day. To obtain credit, you must apply online and have a valid checking account and email address. Approval for credit and the amount for which you may be approved are subject to minimum income requirements and vary by state.