Cheers Credit Builder Review 2026: Plans, APR, and How It Works

Cheers is a credit-building platform that offers savings-based installment plans to help users build credit while setting aside money.

With Cheers, users make fixed monthly payments that are held in a secured savings account through Sunrise Banks, N.A. Payments are reported to all three major credit bureaus, and the full savings balance (minus the plan’s interest) is returned at the end of the term.

Cheers offers four credit-building plans with fixed APRs starting at 12.15% (15.00% for the Starter plan), no hidden fees, and reporting to all three credit bureaus within about 15 days of account opening. Users can cancel anytime and withdraw their savings without penalty.

How Cheers works

Cheers offers credit builder loans that function like a savings plan. You make small fixed monthly payments that are reported to all three credit bureaus while your funds are held in a secured savings account. When the term ends, you receive your savings back minus interest.

Plans and pricing

Cheers offers four 24-month plans with no fees. Most plans carry a fixed 12.15% APR, while the Starter plan has a higher 15.00% APR. All plans work the same way—the main difference is how much you choose to pay and save each month.

Feature	Starter	Builder	Achiever	Max Builder
Monthly payment	$7	$24	$46	$144
Total payments	$175.00	$600.00	$1,149.98	$3,600.00
Returned savings	$151.60	$532.70	$1,021.69	$3,197.82
Final cost	$23.40	$67.30	$128.29	$402.18
APR	15.00%	12.15%	12.15%	12.15%

Application and setup

You can sign up through the Cheers mobile app or website. There is no hard credit check, but applicants must verify their identity, link a U.S. bank account, and provide a Social Security number. Banking services are provided by Sunrise Banks, N.A., Member FDIC, and funds are insured up to $250,000.

Reporting and repayment

Cheers reports new accounts to Equifax, Experian, and TransUnion within about 15 days of opening. Payments are then reported monthly for the remainder of the 24-month term. At the end of the plan, users receive their total savings back minus the applicable interest charge

You can cancel your plan at any time without penalty. If you do, you’ll receive your savings balance minus any interest owed up to that point.

How Cheers helps build credit

Cheers focuses on the two areas that have the biggest influence on a credit score: payment history and credit mix. Every on-time payment is reported as part of a secured installment loan, which helps demonstrate consistent repayment and adds variety to your credit profile.

According to Cheers’ internal survey data, 95% of users with fair credit saw a score increase of more than 20 points after two months of on-time payments, though results depend on each person’s broader credit history and financial habits.

By pairing automated payments with monthly reporting to all three credit bureaus, Cheers gives users a structured way to build positive credit activity over time.

Eligibility

To qualify for a Cheers credit builder loan, applicants must meet basic eligibility and identity requirements.

• Be at least 18 years old
• Have a valid U.S. bank account
• Provide a Social Security number
• Pass identity verification through the partner bank, Sunrise Banks, N.A.

Cheers does not perform a hard credit check, so applying will not affect your credit score. However, your application is still subject to ID and consumer report review by Sunrise Banks to confirm eligibility and prevent fraud.

Pros and cons

Pros

• Reports quickly to all three credit bureaus

  Cheers reports new accounts to Equifax, Experian, and TransUnion within about 15 days of opening, which can help users see credit activity sooner than with lenders that wait for a full billing cycle.

• Transparent costs and low fixed APR

  APRs are fixed at 12.15% for most plans, with the Starter plan at 15.00%. There are no application, maintenance, or early cancellation fees, and rates still come in well below the 20–36% range many competitors charge.

• Full savings returned at term end

  Unlike some credit builder programs that charge nonrefundable fees, Cheers returns your entire savings balance minus interest once your loan ends or if you cancel early.

• No hard credit check

  Applications do not require a hard inquiry, making it accessible for users with limited or poor credit histories.

• Backed by an FDIC-insured partner bank

  All deposits are held by Sunrise Banks, N.A., Member FDIC, which protects funds up to $250,000 and adds credibility to the program’s savings component.

Cons

• Limited plan structure

  All loans run for 24 months with no shorter or longer terms. Users seeking faster completion or more flexibility might find the timeline restrictive.

• Savings held until completion

  Because funds are locked in a secured account during the term, you can’t access your payments until you finish or cancel your plan.

• No additional financial products

  Cheers currently offers only its credit builder loan—there’s no companion debit card, secured card, or banking suite like those offered by Chime or MoneyLion.

• Unverified long-term outcomes

  While the company cites internal data showing early score improvements, independent results or third-party studies are not yet available.

Alternatives to Cheers credit-building loans

While Cheers is one of the few credit builder loans with a fixed APR and no fees, it’s not the only way to build or rebuild credit. Other platforms offer similar paths, either through savings-style installment loans or secured cards that report payment activity.

Below are a few of the best-known options that serve a similar purpose, along with how they compare on key features.

Cheers vs. Chime

Chime builds credit through a secured credit card that reports card activity, while Cheers builds credit through an installment-style savings loan. Chime has no interest or fees but does not report to all three bureaus. Meanwhile, Cheers reports to all three and returns your savings after repayment, but you’ll pay a fixed APR.

Cheers vs. Self

Both Selfand Cheers use a savings-based approach to credit building, but Cheers offers loer pricing. It also reports 25 monthly payment activities over a 24-month term—one more reported payment than Self. However, Self offers additional products, including a secured credit card, which Cheers does not currently provide.

Check out our best credit builder apps list to compare top-rated options.