Cheers Credit Builder Review (Formerly Cheese): Plans, APR, and How It Works in 2025

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Our take: Cheers, the 2025 rebrand of Cheese Credit Builder, keeps the same savings-based model with a fixed 12.15% APR and no credit check. Like Cheese, it reports to all three bureaus and offers a simple, low-cost way to build credit through consistent payments.

Credit Builder Loans

• Reports to Equifax, Experian, and TransUnion
• No hard credit check required
• Fixed 12.15% APR with no fees or penalties
• Cancel anytime and reclaim savings
• FDIC-insured partner bank (Sunrise Banks, N.A.)

• Only 24-month plans available
• Requires a linked bank account and SSN
• Savings locked until term completion
• No credit card or additional banking features

Rates (APR)	Fixed 12.15%
Payment plans	$24 – $144 per month for 24 months
Returned savings amounts	$532.70 – $3,197.82
Reports to	Equifax, Experian, and TransUnion

Cheese Credit Builder rebranded to Cheers in 2025 after pausing operations in early 2024. The new platform continues to offer savings-based installment plans that 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 interest) is returned at the end of the term.

According to the company, Cheers features a fixed 12.15% APR across all plans, no hidden fees, and reports to all three credit bureaus within about 15 days of account opening. Users can cancel their plan anytime and withdraw their savings without penalty.

Table of Contents

1. How Cheers works
   1. Plans and pricing
   2. Application and setup
   3. Reporting and repayment
2. How Cheers helps build credit
3. Eligibility
4. Pros and cons
5. Alternatives
   1. Chime
   2. Self
   3. MoneyLion

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, each with a fixed 12.15% APR and no fees. All plans work the same way; the only difference is how much you choose to pay and save each month.

Plan	Monthly payment	Total payments	Returned savings	Final cost
Starter Builder	$24	$600.00	$532.70	$67.30
Medium Builder	$33	$825.02	$733.13	$91.89
Pro Builder	$46	$1,149.98	$1,021.69	$128.29
Max Builder	$144	$3,600.00	$3,197.82	$402.18

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 12.15% 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

  Each plan carries a fixed 12.15% APR with no application, maintenance, or early cancellation fees. That rate is well below the 20–36% range many competitors charge for similar products.

• 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 Cheese Credit Builder 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. Cheers reports to all three and returns your savings after repayment, but you’ll pay a fixed 12.15% APR.

Cheers vs. Self

Self and Cheers both use savings-based credit builder loans, but Self offers more plan lengths and add-ons such as a secured card. Cheers is simpler, with one fixed APR and 24-month term, making costs predictable but less flexible.

Cheers vs. MoneyLion

MoneyLion’s Credit Builder Plus includes a loan similar to Cheers but also offers banking features, cash advances, and membership perks. Cheers focuses only on credit building with no memberships or bundled services.

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