Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Personal Loans Cheese Credit Builder Review: Why It Shut Down + 4 Better Alternatives for 2025 Updated Jul 16, 2025 4-min read Reviewed by Rebecca Neubauer Reviewed by Rebecca Neubauer Expertise: Credit cards, student loans, personal loans Rebecca Neubauer is a personal finance and science writer who specializes in writing about managing money, sustainability, entrepreneurship, and alternative living. She has a bachelor’s degree in environmental science, and she learned about personal finance on her journey to pay off $100,000 in student loans. Learn more about Rebecca Neubauer Cheese Credit Builder shut down in February 2024. If you’re looking for a similar credit-building loan with no credit check and that reports to all three credit bureaus, we recommend Self. Credit Builder Loans (no longer available) Payments reported to all three major credit bureaus No admin or membership fees No credit check to apply Charged interest rather than a flat monthly payment Larger deposits don’t necessarily build your credit faster Rates (APR)5%, 9%, 12%, or 16% (varies by state)Initial deposit$500, $1,000, or $2,000Repayment terms12 or 24 months Cheese Credit Builder shut down in early 2024, so you can no longer apply for a loan through the app. But if you’re looking for a similar way to build credit with no hard check and payments reported to all three credit bureaus, several great options are available. In this guide, we’ll explain how Cheese worked, why it shut down, and which credit builder apps offer the same (or better) features in 2025—including Self, Chime, and MoneyLion. [Defunct] N/A View Rates Credit check? None Reports to all 3 bureaus? Yes Monthly cost Interest only Savings-style loan? Yes N/A View Rates Best Credit-Building Card 5.0 View Rates Credit check? None Reports to all 3 bureaus? No Monthly cost No fees Savings-style loan? No (offers secured card) 5.0 View Rates Best for Added Benefits 4.8 View Rates Credit check? None Reports to all 3 bureaus? Yes Monthly cost ~$25 Savings-style loan? Yes 4.8 View Rates Best for Banking + Credit Building 3.7 View Rates Credit check? Yes (soft pull) Reports to all 3 bureaus? Yes Monthly cost From $19.99 Savings-style loan? No 3.7 View Rates If you’re looking for a low-cost option that reports to all bureaus and doesn’t require a credit check, Self may be a better fit than Cheese ever was. Table of Contents Is Cheese Credit Builder still available? Why Cheese shut down How it worked Cheese pros and cons Alternatives How to choose a credit builder app FAQ Can I get a credit builder loan with no credit check? Do credit builder loans get reported to all three bureaus? What if I don’t have a bank account? Is Cheese Credit Builder still available? No, Cheese Credit Builder is no longer available. The company stopped accepting new applications in early 2024 and ceased operations shortly after. Existing customers were notified of the shutdown and promised a return of their secured funds. Why did Cheese shut down? Cheese shut down due to what appear to be business and operational challenges. While the company didn’t publicly announce a reason, it quietly discontinued its credit builder product and removed public-facing application links in early 2024. Customers with active loans were notified via email and instructed on how to access their funds. This isn’t uncommon—smaller fintechs may struggle with profitability or scaling regulatory compliance. How Cheese worked (while operational) Cheese offered a credit builder loan—a savings-based installment loan that helped users improve their credit. Loan funds were held in a secured savings account instead of disbursed to the borrower. Borrowers made fixed monthly payments (with interest) over 12 or 24 months. On-time payments were reported to all three credit bureaus: TransUnion, Equifax, and Experian. At the end of the term, users received the loan amount back, minus interest. Cheese required a connected bank account and Social Security number but did not run a credit check. Pros and cons of Cheese Credit Builder Pros Easy-to-use mobile app No credit check required Low interest rate No fees Multiple loan options Cons Limited availability Checking account required Customer service Alternatives to Cheese Credit Builder loans Cheese Credit Builder helped many borrowers build credit without a credit check—but the service shut down in early 2024. If you’re searching for an alternative, we recommend these options: Best Credit-Building Card 5.0 View Rates Credit check? None Reports to all 3 bureaus? No Monthly cost No fees Savings-style loan? No (offers secured card) 5.0 View Rates Best for Added Benefits 4.8 View Rates Credit check? None Reports to all 3 bureaus? Yes Monthly cost ~$25 Savings-style loan? Yes 4.8 View Rates Best for Banking + Credit Building 3.7 View Rates Credit check? Yes (soft pull) Reports to all 3 bureaus? Yes Monthly cost From $19.99 Savings-style loan? No 3.7 View Rates Each of these apps offers core features like no hard credit check, on-time payment reporting, and easy mobile access. They’re great options for anyone looking to improve their credit score affordably and safely in 2025. How to choose a credit builder app When comparing credit builder apps, look for these features: No hard credit check: Helps you apply safely without hurting your score. 3-bureau reporting: Maximizes your chances of boosting your credit. Low or transparent fees: Avoid apps with hidden charges or expensive memberships. Progress tracking and alerts: Help you stay on top of your credit growth. Secured card add-on: Useful if you want to keep building credit after your loan ends. Check out our best credit builder apps list to compare top-rated options. FAQ about credit builder loans Can I get a credit builder loan with no credit check? Yes, many credit builder apps don’t require a credit check. For example, Self allows you to apply with no hard inquiry, making them accessible to users with poor or no credit history. Do credit builder loans get reported to all three bureaus? Not always, but we find that the the best apps do. Reporting to TransUnion, Equifax, and Experian gives you the best chance to build a strong credit profile. What if I don’t have a bank account? Most credit builder apps require a linked checking account for payments and security reasons. However, some may allow prepaid debit cards or offer in-app savings accounts. If you’re unbanked, look for alternatives like Chime + Secured Card, or use a fintech account that functions like a bank.