Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Personal Loans Sunrise Banks Credit Builder Loan Review: Rates, Terms, and Alternatives Updated Jun 27, 2025 3-min read Reviewed by Taylor Milam-Samuel Reviewed by Taylor Milam-Samuel Expertise: Student loans, credit cards, debt, budgeting Taylor Milam-Samuel is a personal finance writer and credentialed educator who is passionate about helping people take control of their finances and create a life they love. When she's not researching financial terms and conditions, she can be found in the classroom teaching. Learn more about Taylor Milam-Samuel View Rates Our take: Before choosing a credit builder loan from Sunset Banks, check out our list of the highest-rated credit builder loans. Companies like Chime, Self, CreditStrong, and Kovo don’t require a credit check and offer more flexible options to build your credit at a lower cost. Credit Builder Loans Low monthly payments (around $50) Easy-to-understand loan terms Simple repayment No fee to apply Take out up to 3 Sunrise Banks Credit Builder Loans at a time Won’t receive funds until the loan is paid Credit check during application Only 2 loan options ($500 or $750) No prequalification with a soft credit check Monthly payment$46.81Loan amounts$500 / $750Rates (APR)21% ($500) / 15% (1$750)Repayment term12 months ($500) / 18 months ($750)Total cost~$561 / ~$842 Sunrise Banks offers simple credit builder loans with low monthly payments and no minimum credit score, but its limited options and required credit check may not fit everyone’s needs. Here’s what to know before you apply. Table of Contents How it works Rates and terms How it builds credit Pros and cons Eligibility Alternatives FAQ Is Sunrise Banks legit? Does Sunrise Banks do a credit check for its credit builder loans? How Sunrise Banks’ credit builder loan works Sunrise Banks offers two credit builder loan options with clear terms, low payments, and a straightforward online application. Here’s how the process works step by step. Sunrise Banks credit builder loan rates and terms Loan amt.TermRates (APR)Mo. paymentTotal cost$50012 months21%~$47~$561$75018 months15%~$47~$842 The bank keeps your funds in a certificate of deposit while you repay, returning them (plus minimal interest earned) when the loan is paid off. How Sunrise Banks helps build credit Sunrise reports your monthly payments to all three major credit bureaus—Experian, Equifax, and TransUnion—plus Innovis. On-time payments can build your credit history and improve your score, but missed or late payments can harm it. Pros and cons Pros Low monthly payments Around $47 regardless of loan amount, making budgeting predictable. No minimum credit score Accessible to those with thin or poor credit histories. Simple, transparent terms Only 2 options, with no prepayment penalties. Cons Requires a credit check Unlike some credit builder loans, Sunrise pulls your credit report. Limited options Only $500 or $750 loans available. No prequalification You can’t check eligibility without a hard inquiry. Eligibility requirements and application process To qualify, you must: Have no active bankruptcy Have expenses less than 100% of income Provide government-issued ID, SSN, and U.S. citizenship or resident alien status Application process: Apply online in about 10 minutes. Sunrise reviews applications by the next business day and deposits funds after you’ve repaid the loan. Alternatives to Sunrise Banks credit builder loans If you want a no-credit-check option or broader flexibility, consider our team’s picks for the best credit builder loans. Chime: Best for building credit with a secured credit card approach Self: Offers added benefits and wider loan amounts CreditStrong: Best for a variety of credit-building products Kovo: Ideal for small, affordable credit-building plans Company Best for… Rating (0-5) 5.0 View Rates Best for a credit-building card 5.0 View Rates 4.8 View Rates Best for added benefits 4.8 View Rates 4.6 View Rates Best collection of products 4.6 View Rates 4.6 View Rates Best for a small credit-building plan 4.6 View Rates You can also consider secured credit cards or secured personal loans if you prefer immediate access to funds. FAQ Is Sunrise Banks legit? Yes. Sunrise Banks is a certified B Corp and member of the Global Alliance for Banking on Values, with a focus on sustainable economic growth. Does Sunrise Banks do a credit check for its credit builder loans? Yes, it requires a hard credit check during application, which may temporarily lower your score.