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 | $46.81 |
| Loan amounts | $500 / $750 |
| Rates (APR) | 21% ($500) / 15% (1$750) |
| Repayment term | 12 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.
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. | Term | Rates (APR) | Mo. payment | Total cost |
| $500 | 12 months | 21% | ~$47 | ~$561 |
| $750 | 18 months | 15% | ~$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
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Low monthly payments
Around $47 regardless of loan amount, making budgeting predictable.
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No minimum credit score
Accessible to those with thin or poor credit histories.
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Simple, transparent terms
Only 2 options, with no prepayment penalties.
Cons
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Requires a credit check
Unlike some credit builder loans, Sunrise pulls your credit report.
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Limited options
Only $500 or $750 loans available.
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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.
*Sample loans: $25/mo, 24 mos, 15.92% APR; $35/mo, 24 mos, 15.69% APR; $48/mo, 24 mos, 15.51% APR; $150/mo, 24 mos, 15.82% APR. Variable admin fee of $1-$5 may apply. See self.inc/pricing.
Self is not a bank. Credit Builder Accounts & Certificates of Deposit made/held by Lead Bank, Sunrise Banks, N.A., or First Century Bank, N.A., each Member FDIC, see more at FDIC coverage. Credit Builder Accounts & Certificates of Deposit are subject to loan application and approval. See self.inc/credit-builder-loan for plans and pricing.
Secured Self Visa Credit Card issued/held by Lead Bank, Sunrise Banks, N.A., or First Century Bank, N.A., each Member FDIC. See self.inc/visa-secured-credit-card for details including important rate and fee information. Qualification for the secured Self Visa Credit Card is based on meeting eligibility, including income and expense requirements and establishment of minimum $100 security interest. Criteria subject to change.
Results may vary. You may not receive an improved credit score based on your financial behavior, including missed payments with Self credit products and activity with other creditors.
Other factors, including activity with other creditors, may impact results. Failure to make monthly minimum payments by due date may result in delinquent payment reporting to credit bureaus which may negatively impact your credit score. Self is not a Credit Repair Organization. Self does not remove negative credit history from credit reports. Self products are not intended to provide advice or assistance related to a consumer’s credit record or history.
All trademarks and brand names belong to their respective owners and do not represent endorsements of any kind.
*Sample loans: $25/mo, 24 mos, 15.92% APR; $35/mo, 24 mos, 15.69% APR; $48/mo, 24 mos, 15.51% APR; $150/mo, 24 mos, 15.82% APR. Variable admin fee of $1-$5 may apply. See self.inc/pricing.
Self is not a bank. Credit Builder Accounts & Certificates of Deposit made/held by Lead Bank, Sunrise Banks, N.A., or First Century Bank, N.A., each Member FDIC, see more at FDIC coverage. Credit Builder Accounts & Certificates of Deposit are subject to loan application and approval. See self.inc/credit-builder-loan for plans and pricing.
Secured Self Visa Credit Card issued/held by Lead Bank, Sunrise Banks, N.A., or First Century Bank, N.A., each Member FDIC. See self.inc/visa-secured-credit-card for details including important rate and fee information. Qualification for the secured Self Visa Credit Card is based on meeting eligibility, including income and expense requirements and establishment of minimum $100 security interest. Criteria subject to change.
Results may vary. You may not receive an improved credit score based on your financial behavior, including missed payments with Self credit products and activity with other creditors.
Other factors, including activity with other creditors, may impact results. Failure to make monthly minimum payments by due date may result in delinquent payment reporting to credit bureaus which may negatively impact your credit score. Self is not a Credit Repair Organization. Self does not remove negative credit history from credit reports. Self products are not intended to provide advice or assistance related to a consumer’s credit record or history.
All trademarks and brand names belong to their respective owners and do not represent endorsements of any kind.
*Sample loans: $25/mo, 24 mos, 15.92% APR; $35/mo, 24 mos, 15.69% APR; $48/mo, 24 mos, 15.51% APR; $150/mo, 24 mos, 15.82% APR. Variable admin fee of $1-$5 may apply. See self.inc/pricing.
Self is not a bank. Credit Builder Accounts & Certificates of Deposit made/held by Lead Bank, Sunrise Banks, N.A., or First Century Bank, N.A., each Member FDIC, see more at FDIC coverage. Credit Builder Accounts & Certificates of Deposit are subject to loan application and approval. See self.inc/credit-builder-loan for plans and pricing.
Secured Self Visa Credit Card issued/held by Lead Bank, Sunrise Banks, N.A., or First Century Bank, N.A., each Member FDIC. See self.inc/visa-secured-credit-card for details including important rate and fee information. Qualification for the secured Self Visa Credit Card is based on meeting eligibility, including income and expense requirements and establishment of minimum $100 security interest. Criteria subject to change.
Results may vary. You may not receive an improved credit score based on your financial behavior, including missed payments with Self credit products and activity with other creditors.
Other factors, including activity with other creditors, may impact results. Failure to make monthly minimum payments by due date may result in delinquent payment reporting to credit bureaus which may negatively impact your credit score. Self is not a Credit Repair Organization. Self does not remove negative credit history from credit reports. Self products are not intended to provide advice or assistance related to a consumer’s credit record or history.
All trademarks and brand names belong to their respective owners and do not represent endorsements of any kind.
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.
About our contributors
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Written by Taylor Milam-SamuelTaylor 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.
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Edited by Kristen Barrett, MATKristen Barrett is a managing editor at LendEDU. She lives in Cincinnati, Ohio, with her wife and their pack of senior rescue dogs. She has edited and written personal finance content since 2015.