Sunrise Banks Credit Builder Loan Review: Rates, Terms, and Alternatives

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	$46.81
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.

Table of Contents

1. How it works
2. Rates and terms
3. How it builds credit
4. Pros and cons
5. Eligibility
6. Alternatives
7. FAQ
   1. Is Sunrise Banks legit?
   2. 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.	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

• 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

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.