Credit Builder Loan Application
You are applying for a Credit Builder loan product. This product is designed to help you build your credit file. * We will report your Credit Builder loan payment history to the Equifax, Experian, Innovis and Transunion credit bureaus.
In order to qualify for a Credit Builder loan, you agree that the full proceeds of the loan will be transferred to a Certificate of Deposit (“CD”) from Sunrise Banks (please see the CD terms and conditions for more information about the CD). This CD will be used as collateral for the loan. You will not receive your loan proceeds until the Credit Builder loan has been satisfied.
The CD funds will not be available for withdrawal until the loan has been satisfied. You will be required to make minimum monthly payments by the due date on the loan until it has been satisfied. If you do not make any minimum monthly payments by the due date, you agree that we may use the CD funds to the extent necessary to satisfy the outstanding loan balance.
Once you satisfy the loan (or if there are remaining funds in the CD account if the CD is used to satisfy the loan), the CD funds will be credited to your Sunrise checking or savings account. If you do not have a Sunrise Bank checking or savings account, we will mail you a check in the amount of the CD funds (or any remaining funds in the CD account if the CD is used to satisfy the loan).
You may apply for a credit extension, loan or other financial accommodation alone or together with someone else (“co-applicant”). This statement and any applicable supporting schedules may be completed jointly by both married and unmarried co-applicants if their assets and liabilities are sufficiently joined so that the statement can be meaningfully and fairly presented on a combined basis and you are applying jointly; otherwise separate statements and schedules are required.
*NOTE: This product is not guaranteed to establish or improve your credit score.
Approval of other Sunrise Banks products and services is not guaranteed due to participation in the Credit Builder Loan program. Please consult your Sunrise Banker for specific product and service guidelines.
Credit Builder is subject to application, eligibility and credit qualification.
Rates and terms are subject to change.
Your credit score(s) are dependent on multiple factors specific to your situation and financial behavior. For example, late payments on utility bills, car loans or credit card accounts may negatively influence your credit score(s), even if your payments on a Credit Builder loan are current.
Failure to make required monthly minimum payments by the payment due date for the Credit Builder loan will result in negative reporting to the credit bureaus and may negatively impact your credit score(s).
Negative credit history will not be removed from your credit report as a result of this program.
For more information on credit scores, go to myfico.com.