A good credit score is the first step toward financial empowerment. It’s one of the deciding factors when you look to buy a house, purchase a new car or get a new credit card. Sunrise Banks’ Credit Builder Program can help you get a loan to build your credit score while establishing a strong payment history.
How to Get a Credit Builder Loan
Sunrise Banks, with its Credit Builder loan program, allows you to apply for a 12-month or 18-month loan.1
The loan funds will be placed in a Certificate of Deposit (CD). 2 In the meantime, you’ll earn interest while you repay the loan.
You make monthly principal and interest payments following your repayment schedule. Monthly payments are approximately $50.2
The funds in your CD will be credited to your Sunrise Banks checking or savings account3 once you make your final payment.
If you’ve made all your payments on time, your credit score may increase after paying off your Credit Builder Loan. Sunrise will report your loan payment history to the four major credit bureaus: Experian, Equifax, TransUnion and Innovis.
Credit Builder loans are subject to credit approval. Fees may apply. SSN or ITIN required for loan application. Individuals using an ITIN must apply in person, click here to find a location.
Certificate of Deposit and loan rates may vary. See a Sunrise Banks Relationship Banker for full details.
If you do not have a Sunrise checking or savings account, we will provide you with a check.