In an interview with KSTP-TV Off Site Link, anchor Paul Folger spoke with Jean Chalifoux Kiely, EVP Director of Consumer Banking, about the Credit Builder Program at Sunrise Banks.

The Sunrise Banks Credit Builder Program gives customers a way to build credit when they may be struggling to increase their credit score. The program also helps them establish a strong payment history, get them in the habit of saving money, establish a savings account and enables consumers to earn interest and connect with a banker for ongoing guidance.

“We’ve had clients that have come in discouraged by their credit, really struggling with their credit,” Chalifoux Kiely told KSTP-TV.

How the Credit Builder Program Works

Chalifoux Kiely says consumers can apply for a small-dollar loan between $500 and $750. They can open up to three Credit Builder loans at a time.

“We take those funds and, instead of funding the loan and giving you the cash, we put them into a CD for you,” Chalifoux Kiely told KSTP-TV.

That CD, or Certificate of Deposit, is paid in monthly installments by the consumer over a set period of time. If that’s 12 months, the monthly payment is usually less than $50, Chalifoux Kiely told KSTP-TV. Those monthly payments are reported to the four major credit bureaus.

“So the best part is, at the end of those 12 months, you have that $500 you’ve been saving plus the interest it earned in a CD,” Chalifoux Kiely told KSTP-TV.

Key Takeaways:

• The Sunrise Banks Credit Builder Program lets consumers build credit, save money, earn interest and establish a savings account.
• Small-dollar loans between $500-750 go into a CD that gains interest for the consumer.
• Monthly payments are $50 or less and reported to credit bureaus.

Learn more about our Credit Builder program at Sunrise Banks by visiting https://sunrisebanks.com/personal-banking/credit-builder/.

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