Learn with Cheers

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Cheers is a financial technology company and not a bank. Banking services are provided by Sunrise Banks N.A. Your funds are FDIC insured up to $250,000 through Sunrise Banks, N.A., Member FDIC. Results are not guaranteed. Improvement in your credit score is dependent on your specific situation and financial behavior. Failure to make monthly minimum payments by the payment due date each month may result in delinquent payment reporting to credit bureaus, which may negatively impact your credit score. This product will not remove negative credit history from your credit report. All loans are subject to approval.
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¹ Accelerated Reporting:
Accelerated reporting applies to the opening of your account, plus the first payment. Credit bureau reporting occurs monthly thereafter. All payment activity is reported to the credit bureaus. On-time payments may help build your credit, while late or missed payments may negatively impact it.
² Cheers Interest is calculated using an amortized repayment schedule. Credit Builder Account plans have a 24-month term with 25 total payments. Plan A: $175 total payments, $151.60 financed, $7/month, $23.40 total interest, 15% APR. Plan B: $600 total payments, $532.70 financed, $24/month, $67.30 total interest, 12.15% APR. Plan C: $1,149.98 total payments, $1,021.69 financed, $46/month, $128.29 total interest, 12.15% APR. Plan D: $3,600 total payments, $3,197.82 financed, $144/month, $402.18 total interest, 12.15% APR. Comparable products may charge APRs up to 36%, according to publicly available terms. Cheers also charges no administrative or hidden fees.
³ No Hidden Fees:
There are no application fees, maintenance fees, or early cancellation penalties.
⁴ Cancel Anytime & Savings Return:
You may cancel your account at any time without penalty. At the end of your plan, your total savings minus interest is returned to you. Early cancellation returns the amount saved to date, less applicable interest.
⁵ Credit Score Impact:
Based on internal user survey data (2023–2024), 95% of users with fair credit (580–669) reported a credit score increase of 20+ points after two months of on-time payments. Individual results may vary. Late or missed payments can negatively affect your credit score.
⁶ No Credit Check / Eligibility:
No hard credit check is required to apply. Applicants must be at least 18 years old and have a valid U.S. bank account and Social Security Number. All accounts are subject to identity verification and consumer report review by Sunrise Banks, N.A., Member FDIC.
⁷Testimonial Disclosure
Testimonials reflect individual experiences and may not be representative of all users. Credit score improvements vary based on individual credit profiles, payment behavior, and other factors.
⁸ FICO® Credit Factors:
According to FICO®, payment history accounts for approximately 35% of a credit score, and credit mix accounts for approximately 10%. Source: myFICO.