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Last Updated: 08/31/2026
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Highlights
Monthly Maintenance Fee
$0(Verified 02/03/2026)
Disclaimer popup with additional information
Fixed 12.15% APR on financial plans.
Initial Processing Fee
N/A
Credit Bureau Reports
- Experian
- Equifax
- TransUnion
Cheers Review
Cheers offers credit-building products designed to help people with limited or poor credit establish a positive payment history while building savings over time.
What does Cheers do?
Cheers offers a type of installment loan commonly known as a credit builder loan. Unlike traditional loans, you don’t receive the money upfront.
Instead, you make fixed monthly payments over a set term. Those payments are set aside as savings while your payment activity is reported to the credit bureaus.
Once all payments are made, you receive your savings back minus interest and any applicable fees, which represent the cost of the loan.
How can a credit builder loan help build credit?
Payment history is one of the most important factors in your credit score. Making on-time monthly payments can help establish a positive payment record.
Payments are reported to the following credit bureaus:
- Experian
- Equifax
- TransUnion
How does a credit builder loan work?
- You choose a monthly payment that fits your budget.
- You make fixed payments over the loan term.
- Your payment activity is reported to the credit bureaus.
- After the final payment, your savings are released.
Credit builder loans do not require a hard credit check, so applying won’t negatively affect your credit score.
Cheers Credit Builder Loan Tiers
Cheers offers several credit builder loan tiers with fixed monthly payments. Your total cost depends on the plan you choose.
How pricing works: Total payments are calculated as your monthly payment multiplied by the total number of payments. The difference between your total payments and the savings returned at the end of the term represents the cost of credit.
| Tier | Monthly payment | Total payments | Savings returned | Final cost |
| Starter | $24 | $600.00 | $532.70 | $67.30 |
| Builder | $33 | $825.02 | $733.13 | $91.89 |
| Achiever | $46 | $1,149.98 | $1,021.69 | $128.29 |
| Max Builder | $144 | $3,600.00 | $3,197.82 | $402.18 |
Note: Savings are released after all scheduled payments are made. Missing payments can increase the overall cost and negatively impact your credit score.
What fees does Cheers charge?
The good news is that Cheers does not charge a monthly fee for this credit builder account.
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What is the APR for Cheers?
Cheers charges a fixed APR of 12.5% on its credit builder loan.
This APR represents the cost of borrowing and is built into your monthly payments over the life of the loan.
What are the pros and cons of Cheers?
This is what we like:
- Designed for people with limited or poor credit.
- Helps establish positive payment history.
- Encourages savings while building credit.
Things to consider:
- You don’t receive the money upfront.
- Missing payments can negatively affect your credit score.
- You’ll pay interest over the life of the loan.
Provider Disclosure: 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 APR Comparison & Affordability:
Cheers Interest is calculated using an amortized repayment schedule at a fixed 12.15% Annual Percentage Rate (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.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Hours of Operation
SundayClosedMonday9:00AM - 5:00PMTuesday9:00AM - 5:00PMWednesday9:00AM - 5:00PMThursday9:00AM - 5:00PMFriday9:00AM - 5:00PMSaturdayClosed
Other Services by Cheers Financial Inc
Availability
Available in 50 states and Washington, D.C.
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
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