Privacy Policy

EFFECTIVE ON NOVEMBER 2025

WHAT DOES CHEERS DO WITH YOUR PERSONAL INFORMATION?
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect personal information. Please read this notice carefully to understand what we do.

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

  • Social Security number
  • Account balances and transaction history
  • Employment information

When you are no longer our customer, we continue to share your information as described in this notice.

All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Cheers chooses to share; and whether you can limit this sharing.

We only share your personal information because:

  • For our everyday business purposes—such as to process your transactions, maintain your account(s), and respond to court orders and legal investigations.

We don't share your personal information because:

  • For our marketing purposes—To offer our products and services to you
  • For joint marketing with other financial companies
  • For our affiliates’ everyday business purposes—Information about your transactions and experiences
  • For our affiliates’ everyday business purposes—Information about your creditworthiness
  • For non-affiliates to market to you

If you have any questions, please email us at support@cheers.credit.

Who is providing this notice?
Cheers Financial Inc. 

How does Cheers protect my personal information?
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files. Our website uses cookies, but no personally identifiable information is stored within these cookies.

How does Cheers collect my personal information?
We collect your personal information, for example, when you:

  • Open an account and give us your identifying and contact information
  • Use your Cheers debit card and make deposits and withdrawals from associated accounts

We may also collect your personal information from other companies.

Why can't I limit all sharing?
Federal law gives you the right to limit only:

  • Sharing for affiliates’ everyday business purposes—information about your creditworthiness
  • Affiliates from using your information to market to you
  • Sharing for non-affiliates to market to you

State laws and individual companies may give you additional rights to limit sharing.

Definitions

Affiliates
Companies related by common ownership or control. They can be financial and non-financial companies.
Cheers does not have affiliates.

Non-Affiliates
Companies not related by common ownership or control. They can be financial and non-financial companies.

Joint marketing
A formal agreement between non-affiliated financial companies that together market financial products or services to you.
Cheers does not do joint marketing.

Loans and Banking Services
All loans are made by Sunrise Bank, a licensed U.S. lender in designated States, a list of which can be found on Sunrise Bank’s official website. Please see your loan documents for details. Eligibility for a loan is not guaranteed.

In the event Sunrise Bank issued your loan, Sunrise Bank will report your payment history to three major credit bureaus. Building credit may be accomplished by keeping your balance low and paying all your bills on time every month. Late payments, missed payments, or other factors may be reflected in your credit report and may negatively impact your ability to build credit.

Deposit accounts and related banking services are provided by Sunrise Bank. See your applicable deposit account agreement for details.

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Cheers to your better credit!

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© 2025 Cheers Financial Inc. All rights reserved. See Privacy Policy | Terms
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.
¹ Accelerated Reporting:

Accelerated reporting applies to the opening of your account, plus the first payment. Credit bureau reporting occurs monthly thereafter.
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 Credit Score Impact:

Based on internal user survey data (2023–2024), 95% of users with fair credit (580–669) saw 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.
⁴ No Hidden Fees:

There are no application fees, maintenance fees, or early cancellation penalties.
⁵ Cancel Anytime & Get Savings Back:

At the end of your term, your total savings (minus interest) is returned to you. You can cancel your account at any time without penalty.
⁶ FICO® Credit Factors:

According to FICO®, 35% of your credit score is based on payment history, and 10% is based on credit mix. Cheers reports every payment and adds a secured installment loan to your profile. Source: myFICO
⁷ Eligibility Criteria:

Must be at least 18 years old, have a valid U.S. bank account, and a Social Security Number. All accounts are subject to identity verification and consumer report review by the issuing bank, Sunrise Banks N.A., Member FDIC.
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