Self Credit Builder Loan / Establish and Improve Your Score

  • Self Credit Builder Loan is an alternative to a secured credit card and helping to establish credit and improve credit score.
  • Save money each month while building your credit.
  • Get access to a free credit score.
  • Payments are reported to all 3 major credit bureaus.
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SKU: SELF-0010 Categories: , Tags: ,

Self credit builder loan helps you establish, improve, and repair your credit score with no security deposit and complicated application process.

Self Credit Builder Loan

The Self Credit Builder Account is an installment loan that enables borrowers to build positive repayment history by making on-time payments while saving money at the same time. Your on-time payments on the credit builder account will be reported to all 3 major credit bureaus and establish your credit or rebuild and improve your credit scores.

Features and Terms

  • Credit history not required
  • No cosigner needed
  • No upfront security deposit needed
  • Reported to all 3 major credit bureaus
  • Save money into a certificate (CD) while rebuilding credit
  • FDIC insured savings
  • Choose between 4 repayment amounts
  • Terms between 12-24 months

Fees

  • $9.00 administrative fee (one-time charge)
  • No prepayment penalty
  • No monthly fees

What makes Self Credit Builder Loan different?

  • Apply for a loan with a partnered bank. Your money is secured and protected in a bank account.
  • Payoff the loan in 12-24 months. You can choose a repayment plan that fits your budget.
  • Each payment builds credit history and adds to your savings. Your payments are reported to all three credit bureaus.
  • Get money back at the end after building a credit history. Your paid-off loan unlocks and you get the money back, minus fees, and interest.

Self Overview

Self is a financial tech company with a mission to help people establish, rebuild, and strengthen credit especially for those who may not have access to traditional financial services. They help thousands of people build credit or raise credit scores with the help of a credit-builder account.

What is a Self Credit Builder Loan?

Currently, Self offers a Credit Builder Account which is an installment loan that enables borrowers to build positive repayment history by making on-time payments while saving money at the same time.

Who is it best for?

The Self Credit Builder account is a great option for those new to credit or anyone looking to rebuild their credit or boost their credit score.

How Self Credit Builder Account works

With Self, you apply for a loan with a partner bank with the funds deposited into a certificate (CD). The CD cannot be withdrawn until the term is completed.

Self is available in all 50 states. You must be at least 18 years old, a US citizen or permanent resident with a physical address in the U.S.

How it works

  • Apply for a loan held by a Self partnered bank.
  • Pay off the loan in 12-24 months.
  • Each payment builds credit history and adds to your savings.
  • After term completion, the certificate funds are available.

What you need to get started

To verify identity, make payments, and properly report to the credit bureaus, you’ll need the following:

  • A bank account, debit card or prepaid card
  • A valid email address and phone number
  • Your social security number

 

Safety and Security

Self is a legitimate company and not a scam. The venture-backed company is based in Austin and banking partners include Sunrise Banks, N.A., Lead Bank, and Atlantic Capital Bank, N.A.

Learn more Self FAQ

Additional information

Pricing

No Application Fee

Benefits

Free Credit Score

Average Rating

5.00

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1 Review For This Product

  1. 01

    by Jason Vitug

    My Self Credit Builder Loan Review

    Self is a great option for anyone looking to establish, build, or rebuild their credit. The process is simple and quick. If you need a way to boost your credit and have a hard time getting approved through traditional means, then consider a Credit Builder Account with Self.

    Unless you make late payments, you’ll benefit by having your repayments reported to all 3 credit bureaus. And a bonus of a Self Credit Builder Account is getting the reward to access your savings after completing the terms.

    After using Self since January 23, 2018, Self has reported my credit score has jumped +85 points. In January 2020, my CD is unlocked and they will direct deposit the funds.

    Basically, you apply for a loan, and the money from the loan is locked into a certificate (CD) for the term of the loan. You are required to make payments until the loan is satisfied. Then, the CD is released to you.

    Credit Score (1/2019): 661 | Credit Score (1/2020): 746

    My loan: $1000 with loan date 1/23/19 with an APR of 13.28%

    I paid a $5 administrative fee.

    The loan proceeds were deposited into a certificate maturing in January 2020 for $1,001.

    My term: 12 months

    My monthly payment: $89

    In total, I will pay $73 in finance charges.

    Pros and Cons

    The main pro of Self Credit Builder Loan is how it is reported to all 3 credit bureaus. It’s also worth noting, how great it is to save money while building credit.

    I didn’t find any cons with the product. It does what it says and makes establishing or improving credit score simple.

    Is Self Credit Builder Loan worth using?

    If you want to start, reestablish, improve your credit then this is one of the better options for you. It’s simple and easy to start and follow the program. And the prize for making all your payments on time includes both a better credit score and savings.

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Self Credit Builder Loan / Establish and Improve Your Score