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 The CD cannot be withdrawn until the term is completed.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.
by Jason Vitug
My Self Credit Builder Loan Review
The Self Credit Builder Loan is a legit service. It’s not a scam and it can definitely help you in your journey to establishing, strengthening or improving your credit profile and score.
I wanted to see how real this was so I opened an account and began a journey to see the impact on my credit score. Well, my score increased 87 points in a span of 6 months. The main thing I learned is the importance of having active credit reporting to give these credit bureaus and the algorithms that create the score data to crunch.
In my review of the Self Credit Builder Loan, I went from good credit to excellent. It was simple to set up and the great thing is after the 12 month’s I have a saved money that was then deposited into my linked checking account. How’s that for learning how to work the system.
Who is the Self Credit Builder Loan good for? Well, if you’re someone starting out with credit (no credit history or limited credit history) or you’re someone who wants to regain control of credit and increase your credit score after a few mishaps, then Self is a great option.
There is a one-time administrative fee but it’s well worth it in terms of having your report get a positive tradeline and thus impact your score. A higher score can mean lower rates on a host of future credit along with ability to rent or set up utilities.