If you’re struggling to get approved for credit cards or loans due to bad or no credit, Self.inc (formerly Self Lender) offers a unique solution designed to help you build or rebuild your credit score. With its credit builder loans, Self provides an accessible way to establish a positive credit history without requiring any money upfront.
In this review, we’ll take a closer look at how Self’s credit builder loans work, the benefits they offer, and how they compare to similar services.
Compare all the best credit repair services here, and all the best credit monitoring services here.
What is Self.inc?
Self.inc is a financial technology company that specializes in helping individuals build or improve their credit scores through a product known as a credit builder loan. Unlike traditional loans, a credit builder loan is designed to be a tool for improving your credit profile, especially if you have limited or poor credit history.
The company reports your payments to all three major credit bureaus, which can help you establish or boost your credit score over time.
Compare with Credit Strong for credit builder loans.
Self Credit Builder Account
Self offers a way to build or rebuild credit history with their credit builder account*. Here’s how it works:
- Apply for a credit builder account.
- Pay off your credit builder account in 12 to 24 months, depending on the plan you choose.
- Each on-time monthly payment helps to improve your credit (reported to all three credit bureaus) and adds to your savings (the principal gets saved in a secure bank account).
- Once you’ve paid off your credit builder account, your money is released to you (minus fees and interest).
The Self credit builder account also features:
- No hard credit pull (your credit score is not required)
- Complimentary credit score monitoring
- Secure accounts with two-factor authentication, 256-encryption and fraud detection
In order to apply, you must:
- Be at least 18 years old.
- Be a permanent U.S. resident.
- Have a Social Security number.
- Have either a bank account or debit card. A prepaid card works as well.
- Not have had a negative ChexSystems report, such as bounced checks or unpaid fees, in the previous 180 days.
*Credit Builder Accounts & Certificates of Deposit made/held by Lead Bank, Sunrise Banks, N.A., First Century Bank, N.A., each Member FDIC. Subject to credit approval.
Key Features of Self Credit Builder Loans
Self’s credit builder loans come with several features that make them an attractive option for individuals looking to build or rebuild their credit:
- No Hard Credit Pull:
Your credit score is not impacted when you apply, making it accessible for those with low or no credit. - Reports to All Three Major Credit Bureaus:
Your payment history is reported to Equifax, Experian, and TransUnion, which is essential for improving your credit score. - Complimentary Credit Score Monitoring:
Self provides free credit score monitoring, allowing you to track your progress over time. - Secure Accounts:
Self ensures the security of your accounts with two-factor authentication, 256-bit encryption, and fraud detection measures. - Flexible Payment Options:
With multiple payment plans available, you can choose a plan that aligns with your financial situation.
Eligibility Requirements
To be eligible for a Self credit builder loan, you must meet the following criteria:
- Be at least 18 years old
- Be a permanent U.S. resident
- Have a Social Security number
- Have a bank account, debit card, or prepaid card
- Not have had a negative ChexSystems report (such as bounced checks or unpaid fees) in the previous 180 days
Bottom Line
Self offers credit builder loans to build or rebuild your credit, without any deposit required upfront. Plus, get a $20 cash bonus for every person you refer.
Credit Strong is another company that offers credit builder loans. Click here for our full review.
Discover more from MoneysMyLife
Subscribe to get the latest posts sent to your email.
