Self Lender offers an innovative solution for those struggling with bad credit or no credit history. Their credit-builder loans provide a structured path to establishing credit with transparent terms.
While their fees and interest rates are moderate, the unique value proposition makes them worth considering. The locked CD approach ensures discipline but requires commitment from users.
An effective tool for credit building, though not the cheapest option available.
Self Lender charges moderate admin fees ($9-15) with APRs ranging from 12-15.65%. While serving a unique niche, the overall costs are somewhat above average compared to traditional credit-building options.
Customer Support
Based on research, Self Lender offers average customer support with response times typically within 3-5 business days. Support appears adequate but with some complaints about offshore service and occasional resolution issues.
Terms and Flexibility
Clear, transparent loan structure with well-defined commitment levels. All fees and terms are explicitly stated upfront. Self Lender offers flexibility with multiple payment options, though funds remain locked until maturity.
Customer Experience
Self Lender provides a straightforward digital experience with easy account management. Their innovative approach serves those with poor/no credit effectively, though some users report frustration with account closures.
Do you have bad credit and find yourself struggling to figure out how to boost it because you can’t get a loan or credit cards? Or maybe you’re new to credit and can’t establish yourself because your lack of credit is preventing you from getting credit cards and loans. Self Lender’s innovative program may be the perfect solution to each of these issues.
In a nutshell, Self Lender issues you a loan, but places it in a secured account until you pay it off. This guarantees Self Lender won’t lose money, making it easier to get a loan with no credit or bad credit, and helps you build your credit quickly.
So how does it work? Keep reading to find out.
How does Self Lender work?
Self Lender has found a creative way to lend money to high-risk borrowers that allows them to build their credit without a lot of fees and without exposing themselves and their investors to huge risk. They are able to do this by lending you an amount of money based on your monthly savings commitment. Depending on the monthly commitment level you select, Self Lender will issue you a loan and place the loan proceeds in a 12- or 24-month CD account.
Once the CD reaches its maturity date, you are finished paying off the loan, and Self Lender releases the funds to you. So, not only have you built your credit score, but you’ve also established a small nest egg you can build upon in the coming years.
One thing to keep in mind is that this CD is locked, so you cannot access the funds until its maturity date. This is not a personal loan where you can use the funds to immediately buy a car or do home repairs. This is purely a loan to help build your credit.
As you make payments, Self Lender will report those payments to all three credit bureaus, helping boost or establish your credit score.
Who can get a loan from Self Lender?
Getting a loan from Self Lender is similar to any other loan. You’ll need to provide your Social Security number, you must be a permanent U.S. resident with a permanent address, you must be at least 18 years old and you must have a bank account. Self Lender also requires a phone number and email address, but it does not require any proof of income.
What are Self Lender’s terms?
Self Lender’s terms vary with the monthly commitment you choose. There are four monthly commitment levels to choose from: $25, $48, $89 and $150. The terms for each are as follows:
What’s great about Self Lender is that it does not do a hard credit pull when approving you for a loan, dropping your score even further due to an additional inquiry. Because its interests are protected by the CD in your name, Self Lender only needs to perform a soft credit pull to confirm your identity and ensure accurate reporting, which does not show up on your credit report.
Our Commitment to Transparency
At Financer.com, we're committed to helping you with your finances. All our content abides by our Editorial Guidelines. We are open about how we review products and services in our Review Process and how we make money in our Advertiser Disclosure.
Latest Reviews
No reviews
Other similar companies
Lending For Bad Credit
4.8
5KFunds
3.5
PersonalLoans.com
3.7
CashNetUSA
2
Feeling Stressed About Money?
Join Financer Stacks - Your weekly guide to mastering money basics, stacking extra income, and creating a life where money works for you.
