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  • Loans from $1,000 - $35,000
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  • Fixed 4.99% to 19.63% APR (with AutoPay)
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Review of Self Lender

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:

  • $25
    • Admin fee: $9
    • Payments: $25 per month
    • Term: 24 months
    • Interest Rate: 13.16%
    • APR: 14.92%
    • Finance charges: $84
    • Total payments: $600
    • Payout: $525
  • $48
    • Admin fee: $15
    • Payments: $48 per month
    • Term: 12 months
    • Interest Rate: 10.34%
    • APR: 15.65%
    • Finance charges: $46
    • Total payments: $576
    • Payout: $545
  • $89
    • Admin fee: $12
    • Payments: $89 per month
    • Term: 12 months
    • Interest Rate: 12.32%
    • APR: 14.62%
    • Finance charges: $80
    • Total payments: $1,068
    • Payout: $1,000
  • $150
    • Admin fee: $12
    • Payments: $150 per month
    • Term: 12 months
    • Interest Rate: 10.69%
    • APR: 12.03%
    • Finance charges: $112
    • Total payments: $1,800
    • Payout: $1,700

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.


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