Self Lender Review
In the past, it was next to impossible to find a Credit Builder Loan online that you would qualify for which is the catalyst for this Self Lender Review.
This company is quite the pioneer as they were the first company to offer Credit Builder Loans online NATIONWIDE!
In fact, that's how I discovered Self Lender.
I was looking for a credit building tool that would help improve my payment history but wouldn't be a hard pull on my credit because I have plenty of inquiries and don't need anymore.
I couldn't find a local bank or credit union that offered Credit Builder Loans and frankly when they run my credit, these financial institutions kind of treat me like the plague.
Being able to apply online with Selflender, kept me from having to sit across from a judgmental tie-wearing corporate banker who would probably turn me away, anyhow.
I was able to apply online from my home, and get accepted in under 5 minutes for only $9 to start.
In this review of their Credit-Builder Loans program I will cover the basics, like, 'What are Self Lender Credit Builder Loans?', 'How to obtain a Credit Builder Loan?', and more personal topics such as, 'If a Credit Builder Loan makes sense for your unique credit situation.'
A Review Of: Self Lender
Use: Offers Credit Builder Loans Nationwide
Most see credit score increase
Not the cheapest, offered nationwide
EASE OF USE
Apply in less than 5 minutes
Respond pretty quickly
Credit Knocks Overall Star Rating:
We Don't Like
Their online Credit Builder Loans are straightforward to apply for and the application process is easy.
This type of an installment loan is a great option for people trying to build their credit because there is no credit check and your payments will be reported to all three credit bureaus.
What You Will Find Inside Our Self Lender Reviews
Who Is Self Lender
Self Lender CEO and Co-Founder James Garvey has said the company was created to help people, 'establish credit history for the first time.'
Credit Builder Loans have been available through local banks and credit unions for a long time and are totally legit.
However, until Self Lender, Credit Builder Loans were not available online to U.S. residents in all 50 states.
All credit builder accounts are held in FDIC Insured Certificates of Deposits ("CD"), in your name, at one of their banking partners; Sunrise Banks, N.A., Lead Bank, or Atlantic Capital Bank, N.A..
Is Self Lender Legit
They have an A rating from the U.S. Better Business Bureau (BBB) which is a non-profit organization that ranks businesses based on an accredited letter grade system.
Self Lender BBB rating is the highest you can receive and the majority of the complaints seem to center around customers receiving their checks later than they had hoped when they canceled their accounts early.
Still wondering Is Self Lender Legit, well it certainly looks like MC Hammer thinks so!
This financial pioneering company has already helped over 175,000 people obtain a credit builder loan with over 140 million in CD secured loan originations.
In 2018, they completed their second round of Series B funding and were able to raise an additional 10 million dollars in capital.
Is Self Lender Legit?
Self Lender is working to offer additional credit building tools and seems poised to be a major player in the industry for years to come.
Now if someone asks, 'Is Self Lender Legit?'
You will be able to tell them that, 'Self Lender is 2 Legit 2 Quit!'
What Are Self Lender Credit Builder Loans?
Credit Builder Loans are a relatively new type of credit created primarily for people with Bad Credit, No Credit, New to Credit, Poor Credit, and looking to Build Credit.
They offer multiple loan amount options that you choose from anywhere in the U.S.
You make a small startup payment that is under $20 and low monthly payments for 12 months or 24 months.
Upon the last payment of your Credit-Builder loan you will be given the original amount of the loan less interest and charges.
Credit Builder Loans help you establish a solid payment history and you're able to do that with no credit check!
It is very similar to a savings account but you will pay some interest and fees, and you won't have access to your money until you complete the payment terms.
Each month, they will report your payments to the big three credit bureaus which helps you establish payment history and diversifies your credit mix.
The best Credit-Builder Loans online are from Self Lender because of their ease of access and their ability to positively affect your payment history.
Consistent and a long payment history can help boost your credit score.
How To Apply For A Self Lender Loan?
I have a CBL (Credit Builder Loan) from this very company!
I hope to answer any questions and/or concerns by sharing my thoughts on the experience of purchasing this credit building tool.
Applying for a loan with them was easy...
Here's to apply!
Thoughts on my experience...
The following screenshots are from the night I signed up for a
Credit Builder Loan. Some of the screenshots aren't as crisp as I'd like
them to be but that's the cost of authenticity. The entire process took
less than 5 minutes and upon completion, in all honesty, I was just
amazed at how simple it was to apply and get accepted.
Signing up was real easy, I just had to enter some basic info as part of the login.
Choose your loan and payment amount.
I chose the loan with payments of $89 a month for 12 months and am looking forward to getting $1,001 in February 2020. If you notice, there are four monthly commitment options, one of them is only $25 a month for Self Lender's 24 months $525 loan. It's very affordable, hell, if you are like me, you can easily spend $25 a week at 7/11, alone!
Reviews of the loan terms
The terms of my loan are straightforward. I pay a $12 non-refundable administrative fee and 12 monthly payments of $89. The total amount of my payments will equal $1,068 (12 x $89). So the total cost of my loan is the $12 admin fee and $1,068 in payments for a total cost of $1,080. In February 2020 after my last payment, Self Lender will send me a check for $1,001. The actual cost of this loan to me is $79 for Self Lender to report 12 payments to the three major credit bureaus which will increase my payment history and diversify my credit mix... all with no credit check!
Authorize them to debit monthly your bank account, credit card, debit card, or a prepaid card.
I was torn between which account I should select to auto-pay my Credit Builder Loan with. OK, 'torn between' is probably misleading and if we're honest, I was just lazy, and that's how the decision was made. In the end, I chose my checking account because my wallet was across the room and I can't remember the three-digit CV code on the back of any of my credit cards. However, I had my checking account and bank routing number at my desk, so I signed up for auto-payment directly through my checking account. Funny how this decision was made, simply because I was too lazy to get out of my chair and walk 10 feet. If you later decided to walk that 10 feet, you can change your payment method in your account settings on their website or contact their customer service, and they will help you.
Make sure your account has enough money each month to cover the monthly payment.
If you are signing up for a Credit Builder Loan than you are doing so for the positive increase on your payment history. Now, if you make a late payment, you are completely defeating the purpose of using this credit building tool. At the end of the 12 months, this is a product that I am paying $79 for, plus the loss of the use of my money I send them over those 12 months. Make sure that you make all of your payments on time. You can do this easily by making sure the selected auto-pay account always has enough funds to cover the monthly payment.
Upon your last payment, collect your selected loan amount, less any fees or interest.