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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.'
Update 11/21/2019:
In August of 2019, Self Lender became Self Financial, Inc. a name that they feel fits their future product offerings better.
I was a little surprised and taken back by the name change since Self Lender was a genius name for company that specialized in credit builder loans.
There is no better way to describe these loans as lending to ones-self, thus their name made a lot of sense.
The catalyst for the name change was that Self Financial was adding additional product lines and they didn't want people to get confused.
Their second product you can use to help build credit is their new Self Visa® Credit Card.
You must have a credit builder account with Self Financial and you can secure this card with the balance of that account.
A Review Of: Self Lender
Use: Offers Credit Builder Loans Nationwide
EFFECTIVENESS
Most see credit score increase
PRICE
Not the cheapest, offered nationwide
EASE OF USE
Apply in less than 5 minutes
SUPPORT
Respond pretty quickly
Credit Knocks Overall Star Rating:
We Like
We Don't Like
SUMMARY: ​
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.
Build credit without a credit check.
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 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!'
Build credit without a credit check.
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 Financial 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.
Build credit without a credit check.
How To Apply For A Self Loan?
Guess what?
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.
Build credit without a credit check.
Step 1...
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!
Step 2...
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 will send me a check for $1,001. The actual cost of this loan to me is $79 for Self 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!
Build credit without a credit check.
Step 3...
Authorize them to debit monthly your bank account, credit card, debit card, or a prepaid card.