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Last Updated: 04/18/2025

Self

Q: What are the pros and cons of a Self loan?

This is what we love about Self: Flexible payments., Reports to all three credit bureaus (Experian, Equifax, TransUnion)., Easy access to secured installment loans, Creates positive information for your credit history, and You can build your credit while saving money On the other hand: You can only... Learn More at SuperMoney.com

in Budgeting Apps from Self Financial Inc

Last Updated: 04/18/2025

Strongly recommended12 total votes

9 users recommend

3 users don't recommend

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Highlights

Community Rating

Strongly recommended

Monthly Service Fee

$25 - $150(Verified 06/21/2024)

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Money Management Tools Additional Features

N/A

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Number of Reviews

Self Review

Where does Self do business?

Self is a financial technology company based in Austin, Texas, which was founded in 2014. Self is not a direct lender. Instead, all Credit Builder Accounts are made by Lead Bank, Member FDIC, Equal Housing Lender, Sunrise Banks, N.A. Member FDIC, Equal Housing Lender or Atlantic Capital Bank, N.A. Member FDIC, Equal Housing Lender.

What is Self?

Self is a company that gives people with poor or no credit the chance to improve their credit history. This is done through a set of tools that help consumers rebuild their credit score. The main credit building tool Self uses is the "credit builder loan,” also known as a savings-secured installment loan. This is a special type of loan. In fact, it is more of a savings account packaged as a loan to add positive information to your history. Self also provides consumers with resources that help them monitor their credit score and learn about finance, and get access to exclusive financial products.

How does a credit builder loan improve your credit?

Self deposits are reported to the three main credit bureau agencies every month as if they were loan payments.

How does a credit builder account work?

First, you apply for a Credit Builder Account. Your money is safe and secure and there is no hard pull on your credit. Then you pay off your Credit Builder Account in the specified amount of time. You can choose the payment term and dollar amount that best fits your budget. Each on-time monthly payment builds credit history and adds to your savings. Your monthly payments are reported to all three credit bureaus. Once you’ve paid off your Credit Builder Account, you can access your money, minus fees and interest.

What are the interest rates and fees for a Self loan?

Self charges a one-time, non-refundable administrative fee of $9 and an APR of 15.97%.

What are the pros and cons of a Self loan?

This is what we love about Self:

Flexible payments.
Reports to all three credit bureaus (Experian, Equifax, TransUnion).
Easy access to secured installment loans
Creates positive information for your credit history
You can build your credit while saving money

On the other hand:

You can only access the money when you completely repay the loan. Not a good option for people who need money immediately
You have to pay a fee, albeit a small one.
If you miss a monthly payment it will be reported to the credit bureaus and potentially hurt your credit

Self Disclosure:

SuperMoney is an affiliate partner of Self and may receive compensation when you click on the links in this article.

A loan with a $25 monthly payment, 24 month term with a $9 admin fee at a 15.92% Annual Percentage Rate with a finance charge of $89; A loan with a $35 monthly payment, 24 month term with a $9 admin fee at a 15.97% Annual Percentage Rate with a finance charge of $125; A loan with a $48 monthly payment, 12 month term with a $9 admin fee at a 15.65% Annual Percentage Rate with a finance charge of $46; A loan with a $150 monthly payment, 12 month term with a $9 admin fee at a 15.91% Annual Percentage Rate with a finance charge of $146. Please refer to www.Self.inc/pricing for the most recent pricing options.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message from our editor

What we love about Self Lender

Self Lender gives people with less than great credit the opportunity to build their credit score and build their savings at the same time.

With Self Lender, you choose a savings plan, such as saving $100 per month. Self Lender charges a small fee, and then sends you a bill each month for the amount you chose, much like you’d get if you got a loan. When you pay the bill, Self Lender sets the money aside in a savings account for you and reports the payment to the credit bureaus.

After twelve months, Self Lender gives you the balance of your savings account and you’ve built a history of loan payments.

What could Self Lender do better?

Self Lender charges a fee for its services, but there are options for building credit and saving money that don’t cost money. A savings account with automatic transfers and a fee-free secured credit card can accomplish the same tasks.

Another drawback is that you don’t get access to any of the money in the savings account until you complete your savings plan. If you have a financial emergency and need money quickly, you won’t be able to get the money while you’d have easy access if you used a typical savings account.

Self Lender’s backstory

Self Lender was founded in 2014 to help people building their credit and their savings at the same time. The company has expanded from offering credit builder loans to offering other loan products, such as credit cards.

The Verdict

If you need help building credit and don’t mind paying a fee, Self Lender is a strong choice. However, there are ways to save money and build credit that don’t involve paying fees, so you should consider those before paying a company for help.

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SuperMoney Net Recommendation Score

SuperMoney users strongly recommend this product, giving it a user recommendation score of +50, or 4 on a 5-point rating scale.

+50

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The recommendation score reflects customer satisfaction with a provider. A score of +100 means every customer recommends the provider, while -100 means none of them do. These scores are based entirely on community member votes and are not influenced by partner compensation. SuperMoney removes fake reviews when detected.

Self Community Reviews

Would you recommend Self to your friends?

Anonymous

Feb 8, 2023

May or may not recommend

I was the victim of identify theft, someone used my debit card number to open an account.... I sent a letter to the company and BBB: So you mean to tell me a company your size can not: 1. Return funds to my account I did not authorize? 2.Tell me who and when the account was opened? 3. Tell me the billing address being used for this account? 4. Only do fraud business by ...Show More

Antonio T.

Jul 15, 2021

May or may not recommend

I wouldn't recommend this. They say they can get any credit level a card, but I have found that to not be true. I have yet to successfully get a credit card from them. I will keep trying, but I doubt any success.

Youram J.

May 14, 2021

May or may not recommend

Self is an amazing way to maintain your credit score. When I visited the self bank they offer me with multiple loan options, they guided me to the best option that is suitable for me. You can also download the app that provides your credit score. If you take my option I can trust Self Bank forever!

Khaila J.

Jan 15, 2021

May or may not recommend

This Is a superb way to build your credit score without the fear of bringing your credit score down more, this came In handy after I got out of college. Self credit gives borrowers a chance to pay off their loans over the term of the loan in 12 payments or less. This is not for people who need loans right away but to help people with poor or very ...Show More

The E.

Nov 23, 2020

May or may not recommend

Self Credit Builder is a great company! They helped me build my credit score to the point where I was shocked! They also have a lot of loan options customers can pick from. It's a very great app you're looking to boost your credit score and also save. Their UI is also fantastic, and very easy to use! I would definitely recommend this company!

Kevin F.

Oct 23, 2020

May or may not recommend

Self is a pretty good company. Their loans provide an easy way to build your credit, but you'll want to pay attention to the plan differences if you plan on getting most of your money back. The loans start at a very affordable monthly costs, and after three months they offer you a credit card based on the amount you have deposited thus far.

Ashely D.

Oct 11, 2020

May or may not recommend

I absolutely recommend Self Lender! I used SL to help me save, which also helped increase my credit score. Once I was at the end of my term, 12 months, they offered a credit card with the credit limit based on the amount that I had saved. I definitely recommend for those who are wanting to increase their credit score and also save at the same time.

Shaneka P.

Oct 2, 2020

May or may not recommend

If your looking for a quick and easy way to raise your credit score you’ve found it ! My credit score was 480 when I first started using this app and a little less than 2 months it was up 90 points ! I was shocked with the results and told everyone I knew that was struggling to raise there credit score about self credit builder I can honestly say ...Show More

Daniel M.

Oct 2, 2020

May or may not recommend

A great app. It is able to improve your credit score. Its easy to set up your account and there are tons of loan options. Great UI and easy to use. I recommend this to anyone who wants to help their credit score

Anonymous

Sep 30, 2020

May or may not recommend

This is essentially your money. However you cannot get access to it for 1 year. if during that time you cannot pay an installment they will charge you fees. It is more than likely that you will or could have some financial problems that will stop you from making a payment. Be aware that this company will not remove marks from your credit report if you close out the ...Show More