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