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About Self
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Founded in 2015, Self is a financial technology company that helps customers with bad credit improve their credit scores. The company offers four budget-friendly repayment plans for its Credit Builder Loan. Unlike traditional lenders, customers don’t have access to their loan funds immediately. Instead, your monthly payments are held in a certificate of deposit (CD), which can later be used after fees and interest are taken out.
Pros & Cons
Pros
- Available in all states
- Flexible monthly payments
Cons
- Fees
- Cannot use loan funds immediately
Bottom Line
Self is available in all 50 states and does not require a large upfront payment to secure a credit-builder loan. Pay between $25 to $150 per month for a loan that is designed to build up your credit.
What is Self?
Self offers a unique way to build credit when you have a poor credit score or a nonexistent credit history. Unlike traditional lenders, Self does not give you the loan funds upfront. Instead, it deposits your monthly payments into a CD through one of its three partner banks. You can choose which monthly repayment plan you want: $25, $35, $48 or $150 per month. The $25 and $35 options come with a repayment period of 24 months, while the $48 and $150 options will be repaid in 12 months.
When you apply for a traditional credit card or loan, you are encouraged to spend that money and repay it. With Self, you sign up to rebuild your credit through fixed monthly payments and then have a lump sum of savings available after your repayment period. This way of building credit helps you build a habit of savings.
How does Self work?
To get a Credit Builder Account, you must apply for a loan through one of Self’s bank partners. This ensures that your money is secured. You will then choose a repayment plan that fits your budget, typically between $25 and $150 per month. Each payment is reported to all three credit bureaus, and the proceeds go to a CD.
After the repayment period is over, you can use your savings, minus the fees and interest rate. You can also apply for the Self Visa secured credit card if you have three or more months of on-time payments and $100 or more built up.
To qualify, you must be 18 or older and be a U.S. citizen or permanent resident. You will need a valid bank account and Social Security number. Most applicants will be approved, but there is still a chance of being denied for the Credit Builder Loan. However, denial decisions are not due to poor credit scores or lack of credit history, and the company states that you will receive an email explaining why you were denied.
Since Self is a software partner for a registered U.S. financial institution, it has to abide by strict security measures to keep your data safe. To do so, Self does regular criminal background searches on employees. It also encrypts your data at multiple levels.
Self products and services
The two main products Self offers for credit-building are its Credit Builder Account and secured credit card. Both don’t work like traditional credit-building products and can be easier for customers to manage.
Credit Builder Account
Self Visa secured credit card
Once you make three on-time payments and have $100 or more in your savings progress, you will be automatically approved. Your credit limit is based on what is saved in your Credit Builder Account.
Self fees
Using Self does come with fees. There is a set, nonrefundable $9 administrative fee on all Credit Builder Loan accounts. Additionally, interest fees and finance charges are based on which repayment plan you choose.
Other fees can occur if you are not responsible with your account, including:
- 5% late fee of your monthly bill if your payment is 15 days past due
- $15 return fee for any failed payments
- $1.20 to $4.75 fee per month if you pay your Credit Builder Loan account with a debit card
Self FAQ
Will my credit improve by using the Self secured credit card?
Both the Credit Builder Loan and secured credit card can help you improve your credit. However, like any credit card, you do need to use it correctly. It is important to charge to your account each month and make on-time payments. While most individuals will see an improvement in their credit scores with these two products, Self cannot guarantee results.
What banks does Self work with?
You can choose to get your Credit Builder Loan through one of Self’s partners, Sunrise Banks, Lead Bank or SouthState Bank – all are FDIC-insured banks.
Can Self hurt my credit score?
Even though Self is designed to build a customer’s credit score back up, you have to make on-time payments to see results. It is a loan, and if you fail to make on-time payments, your late payment will be reported to the three credit bureaus, and you can take a hit on your report.
Is Self legit?
Self is a legitimate company that has been around since 2015. It partners with only FDIC-insured banks and has helped over 4 million with credit-building products. According to the company, the average customer who opens a 12-month Credit Builder Account with a VantageScore under 600 saw an average score increase of 49 points with regular on-time payments.
Self Reviews
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Reviewed Oct. 14, 2023
I have loved my service from this company, don't always understand their tactics, but couldn't fathom picking another company. Best choice I ever made was supporting them, even if they don't fully trust me or understand, they should know I trust them even if I don't understand what they are saying. Overall dependable even in far out in the back woods places, 10 out of 10 best company out there, my personal recommendation is for everyone to sign up. I can't even fully put to words my appreciation for them, even started working inside my work, hopefully things will get better for everyone. A lifetime loyal customer Derrick **, thank you eternally brothers and sisters.
Reviewed July 22, 2023
No issues with the new PC so far. It was simple to use the website when selecting what I wanted for my PC. After ordering everything they kept me up to date as far as the building process and shipping. No issues once the PC arrived and so far everything is working great.
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Reviewed July 3, 2023
I paid $1,000, yes $1,000 for a new tub and this is exactly how it was delivered. How on earth could you possibly send a $1,000 item in this condition?? I will NEVER buy or recommend any of my friends or family buy anything from you ever again.
Reviewed May 22, 2023
Please do not purchase a ticket with them. They charge way more than what you can get it elsewhere. They say it is money back guarantee but they will not even refund you and go with their so call term and condition. No purchasing with them and I highly recommend not to use this site.
Reviewed May 19, 2023
First of all my phone gets cut off every month. I have Medicaid and the free unlimited text and calls. In the middle of a conversation my phone is cut off. Each rep I speak with tells me something different each time. My phone was cut off for 3-4 days because I didn't have it in me to deal with the reps. I did another enrollment over the phone on 03/31/23 enrollment number **. Well when I give my enrollment number to your reps I've heard this enrollment doesn't belong to me, I'm not on a government plan, and then the ones that adds the minutes to my phone I'm promised this will never happen because they are attaching the enrollment to my file. But there again mid conversation my call is cut off. Also your auto system about a callback is no good because no reps never call back. If a rep is helping you and the call is disconnected they won't call back either. I understand the service if free but they treat us like they don't care.
Reviewed March 8, 2023
They show up without the floor material to level the floor, then told me I have to pay for it, the sale man Gary **, told me all that is in the cost, but he did not put it in, he gave me a price of 3,600.00 dollars, I said that was too much, in your tv commercial it say 999 dollars a room, so I have a very very small kitchen. The bedroom is about average," He ask me how much I want to pay. I say, "2,800.and to me that was too high," so he say, "Ok",, I call customer service and ask them for his cell #. They say they don't know it, now this man works for this company, and you don't have his cell #, now I have to pay 700 hundred more dollars. I really don't think this is a good company.
Self Company Information
- Company Name:
- Self
- Website:
- www.self.inc
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