Self Reviews

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.

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.

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.

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 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.