Self Lend - What is it and Does it Actually Build Credit?

The content written in this blog is a personal review of Self Lender. This content is not sponsored by Self Lender and is solely the review of an individual within HOPE who utilized Self Lender.

What is Self Lender & Did it Work for Me?

  Self -Lender, now known as Self Lender Loans,  is a program designed to help you build credit while saving money.

 In July of 2017, while on bedrest for 2 months, I found myself looking for ways to build my credit score. While doing a Google search, I ran across the Self Lender website. I thought it sounded pretty simple, so I signed up.

 How does it work? You select a payment plan that fits into your budget, for me it was $50 a month, and that money is automatically deducted from your checking account. Each month Self Lender reports an on-time payment to the credit bureaus, helping to improve payment history.

  Pros:

 After 12 months, my score had gone up 18 points.

 But that’s not all, the money wasn’t just thrown away, at the end of the 12-month period I received a check from Self Lender for $500. Self Lender had deducted their fee, which was $100, and sent my check within 10 business days of my last payment.

Cons:

Like any program involving your credit you must make your payments in a timely manner. While I never missed a payment, I did inquire about what would happen if I did. If you miss your payment you are charged a small late fee of %5 of the payment amounts due. If it is more than 30 days late, the late payment may be reported to the credit bureaus.

 Overall, I though it was a very easy way to save money and the perk of gaining a few points on my credit report for simply saving my money was the cherry on top.