Self
4.6
7.0
Overall Score
Author: Kaitlyn Short
Self, formerly known as Self Lender, is a venture-backed credit builder startup based in Austin, Texas that is committed to helping consumers build their credit and savings. The company’s banking partners include Sunrise Banks, N.A., Lead Bank, and SouthState Bank.
Self’s Credit Builder Account functions like an installment loan, but you don’t need a credit score to qualify and there is no hard pull on your credit when you apply. You can choose from one of four credit builder plans to fit your goals and budget, and as you make on-time payments your activity is reported to the three main credit bureaus. Each plan includes free credit monitoring, ensuring that you can see how your credit is improving over time.
Continue reading to learn more about this credit monitoring company, or jump down to read Self reviews from real customers.
The Good
- Free Credit Monitoring
- Credit Builder Account
- Credit Builder Calculator
- Referral Bonus
- Scholarship
- Credit Resources
Free Credit Monitoring
Self offers credit monitoring on a regular basis and a free yearly credit report with a general range of a person’s credit score, Experian Vantage Score 3.0. This free credit monitoring service allows customers to monitor their credit and build savings.
To take advantage of this service, a client needs to be enrolled in a Self Credit Builder Account, be a valid permanent U.S. resident with a physical U.S. residence, be at least 18 years old, have a social security number, phone number, and email address.
Credit Builder Account
A Self Credit Builder Account is a small loan held in a certificate of deposit (CD) account for a loan term of 24 months in an FDIC-insured bank account.
Each month, the client pays set loan amounts, which is held in the account, and each payment is reported to all three credit bureaus. By paying on time each month, clients can build a positive credit history and prove to financial institutions that they can borrow responsibly by showing they can successfully avoid making a late payment.
It's important for consumers to know that a repayment will be reported as a late payment if it is not received within 30 days of the due date.
The savings account is always accruing interest. After 24 months, it unlocks savings minus interest and fees. Funds arrive in 10-14 business days.
Clients can choose if they want to start paying off their accounts or close their accounts early for a less than $1.00 fee.
Credit Builder Calculator
Prospective Credit Builder Account holders can utilize the calculator to determine the total savings amount they want to take out.
This helpful tool shows how much the administrative fee, monthly payment, and yearly total interact based on the amount selected for one of the variables.
Referral Bonus
All Self account holders can refer friends and family to the company and earn a $10 check for each referral’s first successful credit builder account payment.
Scholarship
The company demonstrates a commitment to college students by offering an annual scholarship of $1,000 to a full-time student enrolled in a two-year, four-year, or graduate program in business, finance, entrepreneurship, computer science, economics, accounting, or mathematics.
Credit Resources
Self offers a variety of educational credit-specific resources that can be found on its website.
Consumers can learn about credit, credit history/payment history, credit limits, the difference between poor credit and good credit, credit scores and reports, how to build credit, and more.
Additionally, Self offers information that helps clients learn about its financial products, how to handle money, how to make a loan repayment, and so on.
The Bad
- No SMS Alerts
- Single Bureau Monitoring
No SMS Alerts
While Self does alert clients via email if there is a major credit report change, the company does not currently offer text message alerts. Without text message alerts, consumers may miss an important credit check or credit reporting update.
Single Bureau Monitoring
Self appears to only provide free credit monitoring for customers' Experian credit reports. Many other credit monitoring services monitor credit reports from all three major agencies.
Monitoring credit reports from all three reporting agencies allows customers to more easily keep track of their credit reports and scores.
The Bottom Line
Self provides financial products including free credit monitoring services and excellent credit building plans at an affordable cost.
Additionally, Self offers a scholarship, a referral bonus, and credit resources that cover topics like payment history and how to build your credit.
Unfortunately, Self does not appear to provide text alerts and does not monitor credit reports from all three major credit bureaus.
However, this company is a good one for consumers to consider as it offers the convenience of utilizing both credit monitoring and credit building services through one account.
Though the Credit Builder Account product is considered an installment loan, it’s not traditional in that clients cannot spend the loan amounts immediately. Instead, clients can think of each monthly payment as a money payment to themselves — and an easy way to build good credit when they repay the loan on time.
Each on-time loan repayment is reported on a monthly basis to the three major credit bureaus.
If you are looking for a free one-bureau credit monitoring service and a way to rebuild your credit/improve your credit, Self might be a good option.
Additionally, it is encouraged that you take the time to read several Self reviews if you wish to obtain a more in-depth view of the company's program and credit monitoring services.
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Debreal Scott Jacksonville, FL
6 years ago
