The moment you make your last payment, the bank through which your CD is held will unlock your account. If you’re late on a payment, there’s a 15-day grace period, followed by a late fee equal to 5% of your payment amount.Īs you make payments, Self will report them to TransUnion, Experian and Equifax, which are the three main credit bureaus. Starting the following month, your payments will begin, with each being equal for the loan’s entire length. Simultaneously, Self’s banking partner will place the loan funds in your CD account. If you receive approval for a Credit Builder Account, you’ll immediately be charged a one-time $9 administrative fee.
$150 monthly payments over a 12-month term, resulting in a $1,663 payout.$48 monthly payments over a 12-month term, resulting in a $539 payout.$35 monthly payments over a 24-month term, resulting in a $724 payout.$25 monthly payments over a 24-month term, resulting in a $520 payout.Within this application process, you will specify which of Self’s four account options you want: There’s no application needed to become a member of Self, but you will need to apply for a Credit Builder Account. This account is technically yours, but the funds won’t be released until your loan is paid off.
This loan isn’t provided to you directly by the company rather, the funds are placed in an FDIC-insured CD account at one of Self’s banking partners. Self’s Credit Builder Account is its main offering, as its focus is to help customers improve their credit scores through a small installment loan. – $0.30, plus 2.99% convenience fee when paying with a debit cardġ5-day grace period, then fee equal to 5% of your monthly payment amountĭepends on your account size, but usually less than $5 – No fee when paying through a bank account or with a prepaid card Varies depending on the size of your loan Self Credit Builder Account Self Credit Builder Account: Fees & Rates – Those who feel comfortable managing accounts through online/mobile platforms – No upfront cash or income requirements needed for approval – Four account options and two credit-building tools are available This credit-building tool, in conjunction with the Credit Builder Account, is what Self specializes in. Although its products and services didn’t change much following the rebranding, it soon after introduced the Self Visa® Credit Card. As of August 2019, the company rebranded from Self Lender to Self.
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