Self Lender Installment Loan without Credit Pull

[samtom79]

I was intrigued by the new startup SelfLender.com which promises to help people with poor or no credit history. Basically it is a savings account that you pay fee ($3/month) in addition to the regular payment ($25-$250/month) and after your last payment they send you all the money in your account all the while they are reporting as an installment loan to the credit bureaus. Anyone else tried it? After signup this morning I wished to change my payment date to 15th instead of 13th so I submit contact form and it said someone would contact me within 15 minutes however it has been 8 hours and still no reply. I did thorough research before joining and from everything I could see they appeared to be legit but now I'm slightly concerned. Your thoughts?

[samtom79]

24 hours no response from SelfLender

[TheGardner]

Is there no phone number to contact a customer service representative?

[samtom79]

I will try to call them tomorrow but don't expect answer with the holiday so I will try again on Tuesday.

[samtom79]

Sent a follow up email and received a response 5 minutes later saying that their original email didn't get sent out when they initially replied to me. The responder (John) also answered an additional question I had as to which credit beurau they report to (Transunion and Experian) and the date of which they report (last day of each month).

[cjc343]

If you could take out a $1,500-$3,000 12 month loan with $125-250/mo payments, the $3/mo fee would only be 2-1%.

Since it sounds like you don't get the money until after you pay, there's really no reason to have more than what appears to be the minimum payment: $25. The problem there is that $3/mo is 12%, worse than most secured 'credit-builder' loans.