Anyone use Selflender.com for credit improvement?

[Anonymous]

Seems to me it is just a secured loan, but it allows you to have a secured loan with no upfront deposit. 

Looks like they just keep adding your money till the loan is paid then give you access to the CD their holding for you.

My questions is does this show as an installment loan?

Can you pay off 91% of this loan and leave the last 9% to be paid over the term?

What credit bureas do they report to?

TIA

Updated 01/29/2017 Forgot URL https://www.selflender.com/

[Anonymous]

I signed up for it last month and made my first payment on the 6th of this month, it takes about 2 months to report but it's supposed to report to all 3 bureaus. There is a $12 processing fee that is to be paid on the day you sign up but that is the only fee. I am unsure as to how it reports installment etc. I'm hoping it will make a difference I'll find out at the end of next month according to self lender.

[enjoimorenow]

I have an account with them.

You can pay off the loan early, but I don't think you can do what you are asking.  If you paid say $500 of the $550 loan the first month, I believe you would still owe thee $48.50 the next month, so you would basically pay off the loan after a small payment in the 3rd month.  You can e-mail them to be sure, but I think you owe the same monthly payment each month regardless of how much you still owe on the loan.

It does take about 2 months for the loan to report to the CBs.

[Anonymous]

Thanks for the info. I will signup and report back my experience.

I think a 2 month wait to report would be good, that way the loan is not at 100% utilization when they report it.