Self Lender?

[Anonymous]

   Hi,

Does anyone know anything about Self Lender? Is it legit or is it a big waste of time?

Thanks In Advance

[Anonymous]

If you do not already have an open installment loan the opening one will raise your scores. I believe the Alliant share secured loan has more advantages than the self lender. First both loans only add to your score for as long as they are open the Alliant loan can be set up for $500.00 for five years instead of one. Installment loans are also scored base on their utilization with the Alliant loan you can pay off ninety percent of the loan after a week or so and reap the benefits of a low utilization installment loan for five years. Alliant does not do hard pulls for membership or the loan. See the following post about the ins and outs of the shared secured loan. http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

[Anonymous]

+1

All Self-Lender has done ( more power for them) is hype up an OLD product, to unknowing ppl to make a buck... absolutely nothing wrong with Self-Lender

Their offering is legit...they just make a bit more than others but again hey their paying to market and get attention, right...maybe they desire that extra 💰

An extra $20-$30 times a million or two ain't Powerball but for being just the marketer of an old product where a 3rd party actually 'lends' the money isn't dough I'd turn down...the guys are clever and it isn't a King's Ransom worth of money again I tip my freaking hat....but if someone ask point blank, yeah there IMO better cheaper options
However, if these guys offer a little more expensive, not as good IMO version I'm not going say their Apple ain't an Apple it's a piece of fruit like everyone else's no scam perfectly fine product...

It's not the WHO gave you the loan it's the existence of the TL being placed on the credit report that matters Bert, Ernie, Fred, Barney doesn't matter as long a lender reports ...they all will work but as @tel12 mentioned features and other benefits might warrant additional shopping before purchase...I too am a Alliant fan

[Anonymous]

Btw I don't think Alliant does it exactly as the slap funds in an account/CD and pay/save to retrieve ( many do, just don't think they do)

But anyway I always like to remind folks that allow marketing emotions to overplay This whole 'don't have to come up with the money' play

It's a clever ploy to have ppl STOP thinking.... anybody can do the same trick by depositing $500-$1000 of the RENT 💰 at most decent CUs and immediately asking for the SSL and walk out with
a) A SSL loan and
b) $500-$1000 in 'loan' proceeds to pay the Rent
Same difference

Cash in hand
Loan reporting
= Self-Loaned myself

[Anonymous]

  Thats cool.. I seen you pay a little more with them but hey i look at it like this. For someone like me with a house of 4 it would strain me to put up the 500 upfront. 

So with them or a investor fronting the money for the CD in my name and i just make the $40 payments every month for the 12 months then its worth the few extra bucks and should pair really nice with my new discover secure card..

Just was wanting to see if anyone else has used them and make sure it was all on the up & up before i jumped in.

As some has said im sure there are better options but i think this would be a better fit for me because i wont be straining myself to fund the $500 upfront + take care of the family and bills..

Thanks for all the feedback.

[Anonymous]

No offense but are you READING the words properly??

All one has to do is go to just about any raggerty behind CU/community bank with the $500 of the RENT 💰 for the month...
Deposit it into a savings at 9:00 a.m. when they open

Ask for a SSL they will give you back $500 as a LOAN

Pay the RENT

Loan established...

House of 4 has the same available cash, rent is paid, no INVESTOR required

The original $500 Red dollars you came in with us locked in savings to pay down, same as Self-Lender

You use the $500 Blue dollars to pay the rent

It's slight of ✋

You pay the same $40 but it's not $48.50 and not a $12 processing fee

You pay back a CU whose relationship one might use AGAIN for another TL like a CC or Auto loan a mortgage perhaps vs some never heard of small bank in Texas who signed on the be Self-Lender bank

No offense to Austin Capital bank, a small state chartered bank outta Austin TX but otherwise for the most part other than this transaction there will never be any contact with Austin Capital ever again....

However, one actually might refi a car loan with a known CU or it pre-approval for a Visa after 6 loan payments and an internal AR again might be where a home gets finance...

Again no offense to Austin Capital bank, which used to be Libertad Bank when it opened under that name just in 2006, again nothing against them I don't know what the name used to mean, I don't speak/read Spanish very well but I highly doubt a bunch of refi's are coming outta there in the near future.

Online it says after the name change and focus away from primarily the local new immigrant Hispanic market... now 75% of their focus is local R/E development in San Antonio and outside of Houston and I guess whatever they get from the Self-Lender partnership but hey I trust they will add the loan to one's profile and do what they say...
I'm sure after the last round of fines by federal regulators and surviving operating under 2 consent orders they've got things figured out.

They come a long way in their entire 11 year existence, name change refocus, now the banking partner of Self-Lender and whomever else wants to send payments on down to Austin, what are they up to now 15-20 employees at the one location Navy FCU = 70B
Austin Cap = 70M

Again not bashing them just stating the facts
The local CU around the corner generally is just as good an option and they may offer full banking options that may come in handy later

Just because an advertisement makes it look EASY not to go spend 15-20 minutes establishing a possibly much more value could be long-term relationship doesn't mean EVERYONE has to go for it

[Anonymous]

And I swear I mean no harm or disrespect to Austin Capital of Self-Lender (I've seen a corporate person post on this forum before)

I just don't like it when ppl operate from limited info w/o considering more options.....

If it were only about a few extra bucks = no big deal
But many ppl IMO should consider that a simple SSL with a regional CU 'might' be a step one towards a relationship that blossoms into
A unsecured CC then
A auto Refi
An IRA ( who knows)
A mortgage

Over the next 20-30-40 years

All things considered Austin Capital is a commercial bank
No CCs
No Car loans
No home loans

One location
9-5 Texas time
M-F

Again no things considered..
WHY would one choose to use them?

They more expensive and the relationship = a dead freaking end

Even for ppl that don't want to do my "Flash the Rent 💰 for 15 minute" options plenty of places like
Altura CU
CU One
Langley CU
will 'lend' one 💰 then deposit it directly into a CD/ savings.... NOTHING new, nothing special

It amazes me that in today's world, a Google and 10-15 minutes ppl can have so much MORE information then would have been dreamed of even just 25 years ago but marketers bank on consumers just consuming w/o a lick of research

New cell phone yeah ppl will look but banking finance the AD is good enough 😇

I'm just saying the info isn't hidden in books and micofiche in back of the dusty library like the 80's

I didn't hire a P.I. to research Austin Capital bank I Googled and actually spoke to a real live 'nice' young man who verified my googled information about the one branch in Austin.

We're talking about your money and finances folks just assuming you or your co-worker know all available options honestly shouldn't be sufficient, if you found this forum,
How can't more ppl find 5 banking options in or out of town...the answer is and I mean no harm , we're a little lazy, which for many how/why the rebuilding process needs to happen in the 1st place....no Attention to details and being sloppy or lazy

We IMO must fess up to some of this B.S. or it's gonna jump up and bite again y'all know I don't pull punches

Best to All

[Anonymous]

---

@Anonymous wrote:
And I swear I mean no harm or disrespect to Austin Capital of Self-Lender (I've seen a corporate person post on this forum before)

I just don't like it when ppl operate from limited info w/o considering more options.....

If it were only about a few extra bucks = no big deal
But many ppl IMO should consider that a simple SSL with a regional CU 'might' be a step one towards a relationship that blossoms into
A unsecured CC then
A auto Refi
An IRA ( who knows)
A mortgage

Over the next 20-30-40 years

All things considered Austin Capital is a commercial bank
No CCs
No Car loans
No home loans

One location
9-5 Texas time
M-F

Again no things considered..
WHY would one choose to use them?

They more expensive and the relationship = a dead freaking end

Even for ppl that don't want to do my "Flash the Rent 💰 for 15 minute" options plenty of places like
Altura CU
CU One
Langley CU
will 'lend' one 💰 then deposit it directly into a CD/ savings.... NOTHING new, nothing special

It amazes me that in today's world, a Google and 10-15 minutes ppl can have so much MORE information then would have been dreamed of even just 25 years ago but marketers bank on consumers just consuming w/o a lick of research

New cell phone yeah ppl will look but banking finance the AD is good enough 😇

I'm just saying the info isn't hidden in books and micofiche in back of the dusty library like the 80's

I didn't hire a P.I. to research Austin Capital bank I Googled and actually spoke to a real live 'nice' young man who verified my googled information about the one branch in Austin.

We're talking about your money and finances folks just assuming you or your co-worker know all available options honestly shouldn't be sufficient, if you found this forum,
How can't more ppl find 5 banking options in or out of town...the answer is and I mean no harm , we're a little lazy, which for many how/why the rebuilding process needs to happen in the 1st place....no Attention to details and being sloppy or lazy

We IMO must fess up to some of this B.S. or it's gonna jump up and bite again y'all know I don't pull punches

Best to All

---

It's something to think about. However im so new i dont have a fico score so i really dont see a CU taking me in with open arms. TBH with you i was shocked that discover even gave me a secure card - I thought for sure i would end up having to get a card with a high annual fee and other out of this world fees.

For me asking about Self Lender i did read all kinds of mixed reviews with a google search and on their BBB profile.. I was just trying to see others thoughts on it & see if anyone else has used them and what their experience with them.

[Anonymous]

My friend @SHAWN77371

I'm not really sure where you're getting this information from or if you're just jk around but WHY would your FICO score keep you from joining a CU?

Where did you get the idea that XYZ Credit Union has some FICO score standard for a person to open a Savings account, anymore than BoA would...

Joining a CU, generally consist of a $5 deposit in Savings account ( CUs call Savings, Shares) this $5 makes one a 'member' because the $5 in Shares/Savings makes you a member/owner of the CU ( as you were a "shareholder' like at a big bank)

CUs are generally non-profits set up to SERVE members vs a for-profit bank....to even suggest that a non profit would use FICO scores to keep folks from joining the local CU, set up to serve ppl w/o profit shows a HUGE disconnect from 'getting it's

You can use Self-Lender...No problem, you seem set on it...

I just want anyone else reading to NOT be confused
Self-Lender nor Austin Capital bank are somehow RESCUING poor souls that can't join the local or national CU because their FICO score was to low

CUs DO NOT use FICO scores to "approve" or decline memberships... nothing further from the truth 100% WRONG!!!

Yes, some CU run a credit check but they do so more like an apartment complex checking for bad acts vs banking/CU institutions and perhaps Chexsystems just like Chase or Wells Fargo looking for bad check writers stuff like that ...now some CUs just like many banks might come back and say No because a person is on one of the bank/CU warning systems like again Chexsystems or EWS ( run by the big banks) or Telecheck

But the reason why a lot of ppl on Chexsystems join CUs is because their specific CU runs a SP credit check vs running Chexsystems so now that person can join and get a checking account...where this most regular banks will pull Chexsystems and the person is shut out for 5 years

Anyway, I just want to be fair to info seekers
I've already said Austin Capital is just a small one branch doing ZERO more than THOUSANDS of banks/CUs across our great nation...if ppl desire to continue to find reasons why NOT them

What can you do but wish them well

The OP didn't think he/she could get a Discover but someone or something has them thinking they can't join a CU over a FICO score.....that ticks me off, not going lie ( not ticked AT the OP...ticked that, somehow that NONSENSE got 'tricked' into their understanding and he/she said their in a house if 4...which means more ppl including possibly children could be totally influenced by horribly wrong info...causing more and more ppl to be confused and cut off to resources all over America that are open to them)

I'm gonna stop now because Im actually sad...

OP if you want you can send me a PM
Sharing your Metro area in America and if you want I will find you 3/4 CUs or community banks where your FICO score won't prevent you from access nor will you need an INVESTOR it Silicon Valley capitalist to establish a silly $500 'fake' (savings) loan for

Just Shawn, I'm not going do 20 folks leg work that anyone can do with 15-20min, Google and the right focus.

[Anonymous]

---

@Anonymous wrote:
@Anonymous friend @Anonymous

I'm not really sure where you're getting this information from or if you're just jk around but WHY would your FICO score keep you from joining a CU?

Where did you get the idea that XYZ Credit Union has some FICO score standard for a person to open a Savings account, anymore than BoA would...

Joining a CU, generally consist of a $5 deposit in Savings account ( CUs call Savings, Shares) this $5 makes one a 'member' because the $5 in Shares/Savings makes you a member/owner of the CU ( as you were a "shareholder' like at a big bank)

CUs are generally non-profits set up to SERVE members vs a for-profit bank....to even suggest that a non profit would use FICO scores to keep folks from joining the local CU, set up to serve ppl w/o profit shows a HUGE disconnect from 'getting it's

You can use Self-Lender...No problem, you seem set on it...

I just want anyone else reading to NOT be confused
Self-Lender nor Austin Capital bank are somehow RESCUING poor souls that can't join the local or national CU because their FICO score was to low

CUs DO NOT use FICO scores to "approve" or decline memberships... nothing further from the truth 100% WRONG!!!

Yes, some CU run a credit check but they do so more like an apartment complex checking for bad acts vs banking/CU institutions and perhaps Chexsystems just like Chase or Wells Fargo looking for bad check writers stuff like that ...now some CUs just like many banks might come back and say No because a person is on one of the bank/CU warning systems like again Chexsystems or EWS ( run by the big banks) or Telecheck

But the reason why a lot of ppl on Chexsystems join CUs is because their specific CU runs a SP credit check vs running Chexsystems so now that person can join and get a checking account...where this most regular banks will pull Chexsystems and the person is shut out for 5 years

Anyway, I just want to be fair to info seekers
I've already said Austin Capital is just a small one branch doing ZERO more than THOUSANDS of banks/CUs across our great nation...if ppl desire to continue to find reasons why NOT them

What can you do but wish them well

The OP didn't think he/she could get a Discover but someone or something has them thinking they can't join a CU over a FICO score.....that ticks me off, not going lie ( not ticked AT the OP...ticked that, somehow that NONSENSE got 'tricked' into their understanding and he/she said their in a house if 4...which means more ppl including possibly children could be totally influenced by horribly wrong info...causing more and more ppl to be confused and cut off to resources all over America that are open to them)

I'm gonna stop now because Im actually sad...

OP if you want you can send me a PM
Sharing your Metro area in America and if you want I will find you 3/4 CUs or community banks where your FICO score won't prevent you from access nor will you need an INVESTOR it Silicon Valley capitalist to establish a silly $500 'fake' (savings) loan for

Just Shawn, I'm not going do 20 folks leg work that anyone can do with 15-20min, Google and the right focus.

---

Good info

thanks for clearing that up for me.. before i signed on with cap1 a local bank is the 1 that told me they couldnt open me a checking account due to my credit & only for that reason because in my lifetime i only had 1 small check bounce but i paid it plus the 35 fee..

so cap1 got my business.. thats why i was thinking that... Nerver did i think about it to much when the lady at that bank told me that because it seems like anything you do nowadays requires a good credit score.

But yeah i can see it now that im thinking about it because cap1 diddnt send me packing they opend my checking account then after about 2 or 3 months they gave me a 200 line of overdraft protection..

thanks in advance