Anyone heard of “ Self Lender App”

Anonymous · ‎05-14-2019

Just like the title says .

Have anyone encountered or used “self lender” app for iOS OR ANDROID. Has good reviews apparently it helps to rebuilt whole reporting to all credit agencies. No money up front.

I attached the link for anyone who wants to take a look.

https://learn.selflender.com/lpg/click-through/credit-builder-education-hiwgate/?utm_medium=paidsear...

Anonymous · ‎05-15-2019

Yes, there are several threads about Self Lender. It's a helpful tool for those looking to rebuild their credit.

Anonymous · ‎05-15-2019

Self Lender is good. I opened up a loan with them for 12 months. Closed it when I got a real loan. No fuss no drama and they did report to all three for me. Not sure how much it helped our credit, but it was fine.

Anonymous · ‎05-15-2019

Im confused, is it a loan that is kept in the bank and you just put money torwards it, or do you actually get the money? I read the "how it works" but was confused lol.

Anonymous · ‎05-15-2019

Okay, so from what I read this is what I understood. You get a 12-24 month loan to build credit. However you don’t put any money down upfront like you would a secured loan. let’s say you get a loan for 1000 for 24 months monthly payments are 60 w/ interest. After the 24 months are over you get your 1000 dollars that you were paying . Almost like a saving account that reports to all 3 credit agencies.

wantitgone · ‎05-15-2019

Yes. I just made my second payment. I'm paying $89 a month for 12 months and at the end will receive $1,000 back, all while building my credit with the on-time payments for a year.

FICO 8 on 5/31/19 ~~ EQ: 608, TU: 545, EX: 585
BK 7 DC 7/9/19
FICO 8 on 01/31/2023 ~~ EQ: 693, TU: 677, EX: 678

NFCU CLOC $1,000

Apple Card 4,500
Williams Sonoma $1,250
NFCU CashRewards $2,500
NFCU Flagship $12,100
Navy Federal Platinum $25,000
PenFed Pathfinder $12,500
Kemba CU Platinum $3,500
Amazon Store Card (Synchrony) $1500
Paypal Credit $850
Capital One QS $2,000
Capital One Spark $2,000
Overstock Store Card $2,150

AAoA: EQ - 7y9mo, TU - 7y8mo, EX - 5yr7mo (as of 01/31/2023); INQ are 2 EQ, 6 TU, and 5 EX.

New Auto Loan with NFCU (May 2022): 32k for 3.49%/60 months

My DPs: as of January 2023, I am full-time employed, 55k/year, 2 federal consolidated loans plus 3 new student loans, had perfect payment history with 0 derogs until 90 day lates prior to filing BK in March 2019.

Anonymous · ‎05-16-2019

No you dont actually receive any money. They setup a loan payment plan, and you pay your money into the loan via payments. They keep the money for you, and they earn on the interest on it. Then pay it back to you at the end, or whenever you cancel the loan actually. You can cancel it at any time and there is no penalty for that. They will give you back what you paid in, and they keep the interest. Its a complete no risk loan to them basically, and they earn the interest on it. Its a win-win.