Self Lender Chapter 13

Anonymous · ‎07-03-2016

Hello everyone. I'm about 5 months into my chapter 13 bk and decided to give Self Lender a shot just to get an installment loan reporting on my credit report (yes I had trustee approval). Has anyone used them before or know about them? I was reading reviews and it seems pretty legit to me especially because I didn't need to have 1000 up front like usual secured loans. I'm looking at buying a house next year so anything to help my credit works for me.

Anonymous · ‎07-04-2016

Interested in more information on this service if anyone knows please chime in!

torry590 · ‎07-04-2016

You may want to ask this question in the Rebuilding credit forum or general credit topics. More people there to answer that may have used their products.

Anonymous · ‎07-05-2016

Im in an active 13 right now, and am using self lender at the moment. Im 3 payments in, and have seen a 15 point increase from it. They report to all three CRAs and it seems to be working. Plus at the end, I get my $1100 back. I also signed up my wife for it and shes getting the same results. Seems to be a good product to build credit during a chapter 13. Might I also suggest a secured credit card from First Choice bank. They dont pull your credit and dont care if you are in BK or not. I have that going too with the standard $200 limit, and its been great for my credit. I started it last year and 14 months later Im up 100 points. Currently Im 665 TU score, not sure of the others. Less than a year left in my 13, and once discharged we should be able to start getting normal credit right out of the gate.

Anonymous · ‎08-09-2017

I just signed up a month ago, so far nothing about it on the report.... It's legit tho and the CEO is on the forums and will answer, I just not 5 mins ago posted on a forum and he responded to me personally and by name so I thought that was pretty cool, with low / bad credit were going to take it in the shorts and instead of the buy here pay here lots most were using 10 years ago we have these alts to help us..... And we get the money back so... I would give it a whirl man... The more accounts the better credit karma shows on mine.

Anonymous · ‎08-09-2017

Like danjenlily I signed my boyfriend up about a month ago for the $1000 loan. I made the first payment in July and they sent an email that states the loan will start reporting by the end of August.

Early last week, I signed up my 18 year old twins for the $500 loans to get them started with a positive trade line.

So far so good.

Anonymous · ‎08-10-2017

Both my wife and I signed up and have each made 2 payments. From what I have read it doesn't matter which dollar amount you choose, it affects your score the same way. Ours has not reported yet but they tell us it will be reported by the end of August. I have also seen the CEO on the forums and he has stated that by Nov they will be reporting quicker, maybe daily. I have seen people report that after 3-4 months it moved their score about 40 pts. I give them a big thumbs up.

Anonymous · ‎08-10-2017

I guess the true test will be when it's time to receive our money at the end of the term and how fast they get it to us!

Anonymous · ‎08-14-2017

IMO there isn't anything 'wrong' with Self-Lender
But they're cost are high and they are not offering a revolutionary product like many seem to think.

They just SCREAMING for clients but a bunch of CUs offer this exact type loan for much cheaper...they just don't YELL about

What confuses ppl is places call it a 'credit builder' loan others use other clever names but a gazillion places will 'face' lend you the money, lock it up in a savings/CD or whatever, have you pay ( generally about 2-3% above whatever % they give you on the CD/savings ( some give zero) so it works out to a few bucks total) at the end the cash in the account is yours kind of the forced savings and they build a relationship with hopefully a long term CU member
Been around forever

Also I like that many institutions allow for longer term ( still at lower overall cost) the longer term benefits your credit profile because having an 'open' installment TL helps your credit mix ratio, so not leave it open as long as possible also helping feed positive juice to the number of open accounts being well managed with on-time payments....
The point of a rebuild is to feed positive data and thicken up your profile....too many ppl get lost in the little piece of change coming your way once the account is closed but the power is in the profile you build and either way the money you saved isn't going anywhere

It's a great tool that the system allows folks to manipulate simple savings to 'job' credit history use it right and a few bucks in % 'buys' credit access and benefits way beyond the $50-$100 cost ...no better ROI known to man

Anonymous · ‎08-14-2017

I think the main benefit, at least for me, was that I didn't have to have the initial funds to secure. As far as I understood it, with a lot of the credit union products you have to "front" the amount of the loan, then make payments.

With self lender, I paid a one-time $12 fee and then make monthly payments.

Also, anyone can join self lender and it can be done online. With credit unions, you have to find a way to become a member (not that it's hard, but it could be an obstacle.)

Just my two cents.