Yes. Self lender reports as a secured loan. It is not gaming the system. Secured loans are common. For exmaple bank may require you to secure a loan with some assets if your credit is not strong enouh.
The main thing is there is no score difference between a secured loan and an unsecured loan. They "help" just the same. As far as score you will see some score boost if you have no other loans because the "credit mix" portion of FICO will be realized. You will not see the maximum boost you get by paying the loan down below 8.9%. Still worth it imho if you have no other loans on your credit report.
Also now Self Lender gives you a secured card with the loan that does not require additional funds. That is two tradelines from one product with no hard pull to open.
I do not have first hand experience with the card because they started the card right as my Self Lender loan came to an end.
This video pretty much explains it:
Thank you so much i will check into that. Do you think the self card would still be good with the 8 cards i have already? Would add extra points to my score?
If you have 8 cards. No need for any more. No more apps after the self lender. Mortgage lenders dont like to see any new accounts at least for a year before applying in some cases. Good Luck!