SelfLender

[corymcd88]

Does anyone know anything about self lender and it it safe to use?

[Anonymous]

I have it currently. I'm 6 months into the 12 month loan. The staff is very friendly and generally reply asap to messages.

I used it to help with credit mix and also to save some money $$$. Kinda cool having an internal savings account that helps credit.

It takes about 3 months to start reporting but does back report. I think my scores popped up about 10 points when it reported but nothing crazy. Your bank might have a secured loan which I would probably recommend first for reporting purposes... if not, self lender is the way to go

[Anonymous]

The better alternative to SelfL is the Share Secure Loan Technique. 

[Anonymous]

Not sure if they made any changes, but after I made my $25 payment for this month, I looked at my payment schedule and the last payment which is due in March 2020 is $17.93 so I made that payment thinking it would remove that payment from the back of the loan. Instead the $17.93 was applied to July’s payment with $7.07 due on July 15th. I just e-mailed customer service to see if they now allow prepayments to postpone future payments to a later date.

[Anonymous]

False alarm. You can pay 1 month in advance only.

[vV35Hszm]

I used them, I was excited and thought it was awesome... until I realized credit unions offer the same thing at a MUCH better rate.

To their credit, they let me cancel early and save some of the fees.

[Anonymous]

I am 6 months into my Self Lender loan and it has worked great for me.  The set up online is easy and they do not pull your credit.  I set up a secured credit card with a CU right before Self Lender.  The CU said it would only be a soft pull but it does show up on my Experian report as a HP.  It does take 3 months to start reporting.  

I was thinking about doing another credit builder loan when this one is complete in 6 months.  Self Lender has a 2 year product now.  I was told if you already have one installment loan it doesn't make much positive difference to add another one.  Can anyone confirm or clairfying this?