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SelfLender

Auto Loans for ANY Credit Situation. Immediate Response.
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Valued Contributor

SelfLender

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

Message 1 of 7
6 REPLIES 6
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Regular Contributor

Re: SelfLender

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

July 17' - Scores 480s across the board
Fico Scores
Jan 18' - Exp 542 Eq 532 Trans 540
18' - Exp 642 Eq 649 Trans 660

Bank Cards - NFCU Cash Rewards $10k, NFCU Platinum $2000, NFCU MR $1000, Amex Delta Gold $1000, Discover IT $1000, Cap1 QS1 $300, Credit One $550, Primor Secured $250
Store Cards - Ikea Project $5500, Lowes $5000, Amazon Prime $5000, Fingerhut $1400, Jcrew $1020 - Other Comenity Cards $1400

Currently under contract for my first mortgage!
Message 2 of 7
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Super Contributor

Re: SelfLender

The better alternative to SelfL is the Share Secure Loan Technique

Message 3 of 7
Regular Contributor

Re: SelfLender

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.
Message 4 of 7
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Regular Contributor

Re: SelfLender

False alarm. You can pay 1 month in advance only.
Message 5 of 7
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Contributor

Re: SelfLender

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.

Message 6 of 7
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Valued Member

Re: SelfLender

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?

Message 7 of 7
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