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
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.
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?