Self Inc: Building Credit and Savings Together

Self Inc, also known as Self Lender, is a financial technology company that aims to help people build credit and save money. Their platform offers a unique credit-building product that allows individuals to establish or improve their credit history while saving money. They primarily cater to individuals who have limited or no credit history or are working on rebuilding their credit.

Here’s how the process typically works

Users apply for a Self Inc credit-builder account, and once approved, they agree to pay a fixed monthly installment for a specified period, usually 12 or 24 months. Instead of receiving the loan amount upfront, Self Inc puts the approved loan into a certificate of deposit (CD) account on the user’s behalf. Each month, the user’s payment goes towards the installment and a small administrative fee. Once the term is complete, the user gets access to the funds in the CD account, which they can use for various purposes or keep as savings.

The monthly payments are reported to

major credit bureaus, Equifax, Experian, and TransUnion, which help individuals build a positive credit history and improve their credit scores over time. It’s essential to make timely payments to ensure the intended credit-building benefits. Self Inc is among the numerous companies using innovative approaches to address the issue of credit-building for underserved populations.

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