Self: The 2 in 1 Credit Builder Loan

Today we review Self, a type of credit builder loan that acts as a savings account while earning their keep with the interest that your money accumulates along with transaction fees.

This $25 a month loan boosted my score by 40 points. Now, I'm sure results may vary, but for some reason, my wife also had a 40+ point boost on her credit score after enrolling with Self. It might have been the fact that it was the first and only installment loan we enrolled in giving our credit file a reviving electric shock.

Self does require a 24-month commitment in order to create an account, but when you consider the fact that your savings can be used as a deposit on a Self Secured Credit Card, the benefits start to outweigh the long-term commitment issues you might be feeling.

Yes, you read that correctly. After 3 consecutive payments and a minimum of $100 in your Self savings account, you will have access to create a second account for a Self Secured credit card. You'll be knocking out two birds with one stone.

Why place a $300 deposit on some secured credit card when Self will give you a credit-builder loan and a secured credit card for $25 a month? It's a no-brainer if you ask me. Like anything else, your results will depend on the amount of effort you give.

My brother, it's time to place a roof over your family's head.

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