What if there was an app that could help you build credit and save money from your mobile device? Well, you’re in luck, as the Self app allows you to meet these goals and so much more. Read on to learn more about how it works, the key features that make it worth considering and how to download the mobile app to start leveling up your credit health.
About the Self App
The Self app caters to consumers seeking an innovative way to build credit from scratch or improve their credit score. It is an offering of Self Inc. (formerly Self Lender), an Independent Community Banks of America (ICBA) affiliate and Better Business Bureau (BBB) accredited entity.
How Does the Self App Work?
The Self App is available on iOS in the App Store for Apple devices and for Android devices from the Google Play Store. You can download it to a mobile phone or tablet. Here’s an overview of how it works:
- Apply for a Self Credit Builder Account. The lender will hold the credit builder loan proceeds in a secured, interest-earning bank account if you’re approved.
- Pay the one-time non-refundable administrative fee along with the equal monthly installments for the 12 or 24-month loan term.
- Build your payment history as you make timely monthly loan payments.
- Receive your loan amount proceeds (minus applicable interest and fees) once the loan is paid in full.
Should You Use the Self App to Build Credit?
It’s a personal decision, but Self can help you build credit and save money. You don’t need good credit to qualify, so you can get started with a low credit score, and your credit score won’t take a hit when you apply. Plus, you could unlock access to a secured Visa credit card if you keep your account in good standing.
Is the Self App Safe?
Yes. Self encrypts your data and routinely conducts penetration tests and vulnerability scans. Plus, all employees must undergo criminal financial background screenings to ensure the safety of their customers’ personal and financial information.
You should also know that more than 2,500,000 consumers around the nation have used Self to build credit.
Self App Features
There are many beneficial features that Self members enjoy through the mobile app.
Simple Application Process
You can apply for a Self Credit Builder account in five minutes or less. In most instances, you’ll get an instant decision.
Easy Qualification Criteria
Self makes it easy to qualify for a Credit Builder account. Here’s what you’ll need:
- To be at least 18 years old and a U.S. citizen or permanent resident with a physical U.S. address
- Have a valid Social Security number
- Have a bank account, prepaid card or debit card you can use to make monthly payments to Self
Self Credit Builder Account
As mentioned earlier, you can open a Credit Builder account using the Self App. It’s an installment loan secured by a CD that lets you build credit while saving money.
Reports to the Major Credit Bureaus
Self reports account activity to the three major credit bureaus – Experian, TransUnion and Equifax. So, making timely payments will improve your payment history and could help boost your credit score.
Low-Interest Rates
The interest rate with Self is lower than what you’ll typically find with traditional credit-building products, like secured credit cards and unsecured personal loans.
Self Visa Credit Card
Once you open a Self Credit Builder Account, make at least three consecutive payments on time and reach a savings balance of $100 or more, you could qualify for a secured Visa credit card.
The initial credit limit is determined by the portion of your savings allocated to the card. However, you could qualify for higher credit limits with responsible use of the card over time. Some members also unlock unsecured credit after six months of positive credit behaviors with the card and other accounts outside of Self.
Self App Plans and Pricing
If you decide to move forward with a Self Credit Builder Account, here are your choices as displayed on the Self pricing page:
- Small Builder: You’ll pay $25 monthly over a 24-month term and get $520 when the repayment period ends. This option will cost you $89 and comes with a 15.92 percent interest rate.
- Medium Builder: You’ll pay $35 monthly over a 24-month term and get $724 back when the repayment period ends. This option will cost you $125 and comes with a 15.97 percent interest rate.
- Large Builder: You’ll pay $48 monthly over a 12-month term and get $539 back when the repayment period ends. This option will cost you $46 and comes with a 15.65 percent interest rate.
- X-Large Builder: You’ll pay $150 monthly over a 12-month term and get $1,663 back when the repayment period ends. This option will cost you $146 and comes with a 15.91 percent interest rate.
You’ll also pay a one-time administrative fee of $9 when you open a Credit Builder Account.
Where to Download the Self App
The Self App can be downloaded free of charge on both iOS and Android devices. It’s available to consumers in all 50 states.
You can use the app to open a Credit Builder account and make changes to your account settings. Plus, you’ll find valuable tutorials and a link to a comprehensive knowledge base inside the mobile app. Visit the Self website to learn more and start improving your credit health.
