Living with a chronic illness comes with its challenges, from managing unpredictable medical bills to dealing with income gaps caused by flare-ups. One thing that shouldn’t add to the stress is building or maintaining good credit. That’s where Self Lender can make a difference—it’s more than just a credit-building tool; it’s a way to empower yourself financially.
In this post, I’ll explain what Self Lender is, its key features, why it’s particularly beneficial for true warriors, and how to get started.
What is Self Lender?
Self Lender, now known as Self, is a financial app that offers a unique way to build credit while saving money. It works through credit builder loans, which are small, secure loans that are specifically designed to help you build credit. Instead of receiving the loan amount upfront, your payments go into a certificate of deposit (CD), which you get back (minus interest and fees) at the end of the loan term. This method ensures that you build credit through regular, manageable payments.
Key Features of Self Lender
1. Credit Builder Loan:
Self offers credit builder loans that allow you to build credit by making regular monthly payments. The amount you pay is stored in a CD and returned to you at the end of the term.
2. Monthly Reporting:
Self reports your payments to all three major credit bureaus—Experian, Equifax, and TransUnion—helping you build a positive credit history over time.
3. Flexible Payment Plans:
Self provides various payment plan options to suit your financial situation. You can choose a plan that fits your budget, ensuring that the payments are manageable.
4. Secure Savings:
The money you pay into your credit builder loan goes into a CD, which earns interest over the term of the loan. This means you’re not only building credit but also saving money.
5. No Credit Check:
Self does not require a credit check to open a credit builder account, making it accessible for those with no or low credit scores.
Why Self Lender is Beneficial for True Warriors
1. Manageable Payments:
For warriors, financial stability is often compromised by unpredictable medical expenses. Self’s credit builder loans come with small, manageable payments, making it easier to build credit without adding financial stress.
2. Building Credit and Savings Simultaneously:
Self Lender allows you to build credit while simultaneously saving money. At the end of the loan term, you receive the amount you’ve paid, minus interest and fees, providing a financial cushion that can be invaluable during times of medical need.
3. Accessibility:
Self’s no-credit-check policy ensures that anyone can start building credit, regardless of their current credit status. This is particularly important for lupus warriors who may have faced financial setbacks due to their health.
4. Positive Credit Reporting:
Consistent, on-time payments are reported to all three major credit bureaus, helping to improve your credit score. This positive credit history can open doors to better financial opportunities, such as lower interest rates on loans and better credit card offers.
5. Educational Resources:
Self provides educational resources to help you understand credit and how to manage it effectively. This knowledge empowers lupus warriors to make informed financial decisions, reducing stress and improving overall financial health.
How to Get Started with Self Lender
Step 1: Sign Up
Download the Self app and sign up by providing your personal information. The process is straightforward and does not require a credit check.
Step 2: Choose a Plan
Select a credit builder loan plan that fits your budget. Self offers flexible payment options to ensure the payments are manageable.
Step 3: Make Regular Payments
Make your monthly payments on time. These payments go into a CD, which you’ll receive back at the end of the loan term.
Step 4: Monitor Your Progress
Use the app to monitor your credit score and track your progress. Self reports your payments to the major credit bureaus, helping to build your credit history.
Step 5: Receive Your Savings
At the end of the loan term, receive the money you’ve paid into the CD, minus interest and fees. This savings can be a valuable financial resource for future needs.
Conclusion
Self Lender offers a unique and effective way for you to build credit while simultaneously saving money. With its manageable payment plans, positive credit reporting, and educational resources, Self provides a comprehensive solution to improve your financial stability. By leveraging Self, you can take control of your credit journey, reduce financial stress, and focus on managing your health with greater peace of mind.
Engagement Question:
Have you tried using Self Lender or any other credit-building apps? Share your experiences and any tips you have for managing credit while living with a chronic illness in the comments below!
