Self Lender $10 Referrals – Build Credit with Credit Builder Loans

Self Lender helps you build credit while saving money with a Credit Builder Loan, and no credit score is required to qualify, plus you can create a free Self Lender account to check your credit score and get free credit monitoring.

Self Lender users get personalized credit score tracking, credit monitoring, access to simple financial tools, and the opportunity to apply for a Credit Builder Loan.

A Credit Builder Loan is basically a $1,100 loan that is deposited directly into a 12-month Certificate of Deposit on your behalf earning a 0.10% APY.

You make 12 monthly payments of $97 each until the loan is paid off and the CD matures, and then your savings are unlocked and you’ve established a credit history with the credit bureaus.

Self Lender can help you monitor your credit and learn about your credit score, while an optional Credit Builder Loan can help you establish your credit history and save money in a safe, responsible way.

Plus, when you sign up for a free Self Lender account, you can earn a $10 Self Lender Referral Credit for each new user that you refer who makes their first payment toward a Credit Builder Loan.

Please note that as of June 16, 2016, the Credit Builder Loan and Self Lender are not available in New York, Vermont, or Wisconsin.

Self Lender Account Features

• Free to Create Self Lender Account.
• Check Your Free Credit Score.
• Get Free Credit Monitoring.
• 24/7 Access to Financial Tools.
• Apply for Credit Builder Loan.
• Build Credit and Save Money.
• No Credit Approval Required.

How Self Lender Credit Builder Loans Work

A Credit Builder Loan is a $1,100 loan that’s held in a CD account for 12 months.

The account is FDIC-insured, earns 0.10% APY interest, and is held for you in your name during the term.

If you need to borrow money upfront, then you are better off applying for a Personal Loan to get the funds you need as soon as possible, as the Credit Builder Loan is designed to build your savings and credit over 12 months.

Step-by-Step Loan Details:

1. Self Lender’s banking partner, Austin Capital Bank, lends you $1,100 that is held in an FDIC-insured, Certificate of Deposit bank account (CD) for 12 months in your name.

2. The CD earns 0.10% APY while the loan has an interest rate of 10.57%. The total APR is 12.65%.

3. You pay a 1-time $12 fee (non-refundable administrative fee) to open the Credit Builder Loan account.

4. You choose a payment plan of $97/month for 12 months (more payment plans will be available in the future).

5. Your payment history is reported to the credit bureaus while the CD account earns interest.

6. After completing the 12-month term with on-time payments, the loan is paid off, and the CD account unlocks with more than $1,100, and you’ve demonstrated months of payment history to the credit bureaus.

In total, a Credit Builder Loan will cost you $76 for the total amount paid in fees and interest.

Additionally, a CD account with $1,100 deposited has an expected value of $1,101.10 in 12 months at the 0.10% Annual Percentage Yield.

You could also consider a secured credit card to establish your credit history, but then you would have to make an upfront cash deposit of $500 or more, and most secured cards also charge you a membership fee as well, so the Credit Builder Loan makes a viable alternative for the price.

Self Lender $10 Referral Program Credits

Anyone can create a free Self Lender account to access your credit score and credit monitoring services as well as your Self Lender referral code to share with your friends and family.

For every friend that you refer who joins Self Lender, you will get $10 in Self Lender membership credits.

The $10 credit is paid to the referrer once the referee makes their first payment toward a Credit Builder Loan.

The referrer will receive a $10 credit, but the referee does not receive any type of incentive for opening a new account or applying for a loan.

Unfortunately, Self Lender has not established exactly what you will be able to do with your referral credits (per chat session on 6/15/16), but you will most likely be able to apply them toward your loan payments or withdraw them to your connected bank account (I can’t think of any other options, but who knows).

The Self Lender referral program is relatively new, so they are still working out the details at this time, and I will update this page with any changes.

If you create a Self Lender account, please feel free to post your referral code in the below comments and to let us know about your experiences with their services.

Give Self Lender a try to build your credit with a Credit Builder Loan as well as to access your credit score and free credit monitoring services.