A “credit monitoring” platform, Self Lender tracks a person’s credit score and gives suggestions to him or her on how to better it. It partners with other companies that offer products which one can use to build their credit score. Basically, parties who have established credit, and approach Self Lender for a personal loan or credit card offers, would receive assistance acquiring these through a company such as Credible instead.
Self Lender offers credit products to individuals having no or bad credit. It has a relationship with many FDIC insured banks, through which it offers “Credit Builder Accounts”. These accounts help individuals who have to build credit via installment loans.
Self Lender allows any person to build credit using a savings plan in order to form good finance-related habits. It was founded in 2015 by Conor Swanson and James Garvey and is currently headquartered in Austin, Texas.
The flagship product of this company is a savings plan which builds credit. Its stated mission is to help individuals improve their credit score, especially if they lack access to a traditional financial product because of their current situation there. A Credit Builder Account accompanies a loan which a person basically makes to themselves, and which lets them build savings as well as credit.