Self Lender

What is Self?

Self is a tool that helps you build your credit by saving money. It’s like a credit-building savings plan.

How does it work?

  1. You open a credit builder account.
    Instead of giving you money right away (like a loan), Self puts the money into a locked savings account.

  2. You make small monthly payments.
    These are like loan payments. Each month, you pay a set amount (like $25–$150).

  3. Self reports your payments to the credit bureaus.
    They tell Experian, Equifax, and TransUnion (the 3 major credit bureaus) that you are paying on time. This helps build your credit history.

  4. You get your money back at the end.
    Once you finish all the payments (usually 12 or 24 months), you unlock your savings minus some fees.

Why use Self to build credit?

✅ No credit history needed – You don’t need a credit score to start.

✅ Builds credit safely – You’re using your own money, not a credit card or risky loan.

✅ Saves money at the same time – You get most of your money back in the end.

✅ Can improve your credit score – On-time payments are one of the biggest factors in your credit score.

Example:

You pick a plan to pay $25/month for 12 months.
→ Self locks up $300 for you.
→ You pay $25/month.
→ They report each payment to the credit bureaus.
→ At the end, you unlock most of that $300.
→ You now have a better credit score and some savings!

Go2Bank

Go2Bank

GO2bank offers a range of services, including: 

  • Checking and savings accounts: Including high-yield savings accounts with a 4.50% APY on balances up to $5,000. 

  • Secured credit card: For building or rebuilding credit, with no credit check required for application according to NerdWallet. 

  • ATM network: Access to a nationwide network of free ATMs for cash withdrawals. 

  • Cash deposits: Options for depositing cash at various retail locations. 

  • Mobile check cashing: Through the app, with options for instant or 10-day funding. 

  • Digital payments: Compatible with Apple Pay, Google Pay, and Samsung Pay. 

Credit Strong

How it works:

  • Credit Building:

    Credit Strong offers both Installment and Revolv (revolving credit) accounts. 

  • Installment Accounts:

    You choose a loan amount and monthly payment, and the loan is secured by a savings account with Austin Capital Bank. As you make on-time payments, this positive payment history is reported to the credit bureaus. 

  • Revolv Accounts:

    These offer a revolving line of credit, allowing for more flexible credit building. 

  • Savings Component:

    With each monthly payment, you're also building savings in the secured account. 

  • FDIC Insurance:

    The savings component is FDIC-insured, providing security for your funds. 

Key features:

  • No Credit Score Required: Credit Strong accounts can be opened regardless of your current credit score. 

  • No Hard Credit Inquiry: Applying for a Credit Strong account won't negatively impact your credit score. 

  • Builds Both Credit and Savings: You're actively improving your credit score while growing your savings. 

  • Transparency: Credit Strong is transparent about its fees and processes, working directly with credit bureaus. 

  • Flexibility: You can choose from different plans to suit your budget and timeline. 

  • Potential for Score Improvement: Many users report seeing a positive impact on their FICO scores after using Credit Strong. 

In essence, Credit Strong provides a unique way to build credit and save money simultaneously, with the added security of being backed by a bank.