Self Credit Builder: How It Works
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at Self
How Self — formerly Self Lender — works
How to qualify for a credit-builder loan with Self
- Be at least 18 years old.
- Be a permanent U.S. resident.
- Have a Social Security number.
- Have either a bank account or debit card; a prepaid card is OK.
Self fees and penalties
Self secured credit card
Credit-builder loans vs. secured cards
- You don’t need money upfront to get the loan. With a secured card, you typically have to pay a deposit upfront, and that amount is generally your credit limit.
- You cannot access the money on deposit until the loan is paid off. With a secured card, you can use up to your credit limit anytime — though doing so will increase your credit utilization and hurt your credit until the balance is low again.
Disclosure from Self
Sample product: $25/mo, 24 mos, 15.92% APR; $35/mo, 24 mos, 15.69% APR; $48/mo, 24 mos, 15.51% APR; $150/mo, 24 mos, 15.82% APR. See self.inc/pricing. Credit Builder Accounts & Certificates of Deposit made/held by Lead Bank, Sunrise Banks, N.A., First Century Bank, N.A., each Member FDIC. Subject to credit approval.
Article sources
- 1. National Credit Union Administration. Payday Alternative Loans Final Rule. Accessed Apr 17, 2025.
- 2. Federal Reserve Bank of St. Louis. Finance Rate on Personal Loans at Commercial Banks, 24 Month Loan. Accessed May 23, 2025.
- 3. Consumer Financial Protection Bureau. What is a payday loan?. Accessed Apr 17, 2025.
- 4. National Credit Union Administration. Credit Union and Bank Rates 2024 Q4. Accessed May 23, 2025.
- 5. Angi.com. How Much Does It Cost to Make My Home Accessible?. Accessed Nov 12, 2024.
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