is Self Lender Credit a Scam | Build Credit and Save
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Is Self Lender Credit a
Is Self Lender Credit a scam or is it not. Disclosure I do not have a referral link to get $10 bucks from Self Lender. Seen a few Youtuber try to give nonbias advice while being sponsored and having referral links, that’s not the case here.
How does Self Lender work:
Now I’m going, to be honest, this concept is really. You're basically getting a loan that held in a CD in your name and when you are done repaying the small loan you get your money back plus interest. And this way all does payments you made, get reported to the credit 3 Credit bureaus. BTW the interest is not free money, its money you get for your opportunity cost.
Who is Self Lender for:
- 80% of the American Market place ( they live paycheck to paycheck)
- It’s the perfect product for two types of people: paycheck to paycheck and that’s it
Customer service: (1 877 883 0999)
1. What do I need to get started?
Id, Social and proof you can Pay.
2. Does this work with people with terrible credit?
Yeah, they look at bank statements instead of the report.
3. What's the max loan I can take and will that help me loan term?
1700 might change soon to lower.
5. Is it hard or soft pull
Soft pull no effect on credit
6. What happens if you stop paying (certificate in my name)
15 days fee, 30 days reported and 80 days they close it down.
7. Is the loan taking from the same bank that gives the cd?
Yeah, and they are partnered with them
8. What is the cd rate?
.10% nothing basically
9. Who is the issuer of the cd is it you guys?
One of three banks they are partnered with
10. Can I pick the cd, because I found a few with higher rates than the one you have?
Nope, only what they give you.
11. Can this negatively affect my credit score if I lose my job midway?
Yeah if you stop paying for 30 days
12. How do you guys make money?
Subscriptions, Fee, and interest
14. Do the loans have an interest, and is there any way to avoid it?
Yeah they have interest, you can avoid by paying it in full but it defeats the purpose.
15. How much interest?
10-13%
16. What's the Finance charge?
The interest we charge you
17. Penalties for closing the account?
5 bucks and the Cd fee
18. Whats the charge for missing payments?
5% for late payment and 15$ for checking bouncing back
Pros and Cons of the Self Lender Credit
Pros
- They get you a loan
- Hold it in a cd
- Make it easy
Cons
- The catch is you have to carry a balance to build credit history (terrible for you)
- 5% fee for missed payments (15days) and more than 30 days it gets reported
- No Control: stop giving up control and trust yourself and lean on how to manage your finances. Expenses on a credit card
- .01% on your cd whyyyy
- The Fee for 12 months they charge is around .007-2 percent of the loan amount
I think: advice
- Obviously, their target audience is people new to credit
- They limit risk by being a broker between you and the cd
- They make money from the fee
- And they are smart they would just take that money and spread across high yield savings or low-risk investments and make a ton of money before giving you the money
What do I recommend
What I did for my Mom: I got a secured Credit card, and she paid it off every month for 9 months, and now her score is over 700 no fees, no interest no anything.
- I have a video on the top secured credit cards you can get
- Don’t give up control so easy, there always a better way and this is not the way
Do I recommend it?
No, I don’t recommend it at all. You're going to be carrying a balance and earning .01% on your money it makes no sense. Get a secured credit card and put your expenses on it and pay it off every month.
- The only way to learn is by doing, not by giving up control to this company.
- A lot of people recommended credit unions, if you know any deal, comment down below to help everyone else out.
* PRO TIP*
INFORMATION IS EVERYTHING
Link:
Articles: https://www.creditcardinsider.com/rev...
Nerd Wallet: https://www.nerdwallet.com/blog/finan...
Reviews: https://www.creditkarma.com/reviews/p...
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Social Media~
Facebook: Facebook: tommybryson.yt
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Snapchat: tommy28fly
How does Self Lender work:
Now I’m going, to be honest, this concept is really. You're basically getting a loan that held in a CD in your name and when you are done repaying the small loan you get your money back plus interest. And this way all does payments you made, get reported to the credit 3 Credit bureaus. BTW the interest is not free money, its money you get for your opportunity cost.
Who is Self Lender for:
- 80% of the American Market place ( they live paycheck to paycheck)
- It’s the perfect product for two types of people: paycheck to paycheck and that’s it
Customer service: (1 877 883 0999)
1. What do I need to get started?
Id, Social and proof you can Pay.
2. Does this work with people with terrible credit?
Yeah, they look at bank statements instead of the report.
3. What's the max loan I can take and will that help me loan term?
1700 might change soon to lower.
5. Is it hard or soft pull
Soft pull no effect on credit
6. What happens if you stop paying (certificate in my name)
15 days fee, 30 days reported and 80 days they close it down.
7. Is the loan taking from the same bank that gives the cd?
Yeah, and they are partnered with them
8. What is the cd rate?
.10% nothing basically
9. Who is the issuer of the cd is it you guys?
One of three banks they are partnered with
10. Can I pick the cd, because I found a few with higher rates than the one you have?
Nope, only what they give you.
11. Can this negatively affect my credit score if I lose my job midway?
Yeah if you stop paying for 30 days
12. How do you guys make money?
Subscriptions, Fee, and interest
14. Do the loans have an interest, and is there any way to avoid it?
Yeah they have interest, you can avoid by paying it in full but it defeats the purpose.
15. How much interest?
10-13%
16. What's the Finance charge?
The interest we charge you
17. Penalties for closing the account?
5 bucks and the Cd fee
18. Whats the charge for missing payments?
5% for late payment and 15$ for checking bouncing back
Pros and Cons of the Self Lender Credit
Pros
- They get you a loan
- Hold it in a cd
- Make it easy
Cons
- The catch is you have to carry a balance to build credit history (terrible for you)
- 5% fee for missed payments (15days) and more than 30 days it gets reported
- No Control: stop giving up control and trust yourself and lean on how to manage your finances. Expenses on a credit card
- .01% on your cd whyyyy
- The Fee for 12 months they charge is around .007-2 percent of the loan amount
I think: advice
- Obviously, their target audience is people new to credit
- They limit risk by being a broker between you and the cd
- They make money from the fee
- And they are smart they would just take that money and spread across high yield savings or low-risk investments and make a ton of money before giving you the money
What do I recommend
What I did for my Mom: I got a secured Credit card, and she paid it off every month for 9 months, and now her score is over 700 no fees, no interest no anything.
- I have a video on the top secured credit cards you can get
- Don’t give up control so easy, there always a better way and this is not the way
Do I recommend it?
No, I don’t recommend it at all. You're going to be carrying a balance and earning .01% on your money it makes no sense. Get a secured credit card and put your expenses on it and pay it off every month.
- The only way to learn is by doing, not by giving up control to this company.
- A lot of people recommended credit unions, if you know any deal, comment down below to help everyone else out.
* PRO TIP*
INFORMATION IS EVERYTHING
Link:
Articles: https://www.creditcardinsider.com/rev...
Nerd Wallet: https://www.nerdwallet.com/blog/finan...
Reviews: https://www.creditkarma.com/reviews/p...
👕Merch👕
https://teespring.com/stores/tommybryson
✅2 FREE AUDIOBOOKS✅
https://amzn.to/2Enayo8¬¬¬
🎁ACORN FREE $5🎁
Link: https://acorns.com/invite/38EYSU
⚡FREE KINDLE UNLIMITED⚡ (traditional reading)
Link: https://amzn.to/2VGbxt9
👨🏽💻DISCORD PRIVATE GROUP👨🏽💻
Discord: discord
My Camera Gear: https://amazon.com/shop/tommybryson
✔ Help Us Reach 10,000 Subscribers: https://goo.gl/0wvm6w
Social Media~
Facebook: Facebook: tommybryson.yt
Twitter: Twitter: TommyBrysonVlog
Instagram: Instagram: tommybryson
Snapchat: tommy28fly
5 سال پیش
در تاریخ 1398/04/27 منتشر شده
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