{"id":7415,"date":"2019-05-06T10:34:02","date_gmt":"2019-05-06T14:34:02","guid":{"rendered":"https:\/\/www.afcpe.org\/?p=7415"},"modified":"2019-05-06T10:34:47","modified_gmt":"2019-05-06T14:34:47","slug":"the-tools-resource-review-self-lender","status":"publish","type":"post","link":"https:\/\/www.afcpe.org\/news-and-publications\/blog\/the-tools-resource-review-self-lender\/","title":{"rendered":"Tools & Resource Review: Self Lender"},"content":{"rendered":"\t\t
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Before I start, I want to give you a heads up. I am not being compensated to write this blog post. But in full disclosure, I am compensated by Self Lender to write personal finance articles for SelfLender.com<\/a> so we do work together. Although I\u2019m extremely grateful for the professional relationship I have with Self Lender and other brands, anytime I write, speak or recommend something, I do it because those are my true thoughts and opinions.<\/em><\/p>

Helping people to be better with money is what we do. We change how people think about money and help them take steps to be successful with it. But each person we help is different. They each have their own set of circumstances, beliefs, mistakes, goals and knowledge base. As financial professionals, our job is to match the person with a plan but also the tools they need to accomplish that plan.<\/p>

The key word there is \u201ctools.\u201d The tools of our trade are an important part of helping our clients reach their financial goals. It\u2019s a great feeling when you connect a person with a tool or resource that works for them, especially one that helps them break the cycle of financial chaos!<\/p>

One such resource is Self Lender. Self Lender\u2019s mission is to help people build credit. My first introduction to the company was by chance at a financial conference. There I had the opportunity to meet part of the Self Lender team and learn first-hand who they are and how they help. What resonated with me was their passion to help people build or improve their credit. They don\u2019t just talk the talk, they walk the walk<\/p>

Good credit can not only save you money, but it can also save you heartache and stress. As a financial coach that helps the military, I know that good credit is paramount to Service members. Members of the armed forces who hold a security clearance must maintain good credit or risk losing their security clearance. That\u2019s where I find Self Lender to be a good resource for the population I serve. Here are the details about Self Lender to see if they would be a good fit for the clients you serve.<\/p>

How it Works<\/strong>
Self Lender helps clients build credit by first having them apply for a credit builder account, which is a CD_secured installment loan. The funds from the customer\u2019s loan are then put into a CD in the customer\u2019s name. Once that\u2019s done, the client repays the loan based on a repayment plan that fits into their budget. Each time a payment is made, the payment is reported to the three credit bureaus. With each on-time payment, the client is building or rebuilding their credit.<\/p>

Self Lender\u2019s credit builder loans do not require you to make a deposit up front but your client will need to be able to afford the payment. There is an administration fee and variable payment options; it\u2019s best to check their website for the most current figures. The APR on the loan is 16% or lower.<\/p>

With anything and money, the resources you use will depend on the person and their situation. Here are some of the pros and cons of Self Lender to help you better understand the resource.<\/p>

Pros<\/strong><\/p>