Self Financial, Inc.

Self Financial is a company that offers credit builder accounts and secured credit cards specifically designed to help people establish or improve their credit history. Unlike a traditional loan or credit card, the products are structured so that building your credit is the main purpose rather than providing immediate access to cash.

The core product is the credit builder account, which works like this: you apply and are approved for a small loan, but instead of receiving money upfront, the loan funds are held in a certificate of deposit account in your name. You make fixed monthly payments over the term of the loan. Those payments are reported to all three major credit bureaus each month, which is how the account helps build your credit file. At the end of the term, you receive the saved amount minus any fees and interest paid.

Self also offers a secured Visa credit card that is linked to your credit builder account. Once your account balance reaches a qualifying threshold, you can use a portion of it as your security deposit to open the secured card. This adds a revolving credit account to your credit profile, which can further strengthen your credit mix.

The costs associated with Self products include a one-time account fee to open the credit builder loan and interest paid over the loan term. The secured card may carry an annual fee. These are real costs, so consumers should factor them into the decision. The product is not free, but for someone with no credit history or damaged credit who wants a structured way to build their profile, the mechanism is transparent and straightforward.

Self is not a bank. The credit builder loan is issued through partner banks. Review all fee disclosures carefully before enrolling.