Let’s face it, credit is a major factor to just about everything. From buying a house, financing a new car, and applying for credit cards, having a good credit score is important.
However, the majority of the population have less than good or even barely acceptable credit score.
Everyones credit score can use some work and a reverse loan is a great way to build your credit history and raise your credit score.
So what exactly is a Reverse Loan?
Traditional loans are money lended from a bank or loaned money with the agreement to pay it off within a set amount of months along with a fee for the service. A Reverse Loan is simply a loan that your pay off up-front then you receive your funds once the set amount is paid in full, minus any fees.
For example, if you agree upon a loan of $2,000 and a monthly payment of $150 per month, you would make monthly payments of $150 per month until you reach the $2,000 amount. Once you reach the amount, your loan amount minus any fees will be returned to you, hence a reverse loan.
How does a Reverse Loan help my credit?
Your month payments will be reported to the major credit bureau’s building positive payment history. Also, your credit history will include being approved for a loan and ultimately a positive repayment of the loan.
Self
Previously known as Self Lender, Self is the best reverse loan service currently available. Everything from the initial application to payments and monitoring your credit every month can be done on the user friendly mobile app.
When you open a Self account, you choose the amount you want to pay every month as low as only $25 and the time frame. You then make the monthly payments every month and your loan and on-time payments get reported to all 3 credit bureau’s this building your credit history and improving your credit score. The money you pay every month goes into a Self savings account and once your entire loan has been paid off, you unlock your loan and it gets returned back to you. It’s that easy, think of it as putting money away in a savings account for a few months while building and improving your credit!
Build credit history & save money.
– Self.inc
Besides knowing your credit score every month, another great feature of Self is the Secured Credit Card option available to you once you make 3 months of payments. You can take out a secured credit card on the total amount you’ve paid towards your loan. Therefore, you’re building credit on the payments for the reverse loan and also able to use the money as a credit on the credit card while also building and improving your credit score by making credit card payments every month.
- Build Credit History
- Improve your Credit Score
- Free Monthly Credit Monitoring
- Instant Approval
- No Credit Check or Credit History Required
Start building your credit today with a reverse loan from Self. It only takes a few minutes to set-up, click on banner or button to get started!
