The Self Credit Builder Account is a credit-builder loan designed for people with no credit history or damaged credit who want to establish a positive payment record without a credit card. Instead of borrowing money upfront, you make monthly payments into a locked savings account, and Self reports those payments to all three major credit bureaus.
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At the end of the term, you receive the money you saved (minus interest and fees). It's essentially a forced savings plan that builds credit at the same time. The tradeoff is cost — you'll pay more in interest than you receive back, so it's not a savings vehicle. It's a credit-building tool with a price tag.
Self Credit Builder Account