Building credit is a necessary part of being financially responsible, but doing so doesn’t require you to spend tons of money or carry around debt. It’s time to forget everything you thought you knew about credit and learn how to build a better score while saving cash.

Your parents, your accountant, and your former economics teacher probably drilled the same idea into your head – you have to use credit cards to build a decent score. While that tactic has worked for many people, it also comes with risks. One of those is overspending, which can lead to high-interest debt that can take years to pay off.

Self Lender has changed the credit game, creating a model which allows consumers to build a good score while saving money – not spending it.

What exactly is Self Lender?

The idea is based on what’s known as a credit builder account. It’s a small loan that’s put into a certificate of deposit (CD) and held for 12 or 24 months.

Once your CD is set up, you make payments into your account each month. Self Lender then shares your payment history with all three credit bureaus – Experian, Equifax, and TransUnion. By the end of the term, you’ve built positive credit history. Your CD also unlocks at that point, along with the interest you’ve earned on it.

If you think the concept sounds too good to be true, think again. Self Lender customers who pay on time (while also meeting their other financial obligations) see an average score increase of 40 points in six months for the flagship account. This is because payment history – which Self Lender helps you build – accounts for the majority (35%) of your credit score.

How can you get started?

It’s a simple process which can be done online in a few minutes. For the flagship account mentioned above, you’ll pay a $12 administrative fee to get started. Self Lender will then lend you $1,100. Those are the funds that are put into the CD account.

From there, you’ll start making payments of $89 per month. At the end of 12 months, you’ll get $1,000 back. That money includes the cash you paid into the account and interest earned, minus the fee paid to Self Lender. That fee, which is how the company makes money, is a small price to pay for a credit score that will ultimately save you cash in the future.

Other account options are also available, with varying monthly payments. You can choose any of the plans, as each one will have roughly the same effect on your credit score. Just remember – it’s essential that you make on-time payments with Self Lender, just as you would with any loan.

Why should you use it?

There are many answers to this question. First of all, Self Lender is a legitimate company that understands the process of building credit. It’s backed by a team of “hardworking, passionate, financial geeks” who want to help you succeed. It also has a proven track record, as 95,000 people have already created credit builder accounts through Self Lender’s website.

The CD is FDIC insured, which means your money is safe. The cash you pay into your account also serves as your personal savings, which is great for those who struggle to save money the traditional way. Even if you’re great at stockpiling cash, you’re still likely to welcome the unlocking of $1,000 at the end of your CD term.

There’s also no hard pull on your credit. In fact, Self Lender couldn’t care less what your credit score is. You don’t need any upfront money to start – all you have to do is make sure you haven’t had any negative marks on your ChexSystems report (such as bounced checks or unpaid fees) within the past 180 days.

Self Lender can be a much better choice than other credit building alternatives. Secured credit cards, for example, require a deposit. Becoming a co-signer on someone else’s credit card means you could be liable for their financial mishaps. There’s no need to take that risk if you don’t have to.

Another great perk is that you can open up a new account once your first CD term has ended. This means you can continue to build good credit for an extended period of time – not just for 12 or 24 months.

The service is available in all 50 states, so go ahead and give it a try. It won’t be long until you’re turning your sad credit score into a sensational one.

Click here to begin your Self Lender journey.