SeedFi helps people who are looking for financial help by offering a credit builder and short-term loans. This is great for people who have poor credit history or no credit history. This is a great way to improve your credit score while also building your savings.
Compare with Self Inc. for more credit building accounts.
SeedFi is available in 32 states:
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Delaware
- District of Columbia
- Florida
- Georgia
- Illinois
- Indiana
- Kansas
- Kentucky
- Louisiana
- Maryland
- Michigan
- Mississippi
- Missouri
- Montana
- Nebraska
- New Jersey
- New York
- North Carolina
- Ohio
- Oregon
- Pennsylvania
- South Carolina
- Tennessee
- Texas
- Utah
- Virginia
- Washington
- West Virginia
- Wisconsin
Continue reading below to learn more about SeedFi’s features and plans.
SeedFi Plans
SeedFi has two different products: Credit Builder and the Borrow & Grow Plan.
Credit Builder Plan
Loan Amount | $500 |
APR Range | 4.03% to 5.26% |
Loan Term | 7 to 27 months |
Payment Choices | $10 to $40 per pay period |
Credit Builder Plan can help you take out $500 credit-builder loans, with your choice of payment amount between $10 to $40 per paycheck. The length of your loan depends on the size and frequency of your payments from 7- to 27 months. SeedFi charges $1 per month as a plan fee, but they do not collect any ordination fee.
Your payments goes into your savings account, minus the interest and fees. When payments completed, you’ll receive $500, the money that accumulated in the savings account from your payments.
You can build credit in three easy steps:
- Set aside as little as $10 every paycheck for your plan
- Build credit with every on-time plan payment
- Access your savings once you’ve completed your plan
And if you’re experiencing financial difficulties, SeedFi does offer some flexibility. If you don’t reach out to customer service, SeedFi will automatically close your account if you are 29 days late. This can help you avoid a negative status report to the credit bureaus if you are in a financial distress. If the Credit Builder Plan account closes early, you will receive a part of the loan that you’ve already repaid.
In order to qualify for the SeedFi Credit Builder Plan, make sure you must be:
- Be a resident of a state where SeedFi is licensed.
- Be at least 18 years old, or 19 in Alabama and Nebraska.
- Provide your Social Security number and birthdate.
- Provide an email address and a verifiable phone number.
- Have a way to pay electronically.
Borrow & Grow Plan
Loan Amount | $300 to $4,000 |
Savings Amount | $250 to $4,000 |
APR Range | 6.95% to 29.99% |
Loan Term | 5 to 44 months |
Turnaround Time | 1 to 2 business days |
Traditional loans are a short-term solution that often create a long-term problem. SeedFi’s Borrow & Grow Plan is a lower-interest loan with a built-in savings account, so you’re set up for a better future as soon as you pay it off.
The Borrow & Grow Plan is similar to the Credit Builder Plan, the difference is that it has a short-term loan element that give you access to money immediately. Once you fully repay the loan, you get access to additional amount of funds.
You can borrow and save easily:
- Borrow the money you need right now and some extra savings later
- Build credit with every on-time plan payment you make
- When you finish paying off your loan, you’ll owe $0 and unlock you savings
The money you borrow and save can be adjusted based on your risk profile and preferences. So the more money you save than borrowed, the lower the APR. Plus, there are no fees except a late fee up to $15.
Payments are due twice a month, synced to your pay schedule to help you avoid the aforementioned late fee.
To qualify for a SeedFi Borrow & Save Plan, you must:
- Have at least $10,00 in annual take-home income.
- Be a resident of a state where SeedFi is licensed.
- Be at least 18 years old, or 19 in Alabama and Nebraska.
- Provide your Social Security number and birthdate.
- Have an active bank account.
- Have a phone that receives text messages.
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Conclusion
Credit-Builder loans are designed to help people establish credit so that they are more likely to qualify for a credit card or loan or later. SeedFi is a good option if to help you with that.
They offer two plans: the Credit Builder Plan and the Borrow & Save Plan, both products come with low or no fees, so this is a good option for those with tight budgets.