SeedFi Review: A Cheap Way To Borrow, Save and Build Credit

SeedFi.com offers credit builder and short-term loans, great for those with poor credit history or no credit history at all. It’s a unique way to improve your credit score and build your savings. In this review, we’ll go over SeedFi and their loan products.

Compare with Self.inc for credit builder accounts.

Please note, SeedFi is available in the following states (see their website for updates):

SeedFi Plans

SeedFi is a licensed lender and credit builder company with two products: the Credit Builder Plan 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

SeedFi’s Credit Builder Plan lets you take out $500 credit-builder loans, with your choice of payment amount between $10 to $40 per paycheck. The length of the loan is determined by the size and frequency of your payments, from 7 months to 27 months. SeedFi does not collect any origination fee, but they will charge $1 per month as a “plan fee.”

Your payments, minus interest and fees, goes into a savings account. Once you’ve completed your payments, you’ll receive $500, the money that accumulated in the savings account from your payments.

If you are experiencing financial difficulties, SeedFi does offer some flexibility. Even if you don’t reach out to customer service, SeedFi will assume financial distress and automatically close your account if you are 29 days late. This avoids a negative account status report to the credit bureaus. If your SeedFi Credit Builder Plan closes early, you will receive part of the loan that you’ve already repaid.

To qualify for a SeedFi Credit Builder Plan, you must:

• 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

The Borrow & Grow Plan is similar to the Credit Builder Plan, but has a short-term loan element that gives you access to money immediately. After you fully repay the loan, it unlocks an additional amount of funds. For example, lets say you borrowed a total of $4,500, with $3,000 available upfront. When you’ve made all your payments, you get the remaining $1,500.

The amounts of money borrowed and saved can be adjusted, based on your risk profile and preferences. The more money saved rather than borrowed, the lower the APR. And the best part? There are no fees, except a late fee of 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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Bottom Line

SeedFi is a good option if you want to establish or rebuild credit. The Credit Builder Plan releases $500 to you after you complete payments, while the Borrow & Save Plan gives you partial funds upfront. Both products come with low or no fees, so it’s a good fit for those with tight budgets.

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