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.
Please note, SeedFi is available in the following 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
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SeedFi Plans
SeedFi is a licensed lender and credit builder company with two products: the Credit Builder Plan and the Borrow & Grow 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 will let you take out $500 credit-builder loans, with your choice of payment that can range from $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.”
Any payments you make, 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 |
This plan is similar to the Credit Builder Plan but focuses more on the short-term loan element that gives you access to cash much quicker. After you fully repay the loan, it unlocks an additional amount of funds that you can use if you want to.
The amount of money that is borrowed and saved can be changed at any point, based on your risk profile and preferences. The more money that is saved rather than borrowed, the lower your APR will be. The best part is that 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 great option for those who want to establish or rebuild their credit. The Credit Builder Plan offered by this platform releases $500 to you after your complete payments, while their Borrow & Save Plan gives you some partial funds immediately. Both products are great because they come with low or no fees, so it is a good fit for those who are on a tight budget.
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