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SeedFi Review: Everything You Need to Know

6 mins read

Money is a tricky thing to manage. You can have all the money in the world and still go bankrupt or you can have no spare money on hand and still go on to be a rich person depending on how you deal with money. Today, you have many tools out in the market that help you manage your money and help you out with financial assistance and managing credit. SeedFi app is one such tool that help users build a credit score, reduce debt and much more. In this SeedFi review, we will inform you all about this app including SeedFi borrow and grow plan and SeedFi loan requirements.

SeedFi Review: Everything You Need to Know

In this age of digital money and digital payments, everything happens on the phone. SeedFi makes managing your finance easy with a few simple taps. Its app is like any other app but can save you a lot of money and improve your credit score. Let us learn more about SeedFi.

What is SeedFi?

SeedFi website

You might have heard about apps that help you manage credit cards, manage loans, build credit and do all such stuff. Of those, one is SeedFi, a fintech company. They have created an app with the same name that helps you build credit, and save money, and using it you can also get cash immediately at affordable interest rates. As the team behind the app claims, they built it not to make money but rather to help the average American to save and manage their money.

You can borrow money from SeedFi with a poor credit score or if you don’t have a credit score at all. The loans you get have an APR range between 4.03% and 5.26% and 12.96% and 29.99% depending on the kind of loan you take. The amount you can borrow is more than enough as it fits between the range of 1,200 and 7,000 dollars and 1,750 dollars and 8,000 dollars depending on the type of loan.

This money is repayable between 7 months and 27 months and 10 months and 48 months again depending on the type of loan you take. Also, you get the money instantly, that is, the very next day but the money is not given to you directly but rather in a savings account created in your name by the company.

SeedFi App

SeedFi App on Google Play store | SeedFi Review

The app is available for download on Android and iOS devices and the app is built for Americans meaning so far it only operates in the US. The amount you issue is given to you in their product Borrow and Grow and only some amount of the loan is accessible. You make timely payments to make sure you aren’t charged the 10 to 15% late fee. As you pay back the amount, not only do you build your credit score but also build savings in the process.

The app works best for people with bad credit score, no credit score, or people whose loan request has been rejected. The app is multipurpose in the sense that it lends you money and helps build the score using the same money.

The platform itself notifies credit bureaus twice a month if your payments are on time. However, when dealing with this company you should know two things, first that you will need to submit a lot of documents as a part of the paperwork, and second that your loan can be rejected on SeedFi as well due to certain conditions.

How does SeedFi Work?

SeedFi has two products, the first is a credit builder loan, and the other is a borrow and grow loan. In this SeedFi review, we will explain both types of loans.

Credit Builder Loan

Credit Builder section

As the name suggests a credit builder loan helps a person build credit and so a person with no credit history benefits from this type of loan. In this loan, you apply for a certain amount and the amount instead of being handed to you directly is put into a savings account to which you are given access.

Now to be able to use this money you make advance payments at regular intervals which can be as less as 10 dollars a week. Once this amount reaches 500 dollars you get access to the money. Also, the service is free and you are not charged any money for this. This is your credit builder prime edition but there is also a credit builder installment edition.

Distinction Credit Builder Installment Edition Credit Builder Prime
Borrowing 500 dollars Varies
Annual Percentage Rate 4.03% to 5.26% No charge
Loan Period 7 to 27 months Flexible with certain conditions
Paying Off Minimum 10 dollars at mentioned intervals Minimum 10 dollars at mentioned intervals

The credit builder installment edition allows you to borrow 500 dollars. You can choose to pay an amount between 10 and 40 dollars at regular intervals. These loans need to be related within 7 and 27 months and you have to pay almost 1 dollar a month as a fee for this plan. At the end of the payment term, you get 500 dollars.

Also Read: Is Bubble Cash Legit or Scam?

SeedFi Borrow and Grow Plan

Savings account section | SeedFi Review

Now, in this SeedFi review, let’s talk about SeedFi Borrow and Grow plan. Here your loan is split into 2 parts the first part becomes borrowed funds and the second one becomes savings, hence it has the name borrow and grow.

Here you borrow an amount between 1,750 dollars and 8,000 dollars. Some amount from this is given to you in hand while the rest is kept in a savings account which gives interest in the same. So let’s say you apply for a loan of 4,000 dollars. Now you need to choose the ratio in which you plan to divide in hand amount and savings. Let’s say you go for a 40:60 ratio so you get 1,600 dollars in hand and the remaining 2,400 dollars go into an interest-paying savings account.

Now you start repaying the borrowed sum in installments which can be once every two weeks or once a month. Once you are done paying the full amount plus interest incurred during the repayment term the locked amount in the savings account gets unlocked. You can now withdraw and use that money or continue to keep it in the savings account. Any late fee charged to you during repayment is also put into your savings account for you to have. Now you know all about SeedFi borrow and grow.

SeedFi Credit Score Requirements

Credit Score section

A credit score is a three-digit number that plays an important role in getting you loans. Depending on your past borrowings, loan repayment, credit history, and stuff like that you are given a score to indicate whether or not you are good with borrowed money. If you are handling credit well your score is good and you can easily get more money in the future, on the other hand, having a bad score reflects your poor money management or money-handling skills and makes getting loans more difficult.

Secured loans require you to produce a good credit score to be eligible to borrow money and so does SeedFi. SeedFi credit score requirements ask the people not much but at least to have a credit score of 520 which is already considered a very poor score. However, the company also offers credit-building loans to people with no credit score as this type of loan helps people build a credit score in the first place. Now we look at SeedFi loan requirements in this SeedFi review.

SeedFi Loan Requirements

Start where you are section

Anyone can apply for a loan but not anyone can get a loan. Paperwork exists for a reason and with SeedFi you have more paperwork than usual. It is only natural to verify and check the background of a person before you lend them money. This is done to make sure that the person is solvent, stable, and capable of returning the money. This is the reason SeedFi loan requirements exist and need to be met to be eligible for a loan.

Some basic stuff like having a job and a bank account are the basic requirements that you need to meet. But that’s not all you also need to have a social security number or individual tax identifier number in addition to the previous requirements. Credit score requirements have been mentioned above. You need to be above the age of 18 and earn at least 10,000 dollars a year. Lastly, you need to be living in one of the places where the company operates. Now you know all about SeedFi loan requirements.

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Pros and Cons of SeedFi 

Money plan section | SeedFi Review

As we said earlier, we won’t just sugarcoat stuff, we will cover the good and the bad aspect of this app to present you with a well-rounded SeedFi review. Here are the pros and cons of this app.

Pros

  • The platform helps you save money, build a credit score and get easy loans.
  • You are offered money at affordable interest rates.
  • The late fee charged from you is also returned to you at the end of the repayment period.
  • The loans are dished out quickly.
  • People with no credit score can also get loans.
  • Your payments are reported to the credit bureau which makes sure your credit score reflects positive change timely.

Cons

  • The loans can not be joint loans or co-signed loans.
  • The loan amount can only be as high as 8,000 dollars.
  • You might have to take up a loan of an amount more than you need for the borrow and grow plan to work well.
  • Though people with low credit scores get loans you still need to have a score of more than 520 and still, your loan might be rejected.
  • The service is not present across the whole of the US.
  • There are quite a few requirements you need to meet to be eligible for the loan.
  • More paperwork than usual is required to get loans from them.

We hope you enjoyed our SeedFi review. We covered SeedFi borrow and grow plan and also informed you about SeedFi loan requirements. The decision to use this app will remain yours but there is no denying that the many features of this app indeed make it a useful tool.

Sushma Singh

Sushma is a financial expert and online entrepreneur. With years of experience in personal finance and business management, she is dedicated to empowering individuals to take control of their finances and make smart investment decisions. Through Moneymint's website, she provides insightful tips, strategies and resources to help individuals grow their wealth and achieve financial stability. Join Sushma on the journey to financial freedom today!

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