SeedFi was created in 2019 and it is established for those people who have a bad credit history or may have low income.
SeedFi offers you two kinds of loans which are Credit Builder Prime is a credit-builder loan and the second one is Borrow & Grow which is a blend between a personal loan and a credit-builder loan. All you need to maintain is your payments on time. We are going to share every aspect of SeedFi, so be with us to have all details. Let’s dive into it!
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What is a SeedFi loan?
SeedFi is a fintech firm that specialized in providing you with a modern financial loan that will help you in building your credit and save money via low-interest loans.
Borrow and Grow is a personal loan where you can get access to only one portion of the provided loan. SeedFi offers two types of loan which are discussed below.
1.Credit Builder Prime:
Credit Builder Prime is a credit builder type of loan. It is the ideal choice for borrowers who have a bad or zero credit card history.
This plan provides customers with a $500 loan amount. This money will be transferred to your account immediately after approving your account. SeedFi will charge only $1 per month from your payment as an interest rate.
Eligibility Criteria for this loan:
To be qualified for Credit Builder Prime you must follow the stats:
- You should be a resident of one of the states where SeedFi company operates.
- You should be at least 18 years of age.
- You have to give your personal information such as your date of birth and your social security number.
- You have to provide your phone number along email address which should be verifiable.
- You should have an active electronic payment option.
2.The Borrow & Grow Plan:
The Borrow & Grow Plan is a blend of a credit-builder loan and a personal loan. In this loan type, you will get a loan above $500 and it will be transferred to you quickly.
The borrow & Grow Plan is less than a flat fee. SeedFi will also check your credit card history for this loan approval:
- It will take only 1-2 working days for funding your amount.
- The repayment loan duration is 5 – 44 months.
- The Estimated Annual Percentage Rate (APR) is 6.25% – 29.99%.
- It will approve you an amount of $300 – $4000.
- It will give you a payment of $40 – $60 every 2 weeks.
Eligibility Criteria for this loan:
To be qualified for Credit Builder Prime you must follow the stats:
- You should have at least an annual $10 k before applying for this loan.
- You should have a minimum credit score of 520 but you can also apply if you do not have a good credit history.
- You should be a resident of one of the states in which SeedFi works.
- You should be at least 18 years of age.
- You have to provide your social security number along with your date of birth.
- You should have an active bank account.
Does SeedFi do a hard inquiry?
SeedFi does not do a hard inquiry as they will approve the loan of those who have a bad or zero credit history. So, you can easily get your loan amount into your account.
How you can qualify for a SeedFi loan?
SeedFi doesn’t list much about the requirements for applying Borrow & Grow loan plan but we have shared some basic needs below for lenders:
- The borrower should have a valid income source.
- The borrower should have an active bank account.
- The borrower should have a Social Security number or may have an individual tax identification number.
- The borrower should have a minimum credit score of 520 but borrowers with no credit score also get approved for a loan.
- This lender uses the Vantage Score version 3.
- The borrower should have a minimum annual income of $10,000.
The procedure for applying for a SeedFi loan:
Below are the steps you have to follow while applying for a SeedFi loan.
- Pre-selection on SeedFi’s website: You have to go to the SeedFi website and select “Check my offer. “And after that, you have to enter your name, your location and now your account has been created. Most people get their offers within 5 minutes after creating their account.
- Examine loan offers & chose according to what fits your budget: If you got qualified for their loan, then you can choose the different loan amounts along their terms and conditions. When you have selected your loan, then you have to submit your loan application. You should have a good to medium sort of credit card history.
- Set the repayment time: You as a borrower have to pay your payments on time to avoid any problems in the future. You can manage your loan payments by checking your budget and your automatic payment setup.
How long does it take SeedFi to transfer money?
They transfer your loan amount into your account immediately after approval.
Pros & Cons of SeedFi loan:
Pros of SeedFi loan:
- It offers you low-interest rates.
- SeedFi savings account permit you to build your saving account.
- Late payment fees are compensated.
- It will give you loan funds within 1–2 business days.
Cons of SeedFi loan:
- SeedFi does not approve all the amount once.
- You should have a SeedFi savings account.
- It does not allow you to create a joint account.
- You cannot set your payment dates.
Is SeedFi Worth It?
Yes, SeedFi loans are worthy as they will allow you to create your saving account, and also their interest rate is low.
Can you pay off SeedFi loan early?
Yes, you can pay off your loan as early as you want just after paying your first payment.
Is SeedFi legit?
Yes, SeedFi is legit and most borrowers are happy with it because it has soft terms and conditions for its users. So, you can also apply for this loan, if you are facing any financial crunch.
Conclusion:
It was a brief discussion on the SeedFi company. You can check all details mentioned above if you want to take a loan from this company. If you like this content, comment below and share your thoughts.