SeedFi makes it easy for budding entrepreneurs to start their companies without all the stress. It also scores big on building credit. Once you’ve successfully repaid a loan from SeedFi, your credit score increases in proportion to the amount owed.
We are an independent website that aims to provide information on products and services, including SeedFi app review. As we all know, selecting a suitable credit builder is not an easy task, and we are here to help you. On this platform, people can freely fill in an application form to get a loan using a credit builder. Our review of SeedFi will tell you whether it’s worth it.
Pros and Cons of SeedFi
We should acknowledge that SeedFi’s policy is well-designed. It helps millions of people with bad credit history restore their financial health and credit rating. The significant benefits include:
- Online application.
- Free credit score check.
- Easy to use.
- Quick and convenient.
- Friendly customer service.
The main benefit is that since the app is online, there are no additional fees. Therefore, it is cheap and reasonable compared to other competitors. Considering all the advantages, the only drawback is the low amount of money you can receive (up to $9 000 divided into $4 500, for now, + $4 500 savings for later). The policy is only available to residents in the United States. That is disappointing as other people who wish to use this product will not be able to avail the benefits.
What is SeedFi?
SeedFi company was founded in 2019. The organization’s primary goal is to help people with poor credit history and no assets access financing for their business ventures. Afterward, with the help of this loan and other financial products, it will be easier for them to clean their credit report and establish a good credit history. The company is registered in San Francisco, California, USA. Seedfi is a loan or microloan services provider that allows borrowers in need to apply for a loan online with no prerequisites or background checks required. It also offers you financial support over time to settle your debt quickly and keep building up your credit.
How does SeedFi Work?
It is easy to get access to and use these services. People do not need to send many documents as there are minimum requirements. A linked bank account with up to 11-digit pin-enabled social security or tax ID is sufficient to apply for a loan.
Step 1: SeedFi Application Form. The first step to obtaining the loan is filling out an application form. You will then submit this form online through the SeedFi app.
Step 2: Submit Information Verification. Once the application form has been submitted, you will receive an e-mail to verify your personal information. Afterward, you will need to fill out the form again (adding your existing bank account or checking account, and verify that it is correct.
Step 3: Confirmation. After submitting your information and verifying it, you will see a confirmation of your loan on the SeedFi app screen so that you can use this loan whenever needed in the future. You can use your debit card to withdraw your loan when required.
If you want to save money for later, the SeedFi service provider offers a credit-builder option for people who cannot get access to loans at the moment but need to establish a credit history first. The steps are:
- Sign up via the website https://www.seedfi.com/login.
- Add information on your credit history. Bank accounts or checking accounts can be added as a means of verification.
- Save up to 20% of your money from direct deposit and loan repayment. Costly overdraft fees and interest charges will be avoided by saving your money on SeedFi.
- Ask for a loan through the SeedFi app after you have built up your credit score (+41 points for on-time payments).
- Receive the money directly from the savings account you set up in step 2.
Direct deposits are free, and there are no fees for your loan. A minimum deposit amount of $1 000 is required to set up a savings account.
Features and Services of SeedFi
You can get a loan and build up your credit with SeedFi. You must follow the abovementioned steps to sign up and use the available products. You will still receive a free trial when you join SeedFi. The product features that you will enjoy are:
- Free Credit Score.
- Get a Loan Online in 10 Minutes.
- Friendly Customer Support.
- Personalized Credit Plan.
- You can receive funds as Fast as the Next Day.
SeedFi offers the following financial solutions: Credit Builder Prime and Borrow and Grow plan. These products are suitable for people all over the USA.
Credit Builder: Once you have created your online account at SeedFi, you can use the advance feature to build up a good credit score necessary for getting loans or investing in other credit products. You will receive $10 to your locked savings account. Then you repay this money through monthly direct deposits into your locked bank account. Thus, you can access $500. Credit Builder Installment Editions have a $1 per month fee! No other fees are charged for using this product.
Borrow and Grow: This plan is exceptional and has an attractive interest rate of 11.59% – 29.99% APR. This plan has a fast cash flow system. The idea is that you can borrow up to $9 000. Part of the amount is accessible at once. Another part is credited to a savings account. No upfront fees are required. For example, the plan could be:
1) The plan could be $7000 ($3500 with immediate access and $3500 as savings for later).
2) Annual interest rate is 24.99%.
3) Every two weeks, the payment is $120.
4) The plan length is 40 months. The range of length is from 10 to 48 months.
SeedFi also has a sound customer support system. They provide all the information about their products and services and how to use them effectively. For example, they tell you how to increase and track your credit score using the credit builder plan. Loan terms are different through various partnership programs. Budgeting and credit balancing is possible through these plans.
If customers cannot repay their loan, they can ask to modify the terms and renew the loan. Remember to check all terms and conditions before starting any SeedFi plans. Thus, people can access funds whenever they need them. It is easy to get the money transferred safely and quickly.
SeedFi Fees and Rates
There are no upfront fees, but there is a $40 – $180 service fee every two weeks. No overdraft fees are made because you start with a locked account. Also, you do not need to pay a monthly fee, membership fees, and processing charges because they have all been covered in the SeedFi loan agreement. The finance charge is $198 – $3 318, depending on the plan chosen. The annual percentage is 11,59% – 29,99%.
The APR is all-inclusive. It will be lower if you do not use some of the features. There are no estimated fees for using the SeedFi products. Your monthly expenses for Credit Builder include only $1 per month. The repayment periods of Credit Builder Installment Editions range from 7 months to 27 months. The cost of APR interest rates ranges from 4.03% to 5.26%. There are no origination fees. Additional fees include only a late fee of $0 – $15.
Safety and Security of SeedFi
SeedFi claims to be safe and secure, but in this age of cyber threats, hackers have focused on online security. You may not be aware that your details can become accessible to scammers when you become a customer of SeedFi. The company uses computer safeguards and secured files and buildings to avoid risk. Information is encrypted by safe data storage in the company’s headquarters.
Is SeedFi Legit?
Consumers using SeedFi often point out that the service is safe. BBB has accredited it since 12/29/2021. BBB has given the company an A rating. Because of this rating, SeedFi is considered a legitimate company. The business has had a few issues in the past. BBB received only 23 complaints in the last three years.
There is nothing wrong with the company because it has been operating since 2019, servicing thousands of customers by providing them with credit products, education services, and opportunities for increasing their credit scores. Another great thing about Seedfi is that it does not have many competitors on the market. Most companies are afraid to start such a service because of the high risk and lack of security of personal information hidden by pros who hack your data SeedFi uses for advertising and marketing purposes.
SeedFi Platform Supported
SeedFi is everywhere. You can access the service from any device supporting internet and mobile technology. This means you can use the service on your desktop or laptop, tablet or Netbook, smartphone, and smartwatch. iPhone and Android users are not left behind. SeedFi offers mobile applications for both smartphones and tablets. The SeedFi loan platform is available for all major operating systems, including Windows, Apple iOS, and Android.
The platform allows you to build credit by having the ability to save money by making small payments on the loans you have. With each credit builder installment, you can make a monthly payment, which will automatically be deducted from your account balance every two weeks. You do not need to worry about missed payments because it is all secure and safe with Seedfi, as long as you make your payments on time.
Customer Service at SeedFi
The customer service at SeedFi is represented by a single department called customer support. The service has a website and toll-free (1 (888) 858-8248 available from Monday to Friday, 9:30 AM ET – 5:30 PM PT. You can also send an e-mail to [email protected]. The Seedfi customer service aims at resolving the problems that happen with customers as soon as possible. To do so, the company has specialists in different fields to help you with your issues regarding personal loans, technical support, and other issues.
If there are any unforeseen issues, you can contact the representatives via chat or e-mail for help to fix them, for example, application problems or technical problems when accessing the site, repaying loans, etc. The FAQ section is provided for customers who want to find their answers to various questions related to the company, products, and services.
For Which Needs SeedFi Fits the Best?
SeedFi aims to give its customers a chance to build their credit scores and create better financial history. Many people may not know they can apply for a loan even if they have bad credit. But, it is not easy to receive a loan from traditional providers because of the poor credit record and low income. This is why companies like Seedfi offer secured short-term loans with low-interest rates. The bills you can pay with a loan from Seedfi are all related to your daily needs.
These can include medical, rent, and utility bills. You may also refinance the loan with other institutions or government agencies if you need more money in the future. People who want to build their credit history will get the highest returns from the service. They can use this service to manage their large bills. For example, paycheck loans and short-term loans for paying bills will work well for people who want higher credit scores and better credit in the future.
What are Apps Like SeedFi?
You should always compare alternatives when choosing apps to help you with your financial issues. For example, if you want to find out how similar services compare or what the same features they have, then the best way is to check out the following table.
|Fees||$198 – $3 318 of finance charge||A one-time admin fee of $8.95 to $25||One-time admin fee of $9||$19.99 monthly membership fee|
|Interest (APR)||11.59% – 29.99%||5.83% to 14.89% APR||24.24%||5.99% to 29.99%|
|Minimum Monthly Loan Payment||$40 – $180 Every 2 weeks||$15||$25||$43|
|Term Length||10 – 48 Months||One to ten years||Up to 24 months||One year|
|Loan Amount||$1 500 – $9 000||Up to $10,000||$600 to $1,800||$500 to $1,000|
|Reports To||TransUnion, Equifax, and Experian||TransUnion, Equifax, and Experian||TransUnion, Equifax, and Experian||TransUnion, Equifax, and Experian|
Looking at the table above, you will see that SeedFi is the best app for securing your money and building your credit score. Their short-term loans are also the best. For this kind of app, you need to understand what it can do for you and whether it is the right thing for you or not.
The Review Process
When making any review or comparison, people always want to hear what other people say or think. The main question you should ask yourself when considering an app is why you want to use it. Do you need a particular feature in the app? Is the app suitable for your needs and goals? If you do not have a specific plan in mind, how can it help you?
You may also look for reviews to see if there are any nasty remarks about the service on various websites. You have to be careful when reading reviews because many of them are made by fraudsters who want to sell their product with misleading information. So, always make sure that the review is trustworthy when reading comments.
Our review process is different because it focuses on a detailed app analysis. The main question we ask ourselves is how the app can benefit you and what value it can provide. You may also see reviews in the form of detailed text or comparison tables, but our team made a set of articles to show how simple it is to use Seedfi and get your funds when you need them the most.
Is SeedFi Worth it?
If you look at the SeedFi website, you will see that an app is a powerful tool that can help you with your financial issues. It can secure your personal information and private data while providing you with money when they are needed the most.
So, if you are looking for an easy way to make a loan process simple and easy, then this app is worth it. SeedFi can help people who need cash in times of need because of urgent bills or other reasons. Because of the agency’s worthwhile goals, it is one of the most popular choices for people to get reliable loans and build their credit scores.
The app provides a wide range of services that allow users to create their credit scores. Our team’s review of SeedFi can help you understand how the app works and whether there are any negative comments or not.
Does SeedFi work with Сhime?
No, it is not compatible with the Сhime. So, you will have to use the website instead. They have provided access to all their users. This will help you save time and order your loan quickly.
Does SeedFi report to the credit bureau?
Yes, the company will report to all three major credit bureaus. Therefore, if you have a negative credit score, you need to improve it with a loan from Seedfi. It is the perfect tool to help you build your credit score.
How many loans can you have with SeedFi at once?
You may have one loan at a time. So, if you need money urgently, you will have to wait for the approval process. It may take up to three days for your funds to be released. You also need to spend some money on your top-up from the loan itself.
Does SeedFi run your credit?
Yes, the company will run your credit report to ensure you have a good score. This will help you build your credit score quickly. Thus, you must maintain a good credit record.
Does SeedFi affect your credit?
Yes, it will impact your credit. The application form you need to fill out is provided on the website. This will help you understand what information they will require from you. Fill in all the fields that apply and provide the correct information. You also need to pay a certain amount from the loan itself.
Who is the Founder of SeedFi?
Eric Burton and Greg Berman are the co-founders of SeedFi. They have always been focused on helping others and building their communities. This is why they have built a strong team that can provide funds when you need them the most.
What banks does SeedFi work with?
Cross River Bank and Synapse Technologies are the banks that work with SeedFi. The loans will be released to your bank account on the chosen date. However, you may need to meet some set of requirements before you can get your money.
Can I borrow again after I pay SeedFi back?
Yes, you can take out the loan again after you have repaid the previous loan. The company will continue accepting your application and give you a loan as soon as possible.
How fast does SeedFi deposit money?
It may take up to three days for the money to be deposited in your account. However, you can see the status of your application on the website. The company will send you an email when they have made a decision.
How long does it take SeedFi to verify my documents?
It is not easy to verify your documents. However, they want to ensure you can repay the loan on time. Thus, they will take 10 minutes up to three days for verification. Once they have verified your documents, you will get your funds immediately.
Does the SeedFi app give you money instantly?
No, you will have to wait for your money. It depends on the amount you are applying for and the amount they have available. Once they approve your application, you will get the funds right away.
What is the max amount of money SeedFi lets you borrow?
You can borrow a maximum of $9000. However, the amount will depend on your creditworthiness. You must maintain a good credit record. The application process is relatively quick. You will have to provide information about your identity documents, contact number, and email address. This will help them make a decision as soon as possible.
What happens if you don’t pay SeedFi?
They will not refund any of the money that you have borrowed. You will be charged a penalty fee. You will have to pay the payment fee to get back your funds. It may take up to 30 business days for your application to be approved and for the money to be paid back.
What are SeedFi working hours?
Their working hours are Monday to Friday, 9:30 am to 5:30 pm. If you need more information about the company, you can contact them by the provided contact number or email address.