SeedFi Borrow & Grow Program review

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Cover an emergency expense and build an emergency fund with this payday loan alternative.

finder.com’s rating: 4.35 / 5.0

★★★★★

Bottom line: This payday loan alternative can help you get out of a pinch, build your credit and get into the habit of savings. Read our full review.

$300

Min. Amount

$4,000

Max. Amount

1 to 2 business days

Turnaround time

Details

Product NameSeedFi Borrow & Grow Program
Min. Amount$300
Max. Amount$4,000
Loan Term5 to 44 months
Turnaround Time1 to 2 business days
RequirementsAt least $10,000 i5 an n annual tale-home income, bank account, SSN, phone that receives text messages, over 18, live in an eligible state.

Review by


Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

SeedFi’s Borrow & Grow Program is a combination between a short-term loan and a credit builder loan. It gives you quick access to funding while building your history of on-time repayments and setting up a savings account to help avoid debt in the future. Its rates are closer what you’d find with a personal loan than other bad-credit options — and there are no fees.

While payments are due twice a month, they’re synced up with your pay schedule to help you avoid a late fee. But it’s not available in every state, and its $10,000 net income requirement may be higher than many short-term lenders ask for.

Pros

  • Gives you a loan and starts an emergency fund
  • Can improve credit score
  • APRs compare to personal loans for good credit
  • No fees to apply

Cons

  • Requires $10,000 in annual take-home income
  • Can take a couple days to receive funds
  • No customer service number

SeedFi Borrow & Grow Plan rates, fees and terms

SeedFi Borrow & Grow Plan rates range from 6.95% to 29.99% APR. The only fee SeedFi charges is pay is a late fee of up to $15 — which SeedFi deposits into your savings account. Typically you have between five and 44 months to repay the loan.

With this program you'll get $300 to $4,000 up front and have $250 to $4,000 deposited into a savings account. This means that your loan balance will range from $550 to $8,000.

Most borrowers have payments that range from $50 to $100 every two weeks. Use our calculator to get an estimate of the monthly and total cost on a Seed Fi Borrow & Grow Plan loan.

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Is SeedFi legit?

SeedFi is a legitimate lender and credit builder company. It's a licensed lender and debt collection agency in states that require it. And it's more transparent than similar lenders about the details you need to know to make an informed decision — such as costs and terms.

It connects with your bank account using Plaid — a popular third-party service that Venmo, American Express and Coinbase use to safely link accounts. And SeedFi's privacy policy is located at the bottom of every page.

While it shares your information with affiliates for business and marketing purposes, you can limit this by calling 888-858-8248. But it doesn't have a customer service line, which is a red flag indicating less-transparent lenders.

Compare payday loans

These providers might not beat SeedFi's rates, but they may have a faster turnaround time and more flexible income requirements.

Name Product Filter Values Loan amount Turnaround time Requirements
OppLoans Installment Loans
$500 to $5,000
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
Stilt
$1,000 to $25,000
2 to 3 business days
Be employed, have a US bank account, live in a state where Stilt operates, hold one of the following visas: F-1 and OPT, H-1B, H4, O-1, L-1, TN, J-1, DACA or be a US citizen.
No green card? You could still qualify for a personal loan.
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
LendYou Short-term Loans
$100 to $2,500
Same business day to 1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
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SeedFi reviews and complaints

BBB accredited No
BBB rating NR
Trustpilot Score 4.8 out of 5 stars, based on 242 customer reviews
Customer reviews verified as of 15 April 2021

SeedFi gets mostly positive reviews on Trustpilot, though it doesn't have any reviews yet on the Better Business Bureau website. Reviewers mostly highlight how easy it is to use SeedFi and the quality of customer service. But some complaints highlight that only a limited amount of funds are immediately available.

Eligibility requirements

You must meet the following criteria at a minimum to qualify for the SeedFi Borrow & Grow Plan.

  • At least $10,000 in annual take-home income
  • Active bank account
  • Social Security number
  • Over 18
  • Phone that receives text messages
  • Resident of eligible state

How to apply

Apply for the SeedFi Borrow & Grow plan by filling out a quick prequalification form on the SeedFi website. If you prequalify, SeedFi will give you several offers based on the information you provided. Choose the offer that best fits your needs and follow the instructions to verify your information.

SeedFi requires you to speak with a member of its team in person to make sure you understand the terms and set up the bank transfer. Checking your rates won't affect your credit, but SeedFi does a hard credit pull if you decide to go through with the loan.

SeedFi locations

SeedFi doesn't serve residents of the following states:

  • Arizona
  • Colorado
  • Connecticut
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Maine
  • Maryland
  • Massachusetts
  • Minnesota
  • Nevada
  • New Hampshire
  • New Mexico
  • North Carolina
  • North Dakota
  • Oklahoma
  • Oregon
  • Rhode Island
  • South Dakota
  • Vermont
  • Wyoming

Payment options

SeedFi charges payments based on when you receive your paycheck. But you have several options when it comes to how you pay.

  • Autopay automatically debits your bank account when it's due — and you can turn it off as soon as the day before a scheduled payment.
  • Debit card payments are the easiest way to make an instant payment if you're down to the last minute.
  • Bank account transfers take up to two days to process but are a good option for accounts that don't come with a debit card.
  • Payment by check takes the longest, but can be mailed to SeedFi at 548 Market St PMB 33447 San Francisco, CA 94104-5401.

SeedFi generally processes payments the same day it receives them.

Compare payday credit loans and alternatives to make sure SeedFi is worth it before you apply.

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