Founded in 2019, seedfi is a credit builder company that is design to help Americans break the cycle of debt and realize their financial potential. Seedfi has an exceptional team that includes years of experience in mission-driven startups as well as the largest banks around, and also firsthand knowledge about common money problems.
seedfi: Borrow, Grow
Table of Contents
SeedFi provides a credit-builder loan product to help borrowers build their savings and improve credit. The borrower can only access a small portion of their credit at once, which encourages them to pay down debt and plan for the future.
It also reports to credit bureaus regularly, which can help improve a credit score. To take full advantage of this feature, however, payments must be make on time.
These loans are a great option for those who do not have a credit history. Credit builder loans can be appli for at online and community lenders as well as through lending groups.
opens a $1,000 credit line in your name when you open a SeedFi Account. SeedFi then lets you choose how much credit to withdraw each month – between $10 and $40. SeedFi deposits the money into your locked savings account.
Prime Credit Builder
Credit Builder Prime is SeedFi’s newest credit building product. It is designe for people with no credit or poor credit who are looking to build credit and savings at the same time.
The credit-building loan is designe to be easy to access and low-cost. It allows borrowers to save money in an online savings account with each loan payment they make.
SeedFi charges no interest, unlike other credit-building loans. SeedFi is the best-value credit builder in this area.
Depending on your financial management, timely payments can help improve your credit score. Keeping the money in savings can also give you more options for financing expenses.
SeedFi provides credit-building products for 36 states as well as Washington, D.C.
Credit Builder Plus
SeedFi offers two unique credit builder plans – one that helps you get access to the cash you need now and another that helps improve your credit score (assuming you make payments on time! This could make it easier to get a credit card, an auto loan, or even a mortgage in the future.
SeedFi’s newest product is Credit Builder Plus. It’s a credit-building plan that requires members to save $10 each pay period, which is then report to the three major credit bureaus.
This reporting proves that a borrower has been responsible with borrowing. If you miss a payment, SeedFi will deposit your late fee into your SeedFi savings account.
Credit Builder Plus offers you the ability to modify your payment plan if your minimum monthly payments are not being make on time. You could see a rise in credit scores by having this flexibility.
Credit Builder Lite
Seedfi is a credit builder loan product that provides a solution for people with limited or no credit. You can build credit by having your payments report to the three credit bureaus.
There are no late fees or application fees. You can also keep any late fees you pay in your savings account until you have repaid the loan.
The company reports that, on average, customers who use its Credit Builder Plan boost their credit score by 45 points with on-time payments.
Seedfi is one of several fintechs that offer credit builder loans to consumers with bad or no credit. You will typically need to repay the entire loan within six to 24 months.
Read Also:
