SeedFi Review: Build Credit Responsibly, Safely

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Needing to borrow money can put you into a uniquely difficult position.

On the one hand, having good credit is a vital component to taking out a loan. Good credit means lenders are more likely to trust you with larger loans, and they’ll also offer you better rates.

But a big part of building your credit is whether you took out a loan and paid it off. Your credit score hinges on you actively borrowing and paying back the money.

So, what are you supposed to do when you have little to no credit history? How can you build your credit safely?

This is where companies like SeedFi come in.

SeedFi Credit Builder Loan
SeedFi Credit Builder Loan Review
  • Loan Amount
    $300 - $4,000
  • Est. APR
    4.03% - 5.26%
  • Learn More
  • Loan Details

SeedFi Pros and Cons


  • Provides a loan and starts a savings account for you
  • Builds your credit score
  • Low APRs and fees


  • Must make $10,000 annually to qualify for Borrow and Grow Plan
  • Don’t have access to the loan immediately

What Is SeedFi?

SeedFi is a company designed to help you build credit when you have no borrowing history. They do this by providing loans to their customers.

These aren’t typical loans, though. Rather, SeedFi offers what’s known as a credit builder loan.

Where standard loans simply give you the money up-front and charge interest over time, credit builder loans are designed differently.

The money you borrow is kept in a separate savings account and given to you as you pay off the balance.

Essentially, credit builder loans are just money trades, but these trades help to build your credit score.

Credit builder loans also differ in the fees you pay on your loan. Where traditional loans charge varying but significant interest rates, credit builder loans typically charge very small fees.

SeedFi offers credit builder loans to help you build your credit score in the easiest and safest manner possible.

How Does SeedFi Work?

SeedFi currently offers two different credit building loan plans.

The first is their Credit Builder Plan. This is the simplest loan plan on offer.

The Credit Builder Plan is a loan of $500 wherein the money is held in a savings account. You choose how much you’d like to pay each paycheck, and the loan is synced to your pay schedule.

The length of the loan varies depending on how much you choose to pay. Once paid off, the $500 dollars is yours, and your credit score has improved.

The second plan on offer is the Borrow and Grow Plan. This is essentially the same as the Credit Builder Plan, except that you can borrow more and get immediate access to some of the money.

One feature that separates SeedFi is its automatic account closure.

SeedFi is very understanding about financial distress. As such, they are very willing to work with you should you miss a payment.

If you don’t reach out about it, they will automatically close your account after 29 days.

What Does SeedFi Offer Consumers?

SeedFi offers consumers a few benefits.

The most obvious perk of taking out a SeedFi loan is that your credit improves. SeedFi loans are extremely easy to attain, and because of the very low-interest rates and fees, they provide a fantastic opportunity to build your credit if you have none.

Additionally, SeedFi’s understanding and automatic account closure mean you won’t wind up hurting your credit score by missing a payment.

Having negative information reported when you are just starting to build credit can decimate your credit score. You don’t have to worry about that with SeedFi.

SeedFi Plans and Credit Building Programs

As we’ve discussed, SeedFi offers a few loan plans which can help you build your credit.

Credit Builder Plan

SeedFi’s Credit Builder Plan is a simple, straightforward loan designed for those just starting to build their credit.

The Credit Builder Plan offers a uniform $500 loan for borrowers. The money is immediately moved to a savings account, where it stays until you pay the loan off.

Borrowers choose the amount they’d like to pay bi-weekly, ranging from $10 to $40 per paycheck. The loan length is dictated by the payment amounts, with higher payments resulting in shorter loan terms.

This plan is great because of its exceptionally low cost. Rather than charge an APR, there is a flat $1 monthly fee deducted from your payments.

This means you can build your credit with as little as $12 in expenses.

Borrow & Grow Plan

The Borrow and Grow Plan is a bit more complex than the Credit Builder Plan.

This plan grants you access to some of the loan immediately, and the amount borrowed can be significantly higher than $500. It also charges a percentage-based interest rate rather than a flat fee.

  • Loan Term: 5 to 44 months
  • Loan Amounts: $300 to $4000
  • Estimated APR: 6.25% to 29.99 %
  • Funding Time: 1 to 2 business days

As you can see, this plan is much more similar to a traditional loan, but with the aim of building a savings incorporated. It’s still a fantastic option to build your credit, though.

One Bill Plan

The One Bill Plan is a forthcoming third plan set to release soon. The idea behind this plan is to build your credit and simplify your bill payments by combing all your bills into one.

This plan will function by providing you a loan to pay off all your other debts. From there, you simply make payments to SeedFi. This makes it easier to manage your debt and build your credit.

SeedFi Features and Benefits

SeedFi offers consumers several unique benefits. Here are a few of the reasons you may consider using SeedFi.

Build Credit Responsibly

The most obvious benefit of SeedFi is that it allows you to safely start building your credit score.

Most loans come with high-interest rates. SeedFi offers loans that cost you next to nothing in the long run. This means there is exceptionally little loss involved.

Rather than throwing money away on a loan you don’t really need, SeedFi lets you basically transfer your money over to a savings account.

Additionally, payments on your SeedFi loan can be as low as $20 a month. Such low payments make it incredibly unlikely that you’ll be late, avoiding any problems with your credit-building endeavors.

Should you happen to miss a payment, though, SeedFi is very understanding and ready to work with you to ensure the issue doesn’t make it to your credit report.

All of this combined means you can build your credit in an extremely safe and responsible manner using SeedFi.

Allows You to Build Savings

One of the major standout features of SeedFi is the savings component of your loan.

While traditional loans typically involve purchases that can interfere with your financial wellbeing, SeedFi’s loans go towards establishing a savings or an emergency fund.

Your loan payments essentially function as deposits into a savings account. This allows you to build your credit without having to take a gamble with your finances.

In fact, SeedFi aims to improve your financial stability with its loan plans.

Lower Cost Compared to Alternatives

Most loans come with sky-high interest rates and fees. This is especially true of those available to people with low or no credit. SeedFi is a big exception.

With SeedFi’s Credit Builder Plan, you pay a flat, $1 a month fee for your loan. Paying that little is almost unheard of in the loan space.

Should you try to build your credit via different loans, you’d almost certainly wind up losing a decent chunk of change. SeedFi offers you a way to avoid losses while still building your credit.

SeedFi Eligibility Requirements

Being approved for a SeedFi loan is easy. Since they aim at helping people with no or low credit build, they’ve made their eligibility requirements quite low.

For their Loan Builder Plan, there are virtually no requirements. All you have to do is be over the age of 18, provide your contact information, social security number, and birthday, live in a state where they are licensed and have a way to make the electronic payments.

The Borrow and Grow Plan is a bit more difficult to qualify for, but only very slightly. The requirements are essentially the same with the addition of proof of at least $10,000 in annual take-home income.

These incredibly low eligibility requirements are yet another reason SeedFi is an excellent option to consider if you’re just starting to build your credit.

Where is SeedFi Available?

SeedFi is licensed in 32 states and the District of Columbia. For a full list of licensed states, head over to their website.

How to Apply for a SeedFi Credit Building Loan

Head over to their website and select the plan you’re interested in. From there, click the “Sign Up!” button.

You will be met with a series of questions that will establish the layout of your plan. Once that is done, you will be prompted to create an account.

Provide the information they request and finish out the application.

The process is intuitive and very quick. Most people receive their loan offers within 5 minutes of submitting their application.

How Does SeedFi Compare to Other Options?

SeedFi isn’t the only company providing loans. Let’s take a look at how they stack up to a few of their competitors.

#1. SeedFi vs. CashUSA

CashUSAis an online loan network that operates by connecting you to money lenders.

Where SeedFi focuses on credit building, CashUSA is a much more traditional loan platform.

Where SeedFi places your money in a savings account, CashUSA provides you with loans that can be used for anything. Additionally, CashUSA has a higher ceiling on their loans, allowing you to take out up to $10,000.

Their APR rates vary, ranging from 5.99 % to 35.99%, depending on various factors, including your credit score.

While CashUSA might be a great place to take out a loan in a more traditional fashion, it is clearly at a disadvantage when it comes to credit-building prospects.

You may be denied loans due to a lack of credit. At the very least, your credit score is likely to impact the interest rate on your loan.

Even if this weren’t the case, a standard interest rate isn’t going to come anywhere close to the low cost of the $1 monthly fee on SeedFi’s Credit Builder Plan.

>> More:CashUSA Review

#2. SeedFi vs. is a platform that connects users with money lenders. is aimed primarily at people with low credit scores. Users can borrow anywhere from $1,000 to $35,000 and use the money for whatever they want.

The APR rates typically range from 5.99% to 35.99%, though they can be even higher depending on the lender. loans can also come with origination fees ranging from 1% to 5%.

All of this combined means that can easily become much more expensive than using SeedFi.

They may be an option if you need to borrow a significant amount of money for a purchase, but for credit building, SeedFi is clearly superior in ease of use and in safety.

>> More: Review

#3. Payoff vs. SeedFi

Payoff is a company offering credit card consolidation loans. In essence, these loans involve buying your credit card debt from the credit card companies, so you wind up paying the consolidation company instead.

Payoff offers these loans with an APR ranging from 5.99% to 24.99%. You can take out a consolidation loan of anywhere from $5,000 and $40,000.

One significant difference between Payoff and SeedFi is that Payoff has a minimum credit score of 640 to qualify. This makes it more challenging for those with very poor credit to use Payoff to build.

While SeedFi will offer a consolidation loan soon, the details are yet to come. For now, Payoff is a good choice for those who need to consolidate to reduce APR, but SeedFi is still a safer way to build credit overall.

>> More: Payoff Personal Loan Review

#4. Avant vs. SeedFi

Avant is a company offering personal loans to lenders with moderate to poor credit scores.

Unlike the first two platforms on this list, Avant offers these loans to you directly rather than acting as a connection to lenders.

Borrowers can take out anywhere from $2,000 to $35,000 dollars through Avant. The minimum credit score to qualify is 550, and APRs range from 9.95% to 35.99%.

Additionally, Avant charges up to 4.75% for loan origination.

All of this makes Avant one of the costliest options on this list. Compared to SeedFi, this makes Avant a much worse choice for credit building. Consider them more of a last option than a proactive way to build your credit.

>> More:Avant Personal Loan Review

Frequently Asked Questions

Let’s turn now to a few of the most common questions people have about SeedFi.

Is SeedFi Legit?

Yes, SeedFi is a completely legitimate organization. They are licensed in 32 states and partner directly with several banks. They are a great choice when trying to build credit.

Does SeedFi Report to the Credit Bureaus?

Yes, SeedFi reports your payment history directly to the credit bureaus.

Does SeedFi Do a Credit Check?

SeedFi does what is called a “soft pull, ” a credit check that does not impact your credit score.

Who Should Use SeedFi?

SeedFi is perfect for people looking to build their credit in a responsible and safe manner. This is especially true of those with bad or no credit.

Is SeedFi Worth It?

While the answer will vary, it is often worth using SeedFi if your goal is building your credit. Its low costs and incorporated savings make it one of the safest ways to boost your credit score.

Bottom Line: SeedFi Review

While there are plenty of places to get a loan, few of them are free of risk. SeedFi is an exception.

SeedFi offers loans to those with bad or no credit with very low eligibility requirements. Their plans are quite affordable and easy to pay off, and they leave you with money in a savings account, helping you build better financial habits.

If you’re looking to build your credit and want to do so in the safest possible manner, SeedFi is a fantastic way to do so.

Bradon Matthews
Bradon Matthews

Bradon Mathews is a personal finance writer & product analyst with a breadth of experience. He enjoys analyzing market information and trends to help you make sense of the complex and ever-changing world of finance. His passion is providing practical advice so you can feel more confident managing your money. Bradon attended Colorado State University where he studied Philosophy.