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SeedFi generates a soft credit inquiry when you apply for a loan.
Seedfi; Insider
The bottom line: SeedFi Borrow & Grow Loan is an excellent choice for borrowers who have a shakier credit history but still need a bit of money to tide them over. The company’s low minimum loan amount coupled with its unique savings builder feature allows borrowers to pay off expenses while also growing their financial reserves.
SeedFi personal loans
You’re able to get a SeedFi Borrow and Grow loan in 36 states and Washington, D.C.:
AlabamaAlaskaArizonaArkansasCaliforniaColoradoDelawareFloridaGeorgiaIllinoisIndianaKansasKentuckyLouisianaMichiganMississippiMissouriMontanaNebraskaNevadaNew JerseyNew MexicoNew YorkNorth CarolinaOhioOklahomaOregonPennsylvaniaSouth CarolinaTennesseeTexasUtahVirginiaWashingtonWest VirginiaWisconsin
Pros and cons of SeedFi personal loans
Pros
Reports payments to all three major credit bureaus. SeedFi reports payments to Experian, Equifax, and TransUnion, which can help build your credit score if you make reliable, on-time payments. If you fall behind on your payments, your credit score may take a hit. Comprehensive FAQ pages on its website. SeedFi has a lengthy list of frequently asked questions on its website, so many questions you might have about its loans are answered there. Not all lenders are as transparent about their loan terms and processes.Build savings as you pay off your loan. As you pay down your debt, you’ll also be putting money into a SeedFi Savings Account, which is locked until you pay off the entire loan. You’ll have between $1,250 to $4,500 in savings by the time you finish paying off your loan, depending on your loan terms. While this savings account isn’t as convenient as a regular savings account — you can’t access your funds at any time — it may help you save more consistently than you otherwise would. Competitive APRs. Overall, SeedFi has rates that are fairly competitive with the lenders we feature in our guide to best personal loans, and its rates are exceptionally good for borrowers with bad credit. Prequalify for loan offers. When you apply for a loan, SeedFi will perform a soft credit check, which will allow the lender to get a comprehensive look at your credit history but won’t affect your credit score. You’ll get your proposed loan terms without hurting your credit score.Low minimum loan amount. You can borrow as little as $300 with SeedFi, making it a great option for those who only need a small amount of money to tide them over.
Cons
Only available in 36 states and Washington, D.C. Loans are not available for residents of Connecticut, Hawaii, Idaho, Iowa, Maine, Maryland, Massachusetts, Minnesota, New Hampshire, North Dakota, Rhode Island, South Dakota, Vermont, and Wyoming. Late fees. You’ll pay an undisclosed late fee if you fall behind on your payments. However, you’ll get all the money you’re charged in late fees back in full when you repay your loan. Low maximum loan amount. You can only borrow $4,000 with SeedFi. If you need more, you’ll need to choose a different lender.
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Who is SeedFi best for?
SeedFi is best for borrowers who want to also contribute to their savings while they pay off their loan and who are comfortable having payments taken out of every paycheck. Borrowers who want to build credit may also find SeedFi is a good option.
How SeedFi personal loans compare
SeedFi is hard to compare with other companies because it has comparable rates to traditional personal loan lenders, but has a payment schedule more like payday lenders, where you make payments every time you receive a paycheck. We’ve chosen to compare it with other low minimum loan-amount, low minimum credit-score lenders because SeedFi is a far superior option for borrowers who fit that mold.
Neither Personify nor MoneyKey have a minimum credit score to qualify, so they could be a good option for borrowers who have been denied by other companies due to a poor credit history. SeedFi’s minimum credit score requirement is quite low at 520, so it could be another good option as well.
You’ll pay late fees with all three companies, however, you get all of them back with SeedFi after you finish paying off your loan. This is a one-of-a-kind feature in personal loans.
Frequently asked questions
Is SeedFi trustworthy?
SeedFi, a Better Business Bureau-accredited company, has a B+ rating from the BBB, a nonprofit organization focused on consumer protection and trust. The BBB gave this grade because of 44 complaints filed against the business. The BBB evaluates companies based on their response to customer complaints, honesty in advertising, and openness about business practices.
SeedFi hasn’t been involved in any recent controversies. Between the company’s clean history and solid BBB rating, you might consider borrowing from the lender.
How long does it take to get money from SeedFi?
You’ll receive your money within a few business days with SeedFi.
Does SeedFi hard pull?
When you apply for a loan with SeedFi, the company will conduct a soft credit inquiry. This allows it to get a comprehensive view of your credit history without impacting your credit score. After you accept your loan’s terms, the company will perform a hard credit pull, which may have a negative impact your score.
Can I pay my SeedFi loan off early?
Yes, you can pay off your SeedFi loan early with no fees.