SeedFi credit-builder loan review: Two options for building credit

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In a Nutshell

SeedFi offers credit-builder loans that could help improve your credit with on-time payments. At least one option has no credit check, which may be helpful if you are just starting out with credit.
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  • On-time payments reported to all three major credit bureaus
  • No-credit-check option available
  • Low payments that can be set to match your pay schedule.


  • Credit score improvements are not guaranteed
  • Not available in all states

What you need to know about a SeedFi personal loan

SeedFi is a financial services company offering loans that can help you build credit. It offers two options: One helps people save money and potentially build credit at the same time; the other is designed for people with an immediate financial need who also want to build credit.

We’ll delve more into those options.

Credit Builder Prime

SeedFi’s Credit Builder Prime aims to help people who want to build credit and don’t need money right away. No credit check is required.

When you sign up, SeedFi opens two savings accounts and a line of credit in your name. You choose the amount you want to pay toward the line of credit each pay period, starting with at least $10, and pay no fees or interest.

There’s no fixed term length, which adds to the plan’s flexibility. Instead, every time you save $500, you can either access that $500 or keep it and earn interest on the balance.

SeedFi reports payments to the three major consumer credit bureaus, which may help improve your credit.

Borrow & Grow Plan

SeedFi’s Borrow & Grow Plan is designed for people who need money upfront and want to start building a good payment record as well as their savings. If approved, you’ll get some loan funds immediately while the rest goes into a dedicated savings account. You’ll receive the balance of the loan once it is repaid in full. Borrow & Grow could help you build credit, as your payments are reported to the three main credit bureaus.

Loan amounts range from $1,750 to $8,000 with $300 to $4,000 available right away. Payments start at $50 per pay period, with loan terms ranging from 10 to 48 months. APRs range from moderate to somewhat high. Your actual APR is made available “as part of the online application process.”

A closer look at SeedFi credit-builder loans  

Here are a few other important details to know about SeedFi.

  • Not available in all areas — To apply for one of SeedFi’s products, you’ll need to live in a state where it operates. SeedFi is available in the District of Columbia and all states except Connecticut, Hawaii, Idaho, Iowa, Maine, Maryland, Massachusetts, Minnesota, New Hampshire, North Dakota, Rhode Island, South Dakota, Vermont and Wyoming.
  • Fees — SeedFi doesn’t charge interest or fees on the Credit Builder Prime plan. There’s a fee up to $15 if you’re late on a Borrow & Grow Plan loan payment, but you get that fee back after repaying the loan.
  • Credit check — SeedFi runs a soft credit inquiry when you check Borrow & Grow offers, so your credit won’t be affected. If you submit an application, SeedFi runs a hard credit inquiry, which can negatively affect your credit. There’s no credit check when applying for the Credit Builder Prime plan.
  • Funding time — Credit Builder Prime funds can be accessed once your savings account hits $500. With a Borrow & Grow Plan, the portion of your loan that’s available immediately typically arrives “within a couple of business days,” according to the company’s website. (Keep in mind that the exact timing will depend on your bank.) The rest is available after you’ve repaid the loan.

Who is a SeedFi loan good for?

SeedFi doesn’t perform a credit inquiry when you apply for the Credit Builder Prime, so this option may be one to consider if you haven’t established credit yet or you’re having trouble getting approved for a loan elsewhere. There’s a hard credit check when applying for the Borrow & Grow Plan personal loan, though you can get prequalified and check your rate without affecting your credit. SeedFi reports payments to the credit bureaus, which could help you build a record of positive payment history.

You should also consider how quickly you’ll need money before applying. You can access a limited amount of cash right away — $300 or more with the Borrow & Grow Plan, but nothing initially with Credit Builder Prime — so that option might not cover an emergency at the outset.

How to apply with SeedFi

Applying for a personal loan is typically straightforward. SeedFi says its application takes about 10 minutes and can be completed on a desktop computer or a mobile device.

Applicants will need to …

  • Be 18 or older, or the age of majority in their state
  • Have a Social Security number or individual taxpayer identification number
  • Have a U.S. bank account
  • Have a verifiable phone number that can receive text messages
  • Earn at least $10,000 per year
  • Live in one of the states where SeedFi operates

Keep in mind that the application process is slightly different for each plan.

Not sure if SeedFi is right for you? Consider these alternatives.

  • MoneyLion: MoneyLion may be a good option if you don’t need to borrow much and you want to build credit.
  • Earnin: Earnin may be a good option if you need to borrow a small amount immediately and you’re less focused on building credit.

About the author: Kim Porter is a writer and editor who has written for AARP the Magazine, Credit Karma,, U.S. News & World Report, and more. Her favorite topics include maximizing credit card rewards and budgeting. Wh… Read more.