SeedFi review: what you need to know

GOBanking Rates Score

Quick take: SeedFi offers personal loans with relatively affordable interest rates to borrowers with bad credit. But you will also find no cost credit builder loans. SeedFi makes it possible to build credit while creating savings at the same time.

  • APR
  • Loan flexibility
  • Costs
  • Client experience

How did we calculate this?


  • Loan payments reported to three credit bureaus
  • No interest, fees or credit requests for the Credit Builder Prime plan
  • No prepayment charges
  • No assembly costs

The inconvenients

  • Must earn at least $10,000 per year in net income
  • Unable to select payment due date with Borrow & Grow plan

Introducing SeedFi

SeedFi is a startup that focuses on providing credit and credit building opportunities to Americans with poor credit scores. When you take out a loan with SeedFi, the savings are built right into the product. Throughout the term of the loan, you will build up both savings and credit. Although the company is not available in all states, the growing company is well positioned to help many average Americans build credit.

Whether you need money immediately or just want to build credit, SeedFi has options for you. Let’s explore the opportunities in this SeedFi review.

Main characteristics

Here are details on some of the main features of SeedFi.


As of August 4, the APRs offered on the Borrow & Grow plan range from 12.96% to 29.99%.

The exact APR you get will vary based on your unique credit history. But if you’re a borrower with bad credit who needs quick access to cash, these are relatively affordable rates. This is especially true when compared to regular payday loan rates for borrowers with bad credit, which can reach into the triple digits.

In terms of APR for the Credit Builder Prime account, you will not find any interest rate attached to this credit building product.

Loan flexibility

SeedFi’s Credit Builder Prime account offers a high level of flexibility. Instead of locking you into a traditional credit loan with payments due every month, SeedFi offers the opportunity to save when you can and get credit for it.

According to SeedFi, you’ll only need to use the line of credit built into your Credit Builder Prime plan once during the first three months and at least once every six months thereafter. So if you can’t save every month, that’s okay. SeedFi’s goal is to help you build your credit, not lock you into an unsustainable payment plan.

The same kind of flexibility does not apply to the Borrow & Grow plan. You won’t even be able to select your payment due date. But SeedFi makes sure your payment due date matches your paycheck. If you are self-employed, you will have the option of working with SeedFi to select a maturity date that suits your cash flow.


When it comes to financial products, hidden fees seem to be an inevitable evil. Although you will find fees associated with most loans, SeedFi keeps fees to an absolute minimum. With no prepayment or setup fees in sight, you can feel comfortable working with SeedFi.

If you are using the Borrow & Grow plan, the only charges you will find are late fees. But there is a catch. When you pay a late fee, SeedFi puts those dollars into your SeedFi savings account. So, at the end of the loan term, you will get all your late fees back.

If you use the Credit Builder Prime plan, there are no fees to worry about. Instead, you can build credit with confidence without paying a penny in fees.

Client experience

The focus on a positive customer experience is one thing that makes SeedFi a great opportunity. When the company was founded, its stated goal was to “give the 100 million Americans living on paycheck a way to make their money grow.” And this driving mission is reflected in the accessibility of the products offered.

Everyday Americans use SeedFi to boost their credit score. SeedFi has a score of 4.7 out of 5 and an “excellent” rating on Trustpilot. Based on Trustpilot’s rave reviews, you can expect a positive experience with this company. Considering that the average Credit Builder Prime user sees their credit rating boost after making six months of on-time payments, it’s no surprise that people love this free product.

How SeedFi stands out

SeedFi sets itself apart by staying true to its mission of helping people with bad credit access finance and build credit. As a borrower with bad credit, you’ll find the attractive rates and low fees very appealing.

If you don’t need a loan but want to build credit, the free options available through SeedFi are helpful. You will have the opportunity to build up credit and savings in a flexible way. Taking advantage of the free opportunity to build credit now can help you access better funding opportunities in the future.

Comparable options

SeedFi is not the only company offering credit building opportunities. If you think SeedFi isn’t a good fit for your finances, consider these competitors.

SeedFi versus self

Self offers credit builder loans designed to help you improve your credit score. Like SeedFi, Self boasts very high ratings from customers. There’s no doubt that Self’s Credit Builder Loan on-time payments can help you build your credit.

But you will pay a little more if you work with Self. Self’s credit builder loan plans start at $25 per month. This is significantly higher than working with SeedFi, which can be free.

SeedFi vs. Credit Strong

Credit Strong is another company that offers credit loans. Like Self, you’ll have to pay a monthly fee to tap into the credit-building power. Plans start at $15 per month.

But what sets Credit Strong apart is its ability to create business credit through the business. If you’re looking for an option to build your credit as a business owner, Credit Strong is a great opportunity.

How to Apply for a SeedFi Loan

Before applying for a SeedFi loan, make sure you meet the following requirements:

  • Must be at least 18 years old
  • Must live in one of the 36 states where SeedFi operates
  • Must have a social security number or an individual tax identification number
  • Must earn at least $10,000 per year, after taxes
  • Must have a US bank account
  • Must have a phone that accepts SMS

If you meet these conditions, you can continue your application with confidence. Completing an application on the SeedFi site should take less than 10 minutes. If you’re approved, you’ll start making payments based on your payroll schedule.

Who is SeedFi best suited for

SeedFi offers a great opportunity to build credit for free. So those looking to build credit and save will appreciate what SeedFi has to offer.

But if you need immediate cash with an emergency loan, SeedFi can also help. You will get the funds you need up front. Plus, SeedFi can help you save money for your next emergency with a reserved savings account.

One of SeedFi’s limitations is the maximum amount of $4,000 in loan funds that new borrowers can access immediately. If you need access to a larger loan, SeedFi is not for you.

Final grip

SeedFi delivers on its promise to help Americans get credit. The outpouring of positive reviews from real customers makes SeedFi an attractive option for anyone looking to build credit and save at the same time. And it doesn’t hurt that you can use SeedFi for free.

SeedFi FAQs

Here are the answers to some frequently asked questions about SeedFi.

  • What is SeedFi/CRB on my credit file?
    • SeedFi reports your payment information to the three major credit bureaus. The entry will be declared under SeedFi or SeedFi/CRB. The “CRB” stands for Cross River Bank, which is the bank that SeedFi partners with to provide savings accounts and create credit products.
  • What is a SeedFi loan?
    • The SeedFi Borrow & Grow plan is a personal loan with relatively affordable interest rates for borrowers with bad credit. You will borrow what you need. Additionally, SeedFi will place part of your capital in a savings account. When you repay the loan, you will have access to these savings.
  • Does SeedFi pull hard?
    • SeedFi makes a firm credit request when you apply for the Borrow & Grow plan. The firm credit inquiry is visible to creditors and can impact your credit score. If you pursue the Credit Builder Prime plan, you will not encounter any credit inquiries.
  • How can I get my money from SeedFi?
    • If you repay a Borrow & Grow loan, you will receive the savings portion of your loan when you repay the loan. At this point, your SeedFi savings account is unlocked. If you sign up for the Credit Builder Prime plan, you’ll have access to your funds every time you save $500.

Information is accurate as of August 4, 2022.

Editorial note: This content is not provided by any entity covered by this article. Any opinions, analyses, criticisms, evaluations, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed, or otherwise endorsed by any entity named in this article.

About the Author

Sarah Sharkey is a personal finance writer who wants to help readers improve their own financial records. After earning a bachelor’s degree in biology, she headed to business school. With an MBA from the University of Florida’s Hough School of Business, she loves to dive into the details of personal finance. With years of experience as a personal finance writer, she helps readers grasp the concept and take control by breaking down complex, jargon-filled topics down to their basic components. After all, a little knowledge can go a long way in the world of personal finance.

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