Finance

Does SeedFi do a Hard Pull?

SeedFi is the company that approves your loan with a bad credit history or with a zero-credit history and it is the reason for its popularity among the people, especially in the United States where its headquarters are based. SeedFi approves two types of loans, one is a credit builder loan and the other one is a borrow & growth plan. Keep reading if you want to have all details about SeedFi. So, let’s dive into it! 

What is a SeedFi Loan? 

SeedFi is somehow a new company that provides you a loan with a soft check and with good opportunities. 

SeedFi was founded by Eric Burton, the one who has faced many problems in the past while getting a loan due to his bad credit history. So, he realized that he should start a company where he will approve the loan for those who have bad or zero credit history. 

SeedFi comes with two loan plans, one is Borrow & Grow plan and the other is Credit–Builder loans. 

  1. Borrow & Grow Plan: 

SeedFi’s Borrow & Grow plan will provide you loans with a low-interest rate and you can have the money if you got an emergency. You just have to pay your monthly installments on time. The duration of repaying the loan is between eight to 44 months. Through this company, you can build your credit history. It will also allow you to create a saving account with this loan so that after paying your installments you will have a saving account for the future. 

However, this is the best loan plan option if you want to improve your credit history. 

  1. Credit Builder Prime: 

SeedFi other loan plan option is Credit Builder Prime, in which you can also create your saving account and build your good credit history. You just have to sign-up at their website and apply for your loan. And you have to commit one thing which is that you will pay $10 per day per duration. 

In addition, SeedFi will report your repayment money to the three major credit bureaus so that in this way, your credit history will boost up. Your saving account was locked until you pay your all installments. 

How to apply for a SeedFi loan? 

seedfi

 Applying for the SeedFi loan is very simple and takes only 10 minutes to complete the process through your desktop or mobile. 

Applicants have to follow these steps: 

  •  You should be 18 years old to apply for this loan. 
  • You have to provide your Social Security number or individual taxpayer identification number. 
  • You should have a bank account assigned with your name. 
  • You should have a personal phone number for the verification process. 
  • Your earning should be at least $10,000 per year. 
  • You can apply if you are a resident of any state where SeedFi operates.

How long does SeedFi take to deposit? 

It will take only 1-2 business days for your payment to send to your account. So, it’s a good option if you are in an emergency. But in this plan, they offer you a small amount for the loan.

SeedFi loans Details:

Minimum credit score520; consumers with no credit score may qualify.
APR12.96% – 29.99%.
FeesLate fee: $15; the fee is returned once the loan is repaid.
Loan amount$1,750 to $8,000.
Repayment terms1 to 4 years.
Time to fund after approval1 to 2 business days.
Loan availabilityLoans  are not available in CT, HI, ID, IA, ME, MD, MA, MN, NH, ND, RI, SD, VT and WY.

Payment options by SeedFi: 

You will have the following payment options by SeedFi: 

  • Autopay:

 It is the first payment option for you by SeedFi, you should have this payment method, to repay your installment. 

  • Debit Card Payments: 

 This is the easiest method to create an installment payment. 

  • Bank Account Transfers: 

If you do not have a debit card then this is the best option for you as it will take only two days to process.  

  • Payment By Check: 

It is a long-duration process but it can be used for mailing to SeedFi, at 548 Market St PMB 33447 San Francisco, CA 94104-5401. 

What happened If you do not pay installments? 

If you do not pay your installment on time due to any reason, then SeedFi will take control of your saving account to secure their payment. And your credit history will also be ruined.

SeedFi Complaints & Reviews: 

Here’s how SeedFi  has ranked across the different rating websites:

BBB accreditedNo
BBB ratingNR
Trustpilot Score4.8 out of 5 stars, based on 829 customer reviews
Customer reviews verified as of14 October 2022

SeedFi mostly has positive reviews on Trustpilot. But it does not have any reviews on the Better Business Bureau website. There are mostly positive reviews about SeedFi, as it is easy to apply for this loan, and approval is also soft going but a few negative reviews are also present. Some people have the issue that SeedFi will approve only a limited amount on an urgent basis. 

Is SeedFi legit? 

SeedFi is a legitimate company that will help you in building a good credit history along with a saving account. It has slight terms and conditions for borrowers. You can check all the terms and conditions before applying. So, if you are facing any financial crunch, then you should go for applying for this loan.

Bottom line: 

We have shared all the basic details of SeedFi, you can check all the details if you need a loan on an urgent basis. There are two loan options for you available that you can opt according to your need. How did you find this content, let us know in the comment box below?

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