MoneyGeek’s Take

SeedFi Personal Loan Review

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Reviewed byMorgan Hull
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Updated: December 28, 2023

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SeedFi offers a non-traditional credit builder loan product with a built-in savings account called Borrow and Grow. Since it reports to credit bureaus regularly, you can improve your score in no time, as long as you make timely payments.


At a Glance: SeedFi Personal Loans


MoneyGeek Breakdown - SeedFi Personal Loan Details and Requirements

Is SeedFi Right for You?
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SeedFi is one of several companies that offer personal loans. To help you find the perfect lender for you, MoneyGeek outlined who would benefit most from getting a personal loan with SeedFi.

Who SeedFi Is Perfect For

SeedFi’s Borrow and Grow personal loan product offers cash solutions for borrowers with unexpected expenses that may not have a savings account. If you have trouble saving money, or have a low or bad credit score, SeedFi is an ideal lender for you, as it accepts applicants with poor credit.

The Lender also helps you save money by only providing a portion of the total loan amount upfront and holding the rest in a savings account until the initial amount is repaid. If you’ve been previously rejected for a no-savings loan, SeedFi offers loans at affordable interest rates. For those who want to build their credit, SeedFi reports to the credit bureaus twice a month, but to benefit from this feature, you must make your loan payments on time.

Who Should Not Choose SeedFi

Those who need a larger loan amount may want to look elsewhere since SeedFi loans only offer up to a maximum of $4,000 for first-time borrowers. Because this lender reports to three credit bureaus on a monthly basis, you want to make sure that you are able to make on-time payments. Otherwise, it could further hurt your credit score.

Lastly, SeedFi is known to require a lot of documentation for their loan application. If you prefer a no-fuss personal loan application, there are other personal loan lenders that have fewer application requirements.

How to Apply for a SeedFi Personal Loan

MoneyGeek’s review of SeedFi’s personal loan helps borrowers decide whether this is a good product to consider for their financial needs. Know the right steps to apply for a SeedFi Borrow and Grow personal loan.



SeedFi asks for personal information on their website when you pre-qualify. This may include proof of income, proof of address, and other documents like a bank statement, photo identification, etc. Additional documentation may be required based on your borrower profile. A soft credit check is also performed to assess your financial situation, but this will not affect your credit score.


Fill Out Application Form

Once you fill out your application form and choose a loan amount, SeedFi will proceed with a hard credit inquiry.


Wait for Approval

It may take 1 to 2 days to get a final decision and finalize the terms of your loan.


Review Loan Agreement

In most cases, the terms of your loan will be different from those you initially agreed on. At this stage, you may want to review your loan agreement and ask about anything that is unclear to you.


Sign Loan Agreement

Keep in mind that once you sign a loan, it prompts SeedFi to initiate a hard credit pull on your account. That means, your credit score will be impacted.


Receive or Direct Funds

Once you sign the loan, a SeedFi representative will call you to confirm the terms of your loan. After the terms of the loan are confirmed, the upfront portion of your loan will be deposited into your personal bank account in 1 to 2 business days, and the other portion to your SeedFi Savings Account.


Make Payments

Payments are due twice a month on the days included in the loan agreement. The lender also has an auto-pay option, so you don’t have to make manual payments every month. Aside from auto-pay, SeedFi offers different ways to make loan payments.

What to Do if You Are Rejected From SeedFi

Every personal loan lender will take a look at a borrower’s financial situation to determine the risk of approving your personal loan application. Lenders may reject applicants with bad credit scores or low incomes, as they’re seen as riskier to insure. If your loan application is denied, you should find out why to improve your chances of getting approved in the future.

Ask the lender for specific details about why your personal loan application was rejected and try to improve these factors. Generally, apart from meeting the lender-specific requirements, you should be able to improve your credit score and have a verifiable income and an established credit history to have a higher chance of approval.

Don’t apply to any personal loan lender without improving these factors first, especially with lenders like SeedFi, whose hard credit inquiries may hurt your score. If you want to re-apply to SeedFi, they require a 90-day waiting period before you can submit another application. Any applications submitted before this period are automatically rejected.

Frequently Asked Questions About Personal Loans

In this personal loan review, MoneyGeek answered some of the most frequently asked questions about personal loans from SeedFi.

SeedFi’s Borrow and Grow personal loan product is ideal for bad credit-borrowers with small cash emergencies.

Even with a low or bad credit score, you may be able to qualify for a SeedFi personal loan.

On average, it takes about ten minutes to apply for a SeedFi personal loan, but this could take longer for those who need to provide additional documentation. You’ll hear back about your application status within one to two business days.

SeedFi currently does not have a mobile app.

SeedFi is a secured personal loan in the form of a savings account. You will only get a portion of your total loan amount upfront and the rest will be held in a SeedFi savings account until the initial loan amount is fully paid.

You can borrow from $1,200 up to $7,000 from SeedFi. However, a portion of this goes into your savings account, which you can claim after paying your loan in full.

SeedFi does not have any origination fees. Additionally, while it charges up to $15 for late payments, borrowers will be reimbursed after they repay the loan.

SeedFi issues a soft credit inquiry when you check offers. Once you select a loan offer and continue with the application, SeedFi issues a hard credit inquiry.

Though SeedFi allows you to set up autopay, it doesn’t offer any discounts for doing so.

SeedFi does not accept co-signers but it does qualify borrowers with low or bad credit scores.

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.