SeedFi has ceased to offer Borrow & Grow Personal Loans
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SeedFi has ceased to offer Personal Loans for Borrowing and Growing
SeedFi’s Borrow & Grow personal loan attracted consumers with low credit scores. Compare borrowing and credit-building alternatives.
Annie Millerbernd Lead Writer for personal loans, “buy now, pay later” loans, cash advance apps Annie Millerbernd is a nerdwal expert on personal loans. Prior to joining NerdWallet in the year 2019 she worked as news journalist in California and Texas, and as a digital content specialist for USAA. Annie’s work was cited by the media and has been included by The Associated Press, USA Today and MarketWatch. She’s also been featured by New York magazine and was featured on NerdWallet’s “Smart Money” podcast, as well as local TV and radio. She’s located at Austin, Texas.
Jan 27, 2023
Edited by Kim Lowe Lead Assigning Editor Consumer loans Kim Lowe leads the personal loans editorial team. The editor came to NerdWallet following 15 years of managing the content on MSN.com, including travel, health and food. Kim began her career as a journalist for magazines that covered the mortgage, supermarket and restaurant industries. Kim earned an undergraduate degree in journalism from The University of Iowa and a Master of Business Administration from the University of Washington.
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SeedFi is an online lending company specializing in helping consumers build credit, no longer will accept new applications to its Borrow & Grow personal loans. SeedFi will still be able servicing existing loans.
SeedFi’s Borrow & Grow plan was a personal loan and credit-building loan combined. The program let borrowers use a portion of the loan proceeds right away while the remaining money was deposited in a savings account that customers could access when the loan was paid in full.
It was an ideal choice for fair and poor-credit customers (with scores less than 690) who had to pay for an unexpected expense, but also would like to build credit and savings while doing so.
The financial software company Intuit has announced that in the month of December, 2022 it would buy SeedFi. By January 2023, CEO Jim McGinley told NerdWallet in an email that SeedFi would no longer provide personal loans.
Alternatives to SeedFi’s Loan & Grow personal loan
The Borrow & Grow plan was an uncommon offering, but you can still find a plan to cover huge, one-time expenses as well for small emergency situations. If your goal is only to build credit, consider the possibility of .
Personal online loans
Some online lenders look for borrowers with strong credit and high earnings and offer personal loans to consumers with low credit scores and/or incomes. Find a lender who reports payments to all and has a limit of 36 percent which is the maximum APR consumers’ advocates believe an affordable loan could have.
They offer personal loans for borrowers who have good or bad credit.
The ratings of NerdWallet are based on the opinions of the editorial staff. The scoring formula considers factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet’s ratings are evaluated by our team of editors. The scoring formula takes into account aspects we consider to be a good choice for consumers, such as impact on credit score, rates and fees customers’ experience, and ethical lending practices.
The NerdWallet ratings are decided by our team of editors. The scoring formula takes into account aspects we believe are beneficial to the consumer, including the impact on credit score, fees and rates customers’ experience, and ethical lending practices.
Est. APR 11.69-35.93 percent
Est. APR 18.00-35.99 percent
Est. APR 6.50-35.99%
The loan term is 3-to-5 years
Loan term 2 to 5 years
The loan term is 3 to 5 years
The loan amount is $1,000-$50,000.
Loan amount $1,500-$20,000
The loan amount is $1,000-$50,000.
Min. credit score 560
Min. credit score Non e
Min. credit score None
is managed by an the online lender . The lenders offer similar personal loans to those with poor credit scores, however, Universal Credit’s borrowing standards are less stringent and the rates can be more expensive. Universal Credit is a good option for borrowing money and building credit because the lender gives access to credit-building tools such as credit monitoring, as well as educational materials about credit.
The lender does not have a minimal credit score requirements. The lender utilizes an algorithm that takes many aspects into consideration to determine the eligibility of a borrower. OneMain needs a steady income to pay for a personal loan’s monthly payment and claims that borrowers’ score averages are within the lower- to mid-600s. OneMain’s rates are higher as compared to other lenders, however, borrowers may get better rates with the joint or secured loan.
uses artificial intelligence and non-traditional information, such as educational background and employment history, to qualify borrowers. The lender has no minimum credit score but requires at least $12,000 in annual income. The personal loans don’t come with extra benefits such as rate discounts or credit-building aid. The loans range from $1,000 to $50,000, with three- or five-year repayment terms.
Check if you are pre-qualified for an individual loan without impacting your credit score
Answer a few simple questions to receive an estimate of your personal rate from a variety of lenders.
The loan amount
Credit union personal loans
A may be a good option for members who have poor credit scores because credit unions can consider membership history, in addition to income and credit, when reviewing an loan application. Federal credit unions set their APRs at 18%, and some also offer , which are small-dollar loans that have rates limited to 28 percent.
These credit unions don’t require adequate credit scores to qualify.
Alliant offers quick and easy personal loans and has broad membership requirements, however you have to be a member for minimum six months prior applying. It is possible to get funding on the same day and Alliant offers 24/7 customer service.
provides flexible personal loans with quick funding. The credit union serves mostly military personnel and their families, as well as Department of Defense employees. Navy Federal doesn’t disclose its minimum credit score requirements and claims that it works with its members to find the most suitable financing solution.
don’t require good credit, but borrowers can’t make use of the funds immediately. If you’re approved for the loan, your loan remains in a banking account while you pay. The lender will report payments to the three major credit bureaus. On-time payments build your credit. You can access the funds after you’ve paid back the loan.
You can obtain credit-building loan from credit unions as well as community banks, as well as from online lenders and lending circles.
These lenders provide credit-building loans.
SeedFi continues to provide its products, McGinley said in an email. This is a no-fee credit line that permits borrowers to make payments of as little as $10 each once a week. After you have paid 500, SeedFi will transfer the cash into a savings account you can access. Contrary to an ordinary installment credit-builder loan, you continue to pay toward the credit line and gain access to additional savings every until you have reached $500.
Self is an online lender who’s primary requirement for borrowing is that you do not have an unfavorable credit score, which could be caused by factors like bounced checks , or unpaid fees, for the last 180 days. The credit builder loans provided by Self are held in a certificate of deposit account when you make monthly loan payments of between $25 and $150. Self charges a $9 administrative fee. The maximum APRs are about 16%.
How can you compare personal loans
Here are a few important aspects to consider when comparing personal loan lenders.
Requirements for borrowing: Some lenders publish their lending requirements that may include minimum credit score, minimum income and maximum . The information may be found on a lender’s website under the section on FAQ. Websites like NerdWallet also gather this information from lenders in order to write individual loan reviews.
APR: A loan’s APR is the total cost of the loan which includes interest and other fees. APR gives an apples-to apples comparison between lenders and financial products like credit cards. If you are considering a variety of financial options, you should choose the one with the lowest APR.
Monthly payments: Before you apply for a personal loan, be sure your monthly payments meet your budget. Check out a calculator to find out which aspects of the loan amount rates, repayment period and rate influence the monthly payment.
Pre-qualification: Many lenders allow you to with an informal credit check. This lets you see your potential loan amount and rate, as well as the repayment period and the monthly installment. There is no deadline time limit until you apply for a loan, you can review your personal loan offers from multiple lenders to choose one that is within your budget.
Origination fee: This is a percentage of the loan amount, usually from 1% to 10% that a lender takes from the loan before it is sent to you. Online lenders who work with fairand bad credit borrowers charge this fee most often, but good and excellent-credit borrowers might also encounter the fee. If you’re charged an origination charge, make sure you know how much it will reduce the loan value by.
Other features: Compare other like fast funding, credit-building assistance and flexible repayment terms. None of these options will overpower a low-interest rate or low monthly costs, but they may help you make a decision from a variety of deals.
About the author Annie Millerbernd is a personal loans writer. Her writing has been featured on The Associated Press and USA Today.
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