The financial system works against you. Traditionally, you need a loan or credit card to build good credit, but you can’t get them unless you already have good credit.
A Credit Builder Plan is your way up!
It's a loan because we give you money and you have to pay it back, even though you can't access it right away.
We give it to you by putting it into your SeedFi Savings Account. You can't access it until you pay back the entire amount. The beauty of this structure is that we're able to report the payments to the credit bureaus to help you build credit.
We have a way! 🥳 If you are looking to cover an expense and need some money that you can use right away, the Borrow & Grow Plan may be just what you are looking for. It allows you to access money now while also putting some money away in your SeedFi Savings Account. You build credit with every on-time payment, and, when you pay off your loan, your SeedFi Savings Account is unlocked.
We wish it was! Unfortunately, everyone’s credit profile is different and we cannot guarantee that you will see a credit score increase.
Credit bureaus calculate credit scores by using formulas that consider many factors. SeedFi cannot promise that taking out a Credit Builder Plan will increase your credit score because of the potential effects of all the factors, including whether you make all your loan payments on time, your performance on your other credit accounts, and how long your credit accounts have been open. However, payment history is an important component of your credit score and taking out a Credit Builder Plan gives you the opportunity to add more on-time payments to your credit profile! 🤓
If your loan payments are due monthly, the plan fee is $1 per payment, for as long as your loan is open.
If your loan payments are due twice a month, the plan fee is $0.50 per payment, for as long as your loan is open.
If your loan payments are due every other week, the plan fee is $0.46 per payment, for as long as your loan is open.
In all cases, the plan fee is paid first. In other words, payments are first applied to the plan fee, as specified in your loan agreement.