SeedFi No Longer Offers Personal Loans to Grow and Borrow

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SeedFi No Longer Offers Borrow & Grow Personal Loans
SeedFi's Borrow & Grow personal loan attracted people with poor credit. Find out more about credit-building options and borrowing.
Annie Millerbernd Lead Writer Personal loans, "buy now, pay later" loans, cash advance apps Annie Millerbernd is a NerdWallet authority on personal loans. Prior to joining NerdWallet in 2019 she was an investigative reporter for California and Texas and was an expert in digital content at USAA. Annie's work was cited by the press and was included in The Associated Press, USA Today and MarketWatch. She's also been quoted in New York magazine, and has appeared in NerdWallet's "Smart Money" podcast, in addition to local radio and television. She is based in Austin, Texas.





Jan 27 2023


Editor: Kim Lowe Lead Assigning Editor Consumer lending Kim Lowe leads the personal loans editorial team. She was hired by NerdWallet following 15 years of managing the content on MSN.com, including food, health and travel. Her first job was as a journalist for magazines which covered mortgages food, restaurant and supermarket industries. Kim received her bachelor's degree in journalism at the University of Iowa and a Master of Business Administration from the University of Washington.







A majority of the items featured on this page are from our partners, who pay us. This affects the products we feature and where and how the product appears on the page. However, this doesn't influence our opinions. Our opinions are our own. Here is a list of and .



SeedFi the online loan provider that specializes in helping people build credit, no longer will accept new applications to its Borrow & Grow personal loans. SeedFi will still be able to provide service for existing loans.
SeedFi's Borrow & Grow plan was a personal loan as well as a credit-building loan all in one. The plan let borrowers use a portion of the loan proceeds immediately, 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 alternative for fair- or bad-credit borrowers (with scores less than 690) who had to pay for an unexpected expense but would like to increase their credit score and save at the same time.
Financial software firm Intuit has announced that in the month of December, 2022 they would buy SeedFi. In January 2023, the the CEO Jim McGinley told NerdWallet in an email that SeedFi will no longer offer personal loans.
>> MORE:
Alternatives to SeedFi's Borrow and Grow personal loan
It is true that the Borrow & Grow plan was an uncommon offering, but it is still available to help cover large, one-time expenses as well in small emergencies. If you're looking to build credit, consider the possibility of .
Personal loans online loans
Some online lenders look for borrowers with good credit and high incomes and offer personal loans to those with poor credit scores and/or incomes. Look for a lender that reports payments to all and has a limit of 36% which is the maximum APR consumers' advocates believe an affordable loan can have.
These lenders offer personal loans to those with good or bad credit.
The ratings of NerdWallet are based on the opinions of our editorial team. The scoring formula considers the factors we believe to be friendly to consumers, such as the impact on credit score, rates and fees as well as the customer's experience and responsible lending practices.


NerdWallet's ratings are determined by our editorial team. The scoring formula is based on aspects we consider to be consumer-friendly, including impact on credit score, rates and fees customers' experience, and ethical lending practices.


The ratings of NerdWallet are based on the opinions of our team of editors. The scoring formula considers factors we consider to be friendly to consumers, such as the impact on credit score, fees and rates customers' experience, and responsible lending practices.


Est. APR 11.69-35.93 percent

Est. APR 18.00-35.99 percent

Est. APR 6.50-35.99 Percent

A loan term ranging from 3 to 5 years

The loan term is 2-5 years

A loan term ranging from between 3 and 5 years

Amount of loan: $1,000-$50,000

The loan amount is $1,500 to $20,000

Loan amount $1,000-$50,000

Min. credit score 560

Min. credit score, not e

Min. credit score None






is operated by the online lender . The lenders provide similar personal loans to those with poor credit scores, but Universal Credit's borrowing standards may be softer and the rates can be more expensive. Universal Credit is a good choice for borrowing money and building credit because the lender gives access to credit-building tools like credit monitoring and educational materials regarding credit.
does not have a minimal credit score requirements. The lender employs an algorithm that takes many elements into account when determining the borrower's eligibility. OneMain will require a sufficient income to pay for the monthly payments for personal loans and says borrowers' typical credit score is in the mid to mid-600s. The rates of OneMain are high when in comparison to other lenders, but the borrower may be offered an lower rate if they take out 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 of annual income. The personal loans don't come with additional perks like rate discounts or credit-building aid. Loans are from $1,000 to $50,000, with three- or five-year repayment timeframes.
Check if you are pre-qualified for an individual loan - without affecting your credit score
Simply answer a few questions to get customized rate estimates from several lenders.


Loan amount
on NerdWallet








Credit union personal loans
A might be a great option for members who have less-than-perfect credit because credit unions may take into account membership history, addition to credit and income in evaluating a loan application. Federal credit unions cap APRs at 18% and some offer small-dollar loans with rates capped at 28 percent.
They don't need an excellent credit score to be able to apply.
provides quick personal loans and has broad membership requirements, however you must be a member of the company for at least six months prior to applying. It is possible to get funding on the same day, and Alliant provides 24/7 customer support.
It offers flexible personal loans with fast funding. The credit union is primarily for military personnel and their families as in addition to Department of Defense employees. Navy Federal doesn't disclose its minimum credit score requirements, but says it works with its members to find the most suitable financing solution.
Credit-builder loans
Don't need a credit score however, borrowers aren't able to take the money immediately. If you're approved for the loan, your loan is held in a bank account until you pay. The lender reports payments to the three main credit bureaus. On-time payments improve your credit. You can access the funds after you've paid back the loan.
You can get a credit-builder loan through credit unions and community banks, through lenders on the internet and lending circles.
These lenders provide credit-building loans.
SeedFi is continuing to offer its products, McGinley said in an email. It is a free line of credit that allows the borrower to make monthly payments starting at $10 every two weeks. When you've paid the amount of $500 SeedFi moves the money into a savings account that you have access to. Contrary to an ordinary installment credit-builder loan, you continue to pay toward the credit line and access additional savings each when you hit $500.
is an online lender whose main borrowing requirement is that you aren't in possession of a negative , which can be caused by things like bounced checks , or fees that have not been paid for the last 180 days. The credit builder loans are offered by Self are placed in a deposit certificate account, and you pay monthly loan payments of between $25 and $150. Self charges a $9 administration fee. The maximum APRs range from 16% to 16%..
How to compare personal loans
Here are some important aspects to consider when comparing individual loan lenders.
Borrowing requirements Certain lenders have their borrowing requirements, which can include minimum credit score as well as a minimum income and maximum . These details can be found on the lender's website under their FAQ area. Websites such as NerdWallet also gather this information from lenders to write personal loan reviews.
APR: A loan's APR represents its full cost, including interest and fees. APR offers an apples-to-apples comparison of financial products, like credit cards. When you're considering different financing options, look for the one with the lowest APR.
Monthly payment: Before you take out a personal loan make sure that the monthly payments will meet your budget. Use a to see what effect the loan amount, rate and repayment term impact the monthly installment.
Pre-qualification: A lot of lenders permit you to do a soft credit check. This allows you to see your possible loan amount and rate, as well as the repayment period and the monthly installment. Because there's no until you formally apply for a loan, you can look through your personal loan offers from multiple lenders to determine which will fit your budget.
Origination fee: This is a percentage of the loan amount, usually 1% to 10% the lender deducts off of your loan before it is sent to you. Online lenders who work with fairand bad credit borrower charge this fee the most often, but good- and excellent-credit borrowers can be subject to the fee. If you're being charged an origination charge, make sure you know the amount it would reduce the loan amount by.
Other options: Compare other like fast funding, credit-building assistance with flexible payment terms. These features won't surpass a low rate and affordable monthly payments, however they can help you choose between competing deals.


About the writer Annie Millerbernd is an individual loans writer. Her work has appeared on The Associated Press and USA Today.







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