The old way’s of building credit are quickly being overshadowed by FinTech companies and their ‘Credit Builder’ programs. Today’s episode of MoneyCodez we discuss Seedfi and two of their offerings. The Credit Builder Plan & Borrow & Grow Plan. Is this worth your time? Is this a gimmick? How does Seedfi compare to their competitors?
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00:01 Intro
01:02 How Does Seedfi Credit Builder Plan Work?
04:50 How much dos Seedfi Cost?
07:35 What are the negatives regarding Seedfi?
08:10 Seedfi Borrow and Grow Plan
10:50 How Does Seedfi compare to Kikoff?
Music Smith The Mister
https://smiththemister.bandcamp.com/track/happy-for-you/
Disclaimer: https://moneycodez.com/terms
Opinions expressed in this video are mine. I am not providing financial advice. The information I provide may not apply directly to your individual situation. Please consult a qualified professional for financial advice. We may receive a commission when you click on the links in this video and get a SeedFi Plan. This helps support the channel and allows us to continue to make videos like this. Thank you for your support!
SeedFi Customers with fewer than three tradelines on their credit profile experienced an average increase to their Vantage 3.0 credit score from 579 to 624 (+45 points) after six months of on-time payments (data gathered from Dec’19 through Nov’20).
Loans and Savings account provided by Cross River Bank, Member FDIC.
Example Credit Builder Plan: SeedFi charges $1 a month to access the Credit Builder Plan. In a typical Plan, at the end of one year the consumer would have paid $512 and would have $500 of savings. If you’re trying to shop or compare this against other credit builder loans that charge an interest rate, the $1 a month is equivalent to a 4.6% APR. SeedFi will provide the Credit Builder Plan for free after you’ve referred one friend.
Example Borrow & Grow Plan: For example, for a Borrow & Grow Plan where the consumer accesses $3,000 in cash now and placed $1,500 in savings, the Amount Financed would $4,500, the APR would be 19.99%, the Finance Charge would be $1,417, the Total of Payments would be $5,917, the Payment Schedule would be 73 biweekly payments of $80 and one final payment of $77, and the payment schedule would span 34 months.
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