Loans Like Seedfi | 5 Best Seedfi Alternatives in 2021

Getting loans is most convenient when you already have excellent credit. Credit-builder loans are intended to assist you in establishing credit so that you will be at the upper hand in qualifying for a credit card or loan in the future. This tutorial will cover all you need to understand about Seedfi loans and present you with Seedfi loan possibilities.

Loans Like Seedfi – #1 Alternative: Viva Payday Loans

 

Loan Amount Loan Terms  APR Range Loan Fees Customer Support
Viva Payday Loans $100 – $5000 2 – 24 months 5.99% – 35.99% Depends on the lender Yes
Check City $50 – 5000 8 days – 6 months 214.71% – 1173.21% No Yes
Net Credit $1,000 – $15,000 6 – 60 months 34% – 155% Varies by state, up to 5% of loan amount Yes
Fig Loans $50 – $1000 1 – 6 months 35.99% – 211% No  Yes
Lend Up $100 – $500 7 – 31 days  70.6% – 1251.43% Loan fee of up to 25% of the amount borrowed Yes
AmeriCash $50 – $4,000 Maximum loan term is 12 months Up to 521% No Yes

 

Best Loans Like Seedfi – Quick-Pick:

  1. Viva Payday Loans – Best Overall Payday Loan
  2. Check City – Best for Instant Cash Processing
  3. Net Credit – Best for Flexible Loan Repayment
  4. Fig Loans – Best for Credit Building
  5. Lend Up – Best for Quick Approval Loans
  6. AmeriCash – Best for Small Flexible Loans 

What Are Seedfi Loans?

SeedFi is a startup that helps you create credit if you have no lending record by granting you loans. They are not just ordinary loans—SeedFi provides a credit builder loan. 

Whereas traditional loans just offer you the funds upfront and charge interest, credit builder loans are created differently. The amount you acquire is maintained in a different savings account and handed to you when you pay back the debt.

Credit builder loans are money transactions; however, the transactions assist in improving your credit rating.

The costs you pay on your credit builder loan vary as well. Whereas conventional loans have variable but considerable interest rates, credit builder loans usually have relatively low costs.

SeedFi provides credit booster loans to help you grow your credit record most simply and securely imaginable.

Common Uses of Seedfi Loans

How can you utilize your loan after the approval and disbursement? Personal loans are used for a variety of purposes, some of which are listed below.

1. For Home Improvements

Sometimes you wish to improve or repair your property, but this can be difficult when you have no funds to pay for a pricey redesign.

Fortunately, you can obtain a home equity loan or line of credit, which often offer relatively lower rates than personal loans. Besides, the home equity loan interest may also be tax-deductible if the funds are used for home renovations. 

Nevertheless, when you lend against your property with these sorts of loans, you are putting your property in danger instead of a personal loan not covered by your property.

Perhaps you may conclude that you don’t want to endure the fees of acquiring a home equity loan or home equity line of credit, which can involve paying for a house assessment and loan closing charges, so obtaining a personal loan could be a better option for you.

2. For Debt Consolidation

Quite often, the majority of people who acquire payday loans use them to pay off another debt. You can utilize the loan to repay a debt from another firm or debt from another source, such as a credit card.

When the latter is the case, requesting a payday loan may be essential, especially if the interest rate is advertised as being lower than the client’s previous debt. Unfortunately, the suggested level of interest isn’t always entirely accurate. It typically excludes extra expenses that could sum up to a high cost that is hard to prevent.

You should seek debt consolidation instead of obtaining a payday loan. It will consolidate all of your debts such that you can repay them quickly—it is far less dangerous than obtaining a payday loan.

3. For Emergency Responses

Emergencies occur much too frequently, and regrettably, many individuals do not have emergency savings, thus are always unprepared to respond to unexpected necessity funds. Even though you may keep your emergency expenses on a credit card, a personal loan can be far less expensive.

Furthermore, unlike credit card debt, which can take years to settle if just the minimum payment is made, you will return the loan on a defined schedule according to the conditions you establish with your lender. What’s more, most personal loans have three- to five-year payback schedules, so you’ll have more time finding the money to pay back.

Moreover, various personal loan providers have a rapid application procedure and make funds accessible immediately, so don’t think that getting cash through a personal loan would take ages when a case of emergencies hits.

4. Vacation Expenses

Applying for a personal loan to fund a trip isn’t always the most intelligent financial decision—you’ll be paying interest on something that is not necessary. Nonetheless, using a personal loan to support a trip is typically more financially secure than using a credit card with a higher interest rate.

If you are financially unstable and have no option but to borrow for a trip because you won’t attend an important event, please check on personal loan alternatives. Most creditors provide personal loans with credit as little as $1,000; therefore, you can borrow what suits your needs. Please always keep your loan debt low.

5. Take Care of Moving Costs

Relocating can lead to significant savings on housing by allowing you to acquire a better place for your family. Besides, you could also move close to your new job to avoid high transport costs. 

However, relocation may be somewhat stressful sometimes. And just like long-distance relocation could be expensive, even local migrations are sometimes more costly than you may think.

Nevertheless, a personal loan can be of great help whenever you want to move and are concerned about the expenses.

How To Qualify For Seedfi (Eligibility Criteria)

  • A client must be between 18 and 65, with a minimum age of 21 necessary for specific loan amounts.
  • The creditor will specify the minimum amount of income required.
  • Personal loans are provided to salaried and self-employed individuals and small company professionals.
  • Lenders frequently want a credit score of 650 as a starting point, although when you have other elements as an advantage, you can adjust this to suit the lender’s criteria.

Top 6 Seedfi Loans Alternatives – Fully Reviewed

The following are the best six Seedfi Loans alternative solutions, all of which have been thoroughly analyzed for your expedience:

1. Viva Payday Loans – Best Overall Payday Loan

Our all-inclusive poor credit payday platform is led by Viva payday loans. This website provides customers with access to a broad choice of payday loans bad credit ranging from $200 to $5000 with payback terms ranging from two to 24 months. Because it’s a broker site, you can fill out a simple online application form and receive approval/decline feedback in minutes.

If your application is accepted, you will be linked to a payday loan poor credit lending company that will provide you with the loan. This lender, on the other hand, will want additional documentation such as proof of address, bank statements, and evidence of wage pay stubs. 

Following the submission and verification of the papers, the lender will construct and send you a loan agreement, which you must read and comprehend before signing and submitting. You will soon get the funds in your bank account. To repay the loan, the lenders will debit your bank account automatically each month.

The interest rates vary from one direct lender to the next, but most platforms provide rates ranging from 5.99 percent to 35.99 percent. The Viva payday loan company is well-known for giving online loans to persons with terrible credit, no credit, benefits recipients, and even jobless people.

Pros

  • Clients receive their payouts the same day of application
  • It offers loan amounts varying from $200 to $5,000.
  • The application procedure takes five minutes, and the approval process takes two minutes.

Cons

  • The loan service is not provided in all states

2. Check City – Best for Instant Cash Processing

Check City is a licensed payday lender within fifteen states. It is more transparent than other payday lenders when it comes to state consumer safeguards. However, depending on where you live, the fees, timeframes, and loan amounts vary significantly.

In most cases, payday loans provide a loan term of seven to thirty-one days, with a fee of $15 to $20 for every $100 borrowed. But with Check City, durations of up to five or six months are offered in some areas, with interest instead of a fixed rate.

Depending on the loan amount acquired, this platform typically results in an annual percentage rate (APR) from 150 to over 600 percent. In extreme cases, it can exceed 900 percent; you can verify your rate on Check City’s website.

Besides payday loans, Check City offers personal loans, installment loans, title loans, and other financial services in many states.

It is a Utah Consumers Lending Association member, a trade organization that sets guidelines for payday lenders. Check City uses McAfee and DigiCert to guarantee the platform and your data are secure.

Pros

  • The state licenses are freely accessible on the internet.
  • You can acquire funding the same day of application and approval if you apply in-store.
  • It ensures that first-time clients are provided with adequate security.

Cons

  • APRs of up to 900 percent have been recorded.
  • Just four states are offering in-store borrowing.

3. NetCredit – Best for Flexible Loan Repayment

NetCredit provides personal loans ranging from $1,000 to $10,000, and even up to $10,500 for California residents. This Chicago-based internet loan company focuses on folks who are not privileged by traditional lenders. Fortunately, even if your credit isn’t great, you could still qualify. What’s more, you won’t have to offer collateral to secure a loan.

Because the lender assumes the additional risk, the annual percentage rate (APR) is usually higher than the national average; hence NetCredit loans can be expensive. On the good side, NetCredit doesn’t restrict how you’re using the loan money, doesn’t impose particular fees, and payment history to credit agencies. Making on-time repayments frequently will help you steadily enhance your credit. So here is how you can assess if these loans are suitable for you.

The lender evaluates employment, residence histories, other criteria, and essential information from alternative credit bureaus while considering a loan application. According to Chartier, a standard credit scoring algorithm may ignore applicants’ creditworthiness in the form of on-time and skipped payments that NetCredit analyses.

When reviewing a loan application, the lender evaluates employment, residence history, other criteria, and appropriate data from alternative credit agencies. NetCredit compares borrowers’ creditworthiness to patterns of on-time and missed payments that, according to Chartier, a standard credit assessment algorithm may ignore.

Furthermore, when you make an early prepayment NetCredit will not charge you. So you can repay your debt as fast while also lowering your interest rate. Besides, there will be no application or non-sufficient costs. However, depending on your circumstances, you could be forced to pay an origination charge of five percent of the loan amount. The amounts will be taken from the revenues of your loan, lowering the amount you get.

Pros

  • The payout is completed quickly—the same day or the subsequent working day.
  • A soft credit check is used to pre-qualify for a loan.
  • Loan lengths differ by jurisdiction; however, NetCredit offers loans with extended payback terms ranging from six to sixty months.
  • Clients can make early payments without facing any penalty.

Cons

  • It’s not available in all states: Although NetCredit offers personal loans in 36 states, you won’t be eligible if you reside outside its service region.
  • High-interest rates: NetCredit loans are available to persons with terrible credit, and they charge colossal APRs, ranging from 35% to 155% in some jurisdictions.
  • It does not have other signatories: NetCredit isn’t the ideal option for a combined loan application.

4. Fig Loans – Best for Credit Building

Fig Loans provides little to medium-sized installment loans. According to the company’s objective, the organization attempts to provide inexpensive financial aid to meet current needs while fostering long-term well-being. It offers quick loans for situations like automobile accidents, funerals, and other emergency events, which may render you cash-strapped.

Additionally, it provides credit-building loans to applicants to assist them to improve their credit ratings.  Fortunately,  these loans are ideal if you need to improve credit quickly to buy a property or perform another significant transaction.

The sum is returned to you at the end of the year, excluding the interest rate, which is guaranteed to be less than 4% by Fig Loans. Whenever you submit your payments on time, your credit rating should rise due to the positive inputs to your credit report.

After you receive a credit-building loan, always make sure you stick to the payment plan. While credit-building and emergency loans are helpful, you should only utilize them in extreme cases.

Fig Loans is a recognized corporation governed by the top three credit bureaus—Equifax, Experian, and Transunion. It’s explicit concerning fees, penalties, and the maximum amount a loan costs. Credit-building loans are helpful for those who want to repair their credit to make a significant acquisition, such as a house or automobile. Although these small loans with short payback periods may not be ideal for many individuals, they can be used by individuals who want rapid cash during an emergency.

Fig’s loans are costly, with hefty APRs trapping you in a debt loop when you don’t make repayments. If you get a line of credit from Fig, you’ll have to incur a triple-digit APR. So you shouldn’t request a Fig loan if you can’t make timely return payments. Unless you can return a Fig loan promptly, you can apply since it may be financially harmful.

Pros

  • It aids in credit establishment.
  • Prepayment penalties do not exist.

Cons

  • Payments made with a debit card may be subject to a charge.

5. LendUp – Best for Quick Approval Loans

LendUp loans are short-term, high-interest loans for persons who don’t have any other choices. Because LendUp does not conduct credit checks, its loans are straightforward to qualify for; however, they are more expensive than other lending choices. The LendUp only offers a few maximum amounts of loans to its clients, and what’s more, the amount you may borrow varies by state.

Aside from the simplicity of acceptance, the only significant benefit of LendUp loans is reimbursed within two business days. As a result, people should look at other financing options, mainly because LendUp only works in seven states.

Its application process is quick, and you’ll obtain a response quickly. Remember that you must have a bank account to request this loan, and your account must also receive ACH transfers. LendUp will transfer cash into your bank account as soon as the following business day after you’ve been authorized for a loan. Please note that you cannot use your prepaid or savings account when applying for a LendUp Loan.

On the due date, LendUp will debit the payment immediately from your bank account. If you want to make early repayments, you can employ MoneyGram, debit card, or cheque.

Pros

  • The loan application procedure is quick, and you receive feedback immediately.
  • LendUp will transfer cash into your bank account as soon as the following business day after you’ve been authorized for a loan.
  • It does not levy a prepayment penalty.
  • On the given deadline, LendUp deducts the money from your bank account.

Cons 

  • It is not a suitable alternative for credit development because it does not report to the credit agencies.
  • The loan amount varies—if you are a novice to LendUp, you can lend at a cheaper interest rate. In addition, loan amounts could be more limited and as low as $100.

6. Ameri Cash – Best for Small Flexible Loans

AmeriCash originated as a payday lending company in 1997. After a decade, the lender changed its course and now offers installment loans ranging from $50 to $4,000, based on the state of residence. Clients in 12 states can make online applications or in person, and if accepted, they can typically get financed the same day. Loan amounts and terms vary by state, so make sure to double-check the loan facts for your region before application.

AmeriCash works in the same way as most other online loan organizations. Just go to the AmeriCash website and click the ‘APPLY NOW’ button to get started. Once you’ve entered the quantity of money, you’d like to borrow and the length of time you’d want to receive it for, you’ll be asked to provide some personal information. Your complete and accurate name, mailing address, residency status, birth date, social security number, and contact details are all provided.

The AmeriCash program will react within thirty seconds after submitting your application. Following that, you’ll be given a series of money-related questions to analyze your creditworthiness and also your existing financial obligations. Moreover, information about your employment status, wages, and the date you previously received money will also be required.

The short-term installment loans offered by AmeriCash might be hazardous. This is due to the lender’s capacity to levy interest rates in the triple digits, which are far higher than regular rates charged by a banking institution.

AmeriCash doesn’t disclose its interest charges in advance, although it does specify the maximum rates permissible by the states in which it makes loans.  It’s also worth mentioning that several consumers have expressed surprise at the actual payback charges.

Pros

  • It is a trustworthy lender and conveniently accessible.
  • Online applications may be completed in a matter of minutes by clients.
  • Small loans of up to $50 are available.
  • Those with bad credit may be able to get a loan as well.
  • You have the option of picking up the funds in person or having them deposited into your checking account.

Cons 

  • It provides higher interest rates.
  • It is only available in 12 states in the US.

Features of Viva Payday Loans

  • Competitive Rate Of Interest: Compared to credit cards, personal loans have much cheaper lending rates making your EMIs more affordable, allowing you to avoid struggling with EMI payments.
  • Unrestricted Final Utilization: The most attractive feature of a personal loan is that you may use the money for anything. Personal loans can help you fund a wedding, a remodeling project or renovation to your home, further education, medical expenditures, or the purchase of consumer items.
  •  Zero Security Requirements: You are not required to submit any collateral as personal loans are unsecured loans. It seems to be an excellent feature because a client is not needed to contemplate mortgaging any valuable resources.

How to Get Loans Like Seedfi

Here’s how you can apply and acquire loans like Seedfi from Viva Payday Loans:

Step 1: Visit Viva Payday Loans

The first step is to visit Vivapaydayloans.com. To begin the application, click the “Apply Now” button in the upper right corner of the page.

Step 2: Complete The Application Form

As part of the application procedure, you will be needed to complete an online form providing your name, monthly costs, and income statistics.

Step 3: Get Your Decision

Once you’ve completed filling the form and submitted it, stand in line for feedback, it will only take around two minutes. What’s more, even when your request is declined, you’ll be notified via email.

Step 4: Receive Your Loan

When your request is granted, you must sign a loan agreement. Please ensure you’ve read and comprehended the terms and conditions of the contract before signing. You will receive the money through your account within 24 hours.

Request Your Loan Direct Deposit at Viva Payday Loans

CHECK OTHER ALTERNATIVES:

Elastic

Possible Finance

First Loan

FAQs

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About Denzil Otieno PRO INVESTOR

A procurement graduate. Young business owner. A smart business investor.