How to apply for a loan?
To initiate the application process, go to the page of the plan you want to take with SeedFi. Click Sign up and choose "Build credit" or "Build savings". Choose how much you want to pay each month, $20, $40, or $80, and click Build your Plan. You will be asked about the payment schedule: every week, twice a month, or once a month. Sign into your account and finish the loan application.
The loan application process takes approximately ten minutes. It can take longer if you upload the documents manually or require additional review. In this case, the company will make a decision within one-two business days.
Requirements
The SeedFi requirements for applicants are:
Being of at least 18 years of age or the majority age in your state of residence;
Have a Social Security Number or Individual Taxpayer Identification Number as proof of your identity;
Have a valid United States bank account;
Have a valid phone number and a phone that receives SMS;
Earn at least $10,000 in annual net income;
Live in the state the company operates in.
SeedFi asks you to give permission to review your credit report and bank account info.
Application details
To provide SeedFi with proof of income, you can opt for:
Connecting your personal checking account through Plaid. It must be an account you receive the income to.
Uploading the recent pay stub picture
Uploading your most recent bank statement picture from your personal checking account.
To verify your address, you need to upload a picture of a piece of official mail you got in the last 60 days. There should be a name and a date on the page. The official mail can be bills, financial statements, medical notifications, or legal documents. SeedFi doesn't accept printed documents, digital bills, photo IDs, handwritten mails, or screenshots.
To verify your personal information, use a government-issued photo identification. These are the Driver's License, US passport, foreign passport, or other state-issued photo identification cards.
