SeedFi Lets You Get the Money You Need — Without a Payday Loan
If you’re like most of us, you know what it’s like to live paycheck to paycheck. You do your best to make the most of your money, but inevitably, the unexpected happens. Maybe your car breaks down, or you need an appliance repaired. Maybe you’re just a little short this month.
But you’ve got bills to pay. What are your options? For many people, it’s a payday loan with sky-high interest rates that just lock you into a cycle of debt.
Luckily there’s a better option to get the money you need — without taking a payday loan. A company called SeedFi offers loans with low interest rates and longer repayment terms that’ll keep your payments low and give you the time needed to catch up.
Even better — they can help you get ahead and build an emergency savings fund in the process, so you’re better prepared next time.
How to Get the Money You Need — Without a Payday Loan
If you’ve mulled the idea of a payday loan, it’s probably because you feel like you don’t have a lot of options getting your hands on money fast.
But if you’re looking to get the money you need now — and break the vicious payday loan cycle — SeedFi’s Borrow &Grow Plan¹ is a great option. SeedFi’s APR typically ranges from 14.99% to 29.99%, which is on par with prime loans you might not normally qualify for. Compare that to personal loans, which charge as much as 400% APR.
How This Loan Sets You up For Future Success
Not only will SeedFi get you the money you need as soon as possible — and for less — it will also set you up for success in the future.
Here’s how it works:
SeedFi offers a special type of loan. You’ll borrow the amount you need now, plus a little extra for later. They’ll safely lock away the extra money in a SeedFi savings account, and once you repay your loan, it’s yours to keep. When you repay your loan on time each month, your payments are reported to the major credit bureaus, so you could even build your credit in the process.
Borrowing $3,000 might look something like this: $3,000 goes into your checking account, and $1,500 is locked in a savings account until you repay the full loan. In this example, you’d pay $80 every two weeks over the course of 34 months, at 19.99% APR. Afterward, you’ll have a $1,500 emergency savings already built up.
SeedFi offers a long-term solution, with a healthy amount of money in your emergency savings account. Are you ready to break the cycle of debt and stop living paycheck to paycheck?
Answer a few quick questions here to see if you qualify for a Borrow & Grow Plan.
¹Borrow & Grow Plan loans for first-time borrowers range from $1,200 to $7,000 with $300 to $4,000 accessible immediately and the rest of the loan locked in a savings account until you repay in full. Repayment periods range from 8 months to 44 months, and APRs range from 6.95% to 29.99% Advertised rates and terms will be subject to change without notice. Your actual APR and other loan terms will be shown to you as part of the online application process.
² For a typical Borrow & Grow Plan, in which the consumer accesses $3,000 in cash now and places $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.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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