Build your credit while you save for tomorrow
Rideshare and delivery drivers can build their credit while saving for the future. Introducing the Gridwise Credit Booster program, where we’ve partnered with SeedFi to bring you their Credit Builder Plan.
How it works
Build credit in three easy steps
Receive $500 in a SeedFi Savings Account. This is actually a special type of loan that gets locked until you pay it back.
Pay $10-$40 every two weeks. Every on-time payment helps your credit.1
Once you’ve finished paying SeedFi back, the money in your savings account is yours to use, whenever and however you want!
All plans are special loans. Once you’re approved, the full amount gets deposited into your locked SeedFi Savings Account.2
Your plan payments are actually loan payments that will be reported to all 3 credit bureaus.
Unlock your savings and give you access to your money as soon as your loan is paid in full.
Your credit will not be pulled for approval.
What you'll receive
$500 in your SeedFi savings account will be yours once you make your final payment. By making on-time payments you’ll have an opportunity to build your credit.1
How much does it cost?
- You’ll make payments ranging from $10-$40 every two weeks.
- You’ll pay a $1 fee per month (included in your bi-weekly payment).
- That’s it! There are no other fees.4
SeedFi customers who refer users to SeedFi receive the Credit Builder Plan for free, and then get $10 for every referral thereafter, up to $1,000.
Want the no-fee plan?
Sign up for Gridwise Plus!
With Gridwise Plus, drivers can receive all the benefits of Gridwise Credit Booster program without paying a dime in fees – while also receiving the many benefits of Gridwise Plus.
Sign up for Gridwise Plus today to start saving.
Build credit for the things you need
Frequently Asked Questions
Unfortunately, there is no way of guaranteeing it because everyone’s credit profile is different.
First, you’ll only build credit if you make all your Credit Builder Plan payments on time.
In addition, everyone’s credit profile is different. Credit bureaus calculate credit scores using formulas that consider many factors. SeedFi cannot promise that taking out a Credit Builder Plan will increase your credit score because of the potential effects of these factors, including your performance on your other credit account, and how long your accounts have been open.
However, payment history is an important component of your credit score. Taking out a Credit Builder Plan gives you the opportunity to add more on-time payments to your credit profile.
If your payments are due monthly, the plan fee is $1 per payment for as long as your loan is open.
If your payments are due twice a month, the plan fee is $0.50 per payment for as long as your loan is open.
If your payments are due every other week, the plan fee is $0.46 per payment for as long as your loan is open.
In all cases, the plan fee is paid first. In other words, payments are first applied to the plan fee, as specified in your loan agreement.
Alabama, Alaska, Arizona, Arkansas, California, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Michigan, Mississippi, Missouri, Montana, Nebraska, New Jersey, New York, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin
If you run into financial trouble, you can cancel the plan and access the savings you’ve earned. But that will close the account and you’ll stop building credit.
Ready to start building better credit?
As an example, after a year of making $20 payments every two weeks at a 4.6% APR, you’ll have worked towards building your credit and also have $500 in your savings account you may not have saved otherwise!
SeedFi charges only $1 a month. After one year paying $20 every paycheck, you would have $500 in savings and would have paid just $512. If you’re trying to shop or compare this to other credit builder loans that charge an interest rate, the $1 a month is equivalent to a 4.6% APR.
1 Taking out a Credit Builder Plan does not guarantee an increase to your credit score, and individual results may vary. It’s important to make on-time payments but other factors can affect your credit score, including performance on other credit accounts.
2 Credit Builder Plans require that you open a no-fee SeedFi Savings Account provided by our banking partner, Evolve Bank & Trust, Member FDIC and Cross River Bank, Member FDIC. The account is opened as part of the application process.
3 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).
4 SeedFi charges only $1 a month. Payment options are $10, $20, or $40 every paycheck. As an example, after one year paying $20 every paycheck, you would have $500 in savings and would have paid just $512. If you’re trying to shop or compare this to other credit builder loans that charge an interest rate, the $1 a month is equivalent to a 4.6% APR. If you make a loan referral that meets the SeedFi’s Referral Program Guidelines, SeedFi will refund any Plan Fees charged after the referral.