Fig Loans Review: Rates, Requirements and What To Know Before You Borrow

When you're dealing with bad credit and need money quickly, payday loans can seem like the only option. But their high fees can trap borrowers in costly cycles. Fig Loans offers a safer alternative. The application process is quick, there’s no hard credit inquiry and funding is almost immediate.

Here’s everything you need to know about Fig Loans.

Quick Take

• Fig Loans offers loan amounts up to $1,000.

• You typically don’t need a credit check, and the application process is quick and easy.

• With fast funding, it’s a more affordable alternative to payday loans.

Company Overview

Fig Loans is based in Sugar Land, Texas. Established in 2015, it offers small installment loans and credit builder loans. The service is currently available in Florida, Missouri, Ohio, Texas, Utah and Wisconsin, and the entire application process is completed online.

Key Features of Fig Loans

• Loan amounts: Range from $100 to $1,000

• Repayment terms: Installment loans are usually repaid within one to six months. Credit builder loans may have longer repayment periods.

• Funding speed: Typically, between one and two business days. In some cases, funding can be the same day.

• Credit check: No hard inquires

• Credit building: Fig Loans reports your on-time payments to all three credit bureaus.

Fig Loans Costs and Fees

Fig Loans don’t have any hidden fees. There are no late fees or origination fees.

In terms of cost, Fig Loans’ current annual percentage rate (APR) is 209%.

Fig Loans Eligibility Requirements

You’ll need to meet the following requirements to qualify for a Fig Loan:

• Provide your bank account history: You need to share at least three months of your checking account history.

• You must have a positive bank balance: Your account must not be new, and the balance history must be positive.

• You must show steady income: You need to show a consistent history of at least $1,400 per month.

• You must be a resident where a Fig Loan is offered: You must live in Florida, Missouri, Ohio, Texas, Utah or Wisconsin.

• You must meet the age requirement: You’ll need to be at least 18 years old.

• You must have citizenship: You must be a U.S. citizen or a permanent resident with a Social Security number.

Pros and Cons of Fig Loans

Here’s a quick look at the main advantages and potential drawbacks of Fig Loans.

How To Apply for a Fig Loan

The application process is easy at Fig Loans. Here’s what you need to do:

1. Go to the Fig Loans’ website and click on “Apply.”

2. Choose your requested loan amount.

3. Review all of the disclosures carefully.

4. Provide your personal and financial information.

5. Accept your offer.

6. Funds should be in your account within a couple of business days.

How Fig Loans Compares To Other Lenders

Not sure if Fig Loans is the best option? Here are a few alternatives that offer similar short-term personal loan or credit-building features.

Fig Loans vs. Possible Finance

Like Fig Loans, Possible Finance uses your banking history to determine loan eligibility. However, Possible Finance offers smaller loan amounts up to $500. Possible Finance also reports on-time payments to all three credit bureaus.

Fig Loans vs. OppLoans

OppLoans are different from Fig Loans in that they offer larger installment loans — up to $5,000. Similar to Fig Loans, OppFi does not perform a hard inquiry on your credit.

Who Fig Loans Is Best For

Are you a good fit for a Fig Loan? These loans are best for:

• Those who want to borrow less than $1,000

• Anyone with a poor credit history

• Those who live in Florida, Missouri, Ohio, Texas, Utah or Wisconsin

Final Take

Fig Loans is designed as an alternative to payday loans. There are no hard credit inquiries, and if you’re looking to borrow a small amount while building credit, it may be a good fit. Fig Loans reports on-time payments to all three major credit bureaus, which can help strengthen your credit history.

If you need fast funding and want the opportunity to improve your credit, Fig Loans may be worth considering. However, it may not be the best option if you can’t comfortably afford the interest rates. While the rates are typically lower than payday loans, they are still significantly higher than those offered by traditional loans.

Fig Loans FAQs

Is Fig Loans a direct lender?

Fig Loans is a direct lender offering loans in some states.

How fast is funding with Fig Loans?

Funding is pretty quick, and most can receive funds within one to two business days.

Can I repay early?

You can pay off your Fig Loan early.

Does Fig Loans affect my credit?

Your credit can improve since Fig Loans reports on-time payments to all three credit bureaus.

What states are Fig Loans available in?

You can get a Fig Loan in Florida, Missouri, Ohio, Texas, Utah and Wisconsin.