What are Fig loans?

Fig loans

Fig Loans is a financial institution based out of Texas offering personal loans to help you build credit and act as an alternative to pricey payday loans. Payday loans are a type of high interest loan that are oftentimes seen as a last resort for cash when you need funding fast. Payday loans aren’t only expensive, but they can also hurt your credit.

Fig Loans function as a safer, more affordable payday alternative loan. Fig Loans work just as fast as traditional payday loans, but they’re inherently more flexible and an overall better choice for your budget. Here’s everything you’ll need to know about Fig Loans. 

How do Fig Loans work?

Fig Loans are designed to help you solve urgent cash needs and be a safer payday alternative loan. Most importantly, they work fast. When an emergency or an unexpected expense hits and you don’t have cash readily available to manage it, Fig Loans are a viable solution. 

Fig Loans can be used for a number of personal expenses, excluding gambling and illegal drug purchases. Common uses include the following:

  • Living expenses
  • Car repairs
  • Home repairs
  • Medical bills

The application process takes about 5 minutes and funds deposit instantly once you’re approved. Many users have even received same-day funding. Fast funding times make Fig Loans an ideal resource when your cash reserves run low. 

Even if you’ve been rejected by other lenders because your credit score isn’t up to par, you may still be able to secure funding from Fig Loans as long as you have a verifiable source of steady income. Once you get approved for funding, you’ll need to stay on stop of your payments and manage your loan efficiently. If you do this, your credit score should get a boost. 

One of the best things about Fig Loans is their flexibility. Say you need more time to make your payment, Fig Loans allows you to reschedule up to 28 days for free. In some cases, you may even be able to split your payment in half to work better for your budget. 

Fig Loans requirements

Payday loans are known for being fast and easily accessible. Fortunately, you don’t need to risk high interest rates for the same convenience. Take a look at the requirements you’ll need to obtain Fig Loans. 

Credit score 

Fig Loans does NOT run a hard credit inquiry when you apply. This means, your application won’t cause a dip in your credit score. Plus, Fig Loans doesn’t maintain credit score requirements, which is great news if you have bad credit or you’re building yours for the first time.


You’ll need to show steady income deposits totaling $1,400 or more on a monthly basis for the past 3 months. This translates to a minimum annual income of $16,800.

Consignors and co-borrowers 

Fig Loans doesn’t allow for consignors and co-borrowers. You’ll need to show that you qualify for the loan and can manage payments all on your loan. 

Understanding Fig Loans

Fig Loans are designed to be a reliable resource when you need quick cash – and a safer payday alternative loan. Take a look at some key features. 

Term details

Fig Loans terms can vary depending on the state you live in. However, in general, you’ll find that the majority have a short repayment term ranging from 1 to 6 months. Loan amounts also typically range between $50 to $1,000. In this way, Fig Loans are best for short-term, low-cost financing needs. 

Credit building potential

Applying with Fig Loans won’t result in a hard credit inquiry, managing your payments responsibility can help build your credit score. 

High interest rates

In exchange for fast, easily accessible funding, Fig Loans do come with relatively higher interest rates, with APR’s ranging from 175% to 211%. It’s important to keep in mind that Fig Loans are a payday alternative loan, so you shouldn’t expect the kinds of interest rates you’d find from a traditional bank or credit union. 

Debit card payment fees

You can repay Fig Loans with your debit card. However, this may result in you being charged a fee for opting for this repayment route. 

No late fees or prepayment penalties

Fig doesn’t charge late fees for its credit builder loans. However, if you’re more than 30 days behind your scheduled payment, your account will close and you’ll see an automatic reversal of the principal you’ve already paid minus any interest owed on your past due payment.

Account fees

Fig Loans typically charges a small, one-time fee to open an account and take out one of their lending products, typically credit builder loans.


Fig Loans are only available in a limited number of states, but the list is quickly growing. As of now, only Florida, Illinois, Missouri, Ohio, Texas, and Utah residents can take out Fig Loans.

A better payday alternative loan

When you need to get your hands on fast cash, don’t settle for payday loans that can cause more financial damage. Fig Loans are a safer alternative and can be a solid option to help you meet your financial needs.


Is Fig loan a direct lender?

Yes! Fig Loan is a direct lender offering personal loans in Florida, Illinois, Missouri, Ohio, Texas, and Utah.

How long does Fig loan take to process?

Fig Loans work incredibly fast. You can receive same-day approval and, in some cases, receive funding the next business day.

Can you pay off a fig loan early?

Yes! Paying off your Fig Loan early comes at no additional charge and doing so can help you save money.

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