Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Personal Loans Fig Loans: Installment and Credit Builder Loans (2025 Review) Updated Aug 01, 2025 9-min read Reviewed by Amanda Hankel Reviewed by Amanda Hankel Expertise: Writing, editing, digital publishing Amanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing. Learn more about Amanda Hankel Founded in 2015, Fig Loans is a mission-driven lender designed to support working-class Americans who may not qualify for traditional credit. It began in Houston, Texas, as a partnership with United Way THRIVE to offer a safer, more transparent alternative to payday loans. Table of Contents What Is a Fig Loan? Fig Installment Loan Review How does it work? Key terms at a glance Eligibility requirements Costs and fees Repayment Pros and cons Alternatives Fig Credit Builder Loan Review How does it work? Key terms at a glance Eligibility requirements Costs and fees Repayment Pros and cons Alternatives Fig36 Is Fig Loans legit? What customer reviews say Customer service How to apply What Is a Fig Loan? Fig Loans offers short-term installment loans and credit builder loans in six states: Texas, Missouri, Ohio, Utah, Florida, and California. Though marketed as a payday loan alternative, Fig’s installment loans have high APRs (199%–211%), far above those of traditional personal loans. Fig’s credit builder loan allows borrowers to build credit by making monthly payments, which are reported to all three major credit bureaus. Borrowers get their funds back at the end of the term, minus interest and fees. While Fig Loans provides access and credit-building opportunities, borrowers should compare costs with other lenders before applying. Fig Installment Loan Review How does it work? Key terms at a glance Fig Loans offers small, short-term personal loans known as “installment loans”. TermsDetailsFixed rates (APR)199% – 211%, depending on stateLoan amounts$50 – $500, depending on stateRepayment period1 month – 6 months, depending on stateUnsecured or securedUnsecuredTime to funding after approvalDecision in 1 dayFunds in 1-3 business daysFeesVary by stateOne-time account opening feeUnique featuresReverse loan: instead of receiving money upfront, you make 12 manageable monthly payments into a savings account.If your payment is close to being 30 days late, Fig proactively closes the loan to protect your credit. Fig Loans designed its personal loan process to be straightforward and accessible, especially for those who may not qualify for traditional loans. Eligibility requirements Fig Loans personal loans cater to individuals who might struggle with traditional credit requirements. Fig Loans does not require a credit check, making it an accessible option for those with poor or no credit history. Here’s the full breakdown of eligibility requirements for a Fig Loans personal loan: RequirementDetailsCitizenshipNot specified, but U.S. bank account requiredEmployment status3 months of direct deposits requiredState of residenceCalifornia, Missouri, Utah, Texas, Ohio, FloridaMinimum ageNot disclosedCredit score checkNone requiredMinimum incomeMonthly deposits of at least $1,400Other requirementsInternet connectionOnline application capabilityPhone numberSocial Security numberGovernment-issued photo IDOnline banking Costs and fees When a borrower applies for a Fig Loan, their fixed APR varies by state, typically ranging between 199% to 211%. This rate is based on the loan amount and the state in which the borrower resides. Fig Loans markets itself as a payday loan alternative, meaning it’s likely a better option than a traditional payday loan—which can have an APR upwards of 400%. Still, Fig’s APR is much higher than a traditional personal loan. Our best personal loan selections have maximum APRs near 36%. Other cost and fees include: Administrative fee: This varies based on the state and the amount borrowed. It’s an additional charge for account opening and loan processing. Other fees: Fig doesn’t disclose membership fees, but we recommend verifying whether additional fees apply during the application process. Repayment Repayment terms are specific to each state. In California, borrowers repay the loan and interest in a single installment one month after the loan is issued. Florida offers an 84-day repayment period with biweekly payments. Missouri, Ohio, and Texas have monthly repayment schedules spread over four months. In Utah, it’s spread over six months. Payments are deducted automatically from the borrower’s bank account on the agreed-upon dates, and borrowers can track payments and manage their account online. Pros and cons Pros No credit score required A major benefit for those with poor or no credit history, offering financial access to a broader audience. Quick funding Enables borrowers to receive funds within a few business days, ideal for urgent financial needs. No early repayment penalty The ability to pay off loans early can reduce total interest costs. Cons Online banking requirement The need for online banking and minimum deposits could exclude some borrowers. High APRs Rates are much higher than traditional personal loans or credit cards, increasing the overall cost of borrowing. Limited availability Not accessible in most states, restricting its reach to a wider audience. Small loan amounts Maximum loan amounts of $500 (depending on state) limit their usefulness for larger financial needs. Alternatives For quick advances of cash under $500, we recommend cash advance apps as a more convenient and cost-effective solution. Best for Early Paycheck Access Without Fees 4.9 Get Cash Get Cash Max. advance $750 Instant fee $2.99 Delivery speed 1–3 days standard, instant 4.9 Get Cash Best for Overdraft Protection and Budget Coaching 4.7 Get Cash Get Cash Max. advance $300 Instant fee Included in $8/month fee Delivery speed Instant 4.7 Get Cash Best for Small Advances and Side Hustle Matching 4.7 Get Cash Get Cash Max. advance $500 Instant fee 1.5% of amount for external card; $0 to Dave account Delivery speed 1–3 days (standard), instant 4.7 Get Cash Best for Fee-Free Overdraft With SpotMe 4.6 Get Cash Get Cash Max. advance $200 Instant fee None (optional tip) Delivery speed Instant for debit purchases 4.6 Get Cash Best for Stacking Multiple Small Advances 4.1 Get Cash Get Cash Max. advance $750 Instant fee Varies Delivery speed 1–3 days standard, instant 4.1 Get Cash Best for Earning Larger Advances Over Time 4.4 Get Cash Get Cash Max. advance $1,000 Instant fee $0.49–$8.99 Delivery speed 1–5 days standard, instant 4.4 Get Cash Best for No Direct Deposit Required 3.7 Get Cash Get Cash Max. advance $80 Instant fee None Delivery speed Varies (after spending threshold met) 3.7 Get Cash Best for No-Fee Advances (If You Qualify) 3.6 Get Cash Get Cash Max. advance $200 Instant fee $1.49–$19.99 Delivery speed 1–5 days standard or instant 3.6 Get Cash Show more For those who can qualify, and who are interested in borrowing $1,000 or more, alternatives SoFi, PenFed, Upstart, Personify, and OppLoans might provide more favorable terms, such as lower APRs and broader loan options. Best Marketplace 5.0 View Rates View Rates Fixed APR 6.49% – 35.99% Funding $1K – $200K Term (Yrs.) 1 – 10 5.0 View Rates Best for Good Credit 4.9 View Rates View Rates Fixed APR 8.99% – 35.49%* Funding $5K – $100K Term (Yrs.) 2 – 7 4.9 View Rates Includes all discounts. Best for Fair Credit 4.9 View Rates View Rates Fixed APR 7.99% – 35.99 Funding $1K – $50K Term (Yrs.) 2 – 7 4.9 View Rates Best Credit Union 4.9 View Rates View Rates Fixed APR 8.99% – 17.99% Funding $600 – $50K Term (Yrs.) 3 – 5 4.9 View Rates Best for Excellent Credit 4.8 View Rates View Rates Fixed APR 6.94% – 25.29% Funding $5K – $100K Term (Yrs.) 2 – 12 4.8 View Rates Best for Thin Credit 4.8 View Rates View Rates Fixed APR 7.80% – 35.99% Funding $1K – $75K Term (Yrs.) 3 – 5 4.8 View Rates Best for Credit Card Debt 4.8 View Rates View Rates Fixed APR 8.95% – 29.99% Funding $5K – $40K Term (Yrs.) 2 – 5 4.8 View Rates Best Secured Loan 4.8 View Rates View Rates Fixed APR 6.99% – 35.99% Funding $1K – $50K Term (Yrs.) 3 – 5 4.8 View Rates Best Peer-to-Peer Lender 4.8 View Rates View Rates Fixed APR 8.99% – 35.99% Funding $2K – $50K Term (Yrs.) 2 – 5 4.8 View Rates Best for Joint Loans 4.7 View Rates View Rates Fixed APR 7.90% – 35.99% Funding $1K – $40K Term (Yrs.) 2 – 4 4.7 View Rates Best for Military Families 4.6 View Rates View Rates Fixed APR 8.99% – 18.00% Funding $250 – $50K Term (Yrs.) Up to 5 4.6 View Rates Show more Fig Credit Builder Loan Review Fig Loans’ credit builder loan is aimed at individuals looking to build or improve their credit scores. It didn’t earn a specific best-for designation in our review. A key feature of Fig Loans’ credit builder product is that it reports to the three major credit bureaus—TransUnion, Equifax, and Experian. However, the high interest rates and limited availability make it less competitive than other credit builder loans in the market. And these loans are available in only six states, which restricts their accessibility. How does it work? Key terms at a glance Borrowers make regular payments over a set term, with payments reported to major credit bureaus. The loan acts as a savings account. You get the funds back at the end of the term, minus interest and fees. TermsDetailsDeposit amountsNot specifiedTerm length12 monthsRateAs low as 4% APRCredit bureaus reported toTransUnion, Equifax, and ExperianTime to funding after approvalDecision in 1 dayFunds in 1-3 business daysFeesVary by stateAdministrative and debit card processing feesUnique featuresMarketed as an alternative to payday loansMarketed as a lower-APR alternative to payday loansSmaller loans Eligibility requirements A standout feature of this loan is the absence of a minimum credit score requirement, making it accessible even to those with poor or no credit history. But applicants must meet specific criteria, including residing in an eligible state and demonstrating financial stability, evidenced by monthly deposits. Here’s a complete look at the eligibility criteria for Fig Loans’ credit builder loan. RequirementDetailsState of residenceCalifornia, Florida, Missouri, Ohio, Texas, and UtahMinimum ageNot disclosedMinimum credit scoreNoneMinimum incomeMonthly deposits of at least $1,400Other requirementsInternet connectionOnline application capabilityPhone numberSocial Security numberGovernment-issued photo IDOnline banking Costs and fees The interest rate for Fig Loans’ credit builder loans varies based on loan amount and state, but it can be as low as 4%. This rate influences the total amount you repay over the term of the loan. Other cost and fees include: Administrative fee: This varies based on the state and the amount borrowed. It’s an additional charge for account opening and loan processing. Other fees: Fig doesn’t disclose membership fees, but we recommend verifying whether additional fees apply during the application process. Repayment Borrowers make 12, fixed payments over the course of a year, and then get their payments back, minus APR/fees, at the end of the 12-month period. Pros and cons Pros Credit building Fig credit builder loans assist individuals with poor credit in improving their credit scores. Regular payments are reported to credit bureaus, aiding in credit development. No credit score requirement Accessible to those without credit scores, Fig Loans opens financial opportunities to a wider audience. End-of-term fund distribution Borrowers get their payments back, minus APR/fees, at the end of the 12-month period, acting as a form of savings. Cons Online banking and deposit requirements Applicants need online banking and must show minimum deposits, potentially excluding some individuals. High APRs Interest rates are much higher than traditional loans or credit cards, increasing the overall borrowing cost. Limited availability Fig Loans are not available in all states, restricting access to many potential borrowers. Alternatives Prospective borrowers should also consider credit builder loans from CreditStrong, Digital Federal Credit Union, MoneyLion, and Self, especially if they seek lower APRs or more flexible income verification methods. Company Best for… Rating (0-5) 5.0 View Rates Best for a credit-building card 5.0 View Rates 4.8 View Rates Best for added benefits 4.8 View Rates 4.6 View Rates Best collection of products 4.6 View Rates 4.6 View Rates Best for a small credit-building plan 4.6 View Rates Fig36 Fig36 is Fig Loans’ nonprofit lending program that equips community organizations with the tools to offer affordable, credit-building loans. Through Fig36, partners gain access to Fig’s risk models, loan management software, credit reporting, and compliance infrastructure—delivering the sophistication of a major financial institution with a local, community-first approach. The program is currently in limited beta in Texas, with plans to expand. Is Fig Loans legit? What customer reviews say Customer reviews lend valuable insight into what to expect when working with a company. Trustpilot and Google offer broad insights into customer experiences and satisfaction levels. Trustpilot’s large volume of reviews for Fig Loans provides a comprehensive view, and Google’s reviews often reflect the direct consumer experience. Better Business Bureau features fewer reviews for Fig Loans, but it’s a respected resource for understanding a company’s business practices and customer service standards. SourceCustomer ratingNumber of reviewsTrustpilot4.8 out of 56,144 reviewsBetter Business Bureau1 out of 58 reviewsGoogle4.7 out of 51,885 reviews Fig Loans displays a good reputation across various review platforms. Customers praise Fig Loans for working with individuals with bad credit, fast delivery of funds, and its ability to boost credit scores. However, some reviews point out less advantageous rates and issues with the application system. The Better Business Bureau (BBB) rating paints a different picture. Fig Loans is not BBB-accredited, and it holds an F rating—based on a small number of reviews. Complaints here focus on inaccurate reporting to credit agencies, identity theft concerns, and loan denials. Positive feedback on Google highlights the ease of obtaining a loan and manageable payments. Nevertheless, some reviewers express dissatisfaction with application issues and loan denials. Customer service Fig Loans’s customer service team can assist customers with inquiries and issues related to their loans. The team is based at the company’s headquarters in Sugar Land, Texas. Ways to contact Fig Loans: Phone number: Toll-free at 833-335-0855 Mailing address: 2245 Texas Drive, Suite 300, Sugar Land, TX 77479 Chat box: Available on the website for quick inquiries Business hours: Monday – Friday, 8 a.m. – 4 p.m. Central time How to apply Applying for a Fig Loans personal or credit builder loan involves a process distinct from many traditional lenders because it doesn’t affect the applicant’s credit score. Unlike other lenders that offer prequalification to gauge eligibility without affecting credit scores, Fig Loans’ approach simplifies the process, but its terms are less flexible than traditional personal loan lenders. Here are the steps to apply: Select your state: Begin by choosing your state of residence. Loan terms and availability vary by state. Choose the loan amount: Decide on your desired loan amount, which depends on state regulations and Fig Loans’ offerings. Register and submit required documents: Create an account with Fig Loans and provide necessary documentation, including: Bank login information: Username and password for a compatible checking or savings account with three months of transaction history and income deposits of $1,400 per month. Two bank verification partners: These partners securely access and verify banking information. A positive bank balance: Required at the time of application. Social Security number: Necessary for identity verification. Photo ID: State-issued ID or passport. The application process is straightforward, catering to those who might be excluded from traditional credit products.