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)

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 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”.

TermsDetails
Fixed rates (APR)199% – 211%, depending on state
Loan amounts$50 – $500, depending on state
Repayment period1 month – 6 months, depending on state
Unsecured or securedUnsecured
Time to funding after approvalDecision in 1 day

Funds in 1-3 business days
FeesVary by state

One-time account opening fee
Unique 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:

RequirementDetails
CitizenshipNot specified, but U.S. bank account required
Employment status3 months of direct deposits required
State of residenceCalifornia, Missouri, Utah, Texas, Ohio, Florida
Minimum ageNot disclosed
Credit score checkNone required
Minimum incomeMonthly deposits of at least $1,400
Other requirementsInternet connection

Online application capability

Phone number

Social Security number

Government-issued photo ID

Online 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.
Screenshot from Fig Loans application
Screenshot from Fig Loans application
Screenshot from Fig Loans application

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
Max. advance
$750
Instant fee
$2.99
Delivery speed
1–3 days standard, instant
4.9
Best for Overdraft Protection and Budget Coaching
Max. advance
$300
Instant fee
Included in $8/month fee
Delivery speed
Instant
4.7
Best for Small Advances and Side Hustle Matching
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
Best for Fee-Free Overdraft With SpotMe
Max. advance
$200
Instant fee
None (optional tip)
Delivery speed
Instant for debit purchases
4.6
Best for Stacking Multiple Small Advances
Max. advance
$750
Instant fee
Varies
Delivery speed
1–3 days standard, instant
4.1
Best for Earning Larger Advances Over Time
Max. advance
$1,000
Instant fee
$0.49–$8.99
Delivery speed
1–5 days standard, instant
4.4
Best for No Direct Deposit Required
Max. advance
$80
Instant fee
None
Delivery speed
Varies (after spending threshold met)
3.7
Best for No-Fee Advances (If You Qualify)
Max. advance
$200
Instant fee
$1.49–$19.99
Delivery speed
1–5 days standard or instant
3.6

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
Fixed APR
6.49%35.99%
Funding
$1K – $200K
Term (Yrs.)
1 – 10
5.0
Best for Good Credit
Fixed APR
8.99% – 35.49%*
Funding
$5K – $100K
Term (Yrs.)
2 – 7
5.0
Includes all discounts.
Best for Fair Credit
Fixed APR
7.99%35.99
Funding
$1K – $50K
Term (Yrs.)
2 – 7
4.9
Best Credit Union
Fixed APR
8.99% – 17.99%
Funding
$600 – $50K
Term (Yrs.)
3 – 5
4.9
Best for Excellent Credit
Fixed APR
6.94%25.29%
Funding
$5K – $100K
Term (Yrs.)
2 – 12
4.8
Best for Thin Credit
Fixed APR
7.80% – 35.99%
Funding
$1K – $75K
Term (Yrs.)
3 – 5
4.8
Best for Credit Card Debt
Fixed APR
8.95%29.99%
Funding
$5K – $40K
Term (Yrs.)
2 – 5
4.8
Best Secured Loan
Fixed APR
6.99%35.99%
Funding
$1K – $50K
Term (Yrs.)
3 – 5
4.8
Best Peer-to-Peer Lender
Fixed APR
8.99% – 35.99%
Funding
$2K – $50K
Term (Yrs.)
2 – 5
4.8
Best for Joint Loans
Fixed APR
7.90% – 35.99%
Funding
$1K – $40K
Term (Yrs.)
2 – 4
4.7
Best for Military Families
Fixed APR
8.99%18.00%
Funding
$250 – $50K
Term (Yrs.)
Up to 5
4.6

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.

TermsDetails
Deposit amountsNot specified
Term length12 months
RateAs low as 4% APR
Credit bureaus reported toTransUnion, Equifax, and Experian
Time to funding after approvalDecision in 1 day

Funds in 1-3 business days
FeesVary by state

Administrative and debit card processing fees
Unique featuresMarketed as an alternative to payday loans

Marketed as a lower-APR alternative to payday loans

Smaller 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.

RequirementDetails
State of residenceCalifornia, Florida, Missouri, Ohio, Texas, and Utah
Minimum ageNot disclosed
Minimum credit scoreNone
Minimum incomeMonthly deposits of at least $1,400
Other requirementsInternet connection

Online application capability

Phone number

Social Security number

Government-issued photo ID

Online 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)
Best for a credit-building card
Best for added benefits
Best collection of products
Best for a small credit-building plan

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 reviews
Trustpilot4.8 out of 56,144 reviews
Better Business Bureau1 out of 58 reviews
Google4.7 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:

  1. Select your state: Begin by choosing your state of residence. Loan terms and availability vary by state.
  1. Choose the loan amount: Decide on your desired loan amount, which depends on state regulations and Fig Loans’ offerings.
  1. 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.