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Personal Loans

Fig Loans Personal Loan Review

Updated Feb 13, 2024   |   19-min read

Our take on Fig Loans

  • Offers personal loans and credit builder loans
  • Ideal for those who don’t quality for traditional personal loans
  • High APRs significantly add to cost of borrowing

About Fig Loans

Founded in 2015, Fig Loans targets working-class Americans needing financial support. It emphasizes flexible payments, credit-building, and instant funding. This approach caters to those often overlooked by traditional banks due to credit issues.

Fig’s mission is to aid borrowers with limited credit access. Its products, which include credit-builder and personal loans, are for quick financial relief and credit improvement and are designed for borrowers with poor or no credit history.

Fig borrowers need fast funds but face challenges with traditional lenders. Fig Loans assists in immediate financial needs and credit building, but it’s crucial to consider its high APRs. Fig Loans should be a last resort, not a primary choice.

Fig Loans personal loans

Fig Loans offers personal loans with no credit score check required, and annual percentage rates range from 199% to 211%, depending on the state, for loan amounts up to $500. This unique positioning makes Fig Loans’ personal loan product akin to a payday loan.

Due to its high interest rates and limited loan amounts, it doesn’t fit in the conventional personal loan category, and we haven’t included it in our editorial ratings. We recommend exploring more traditional personal loans from online or local lenders, which tend to offer much lower rates and higher loan amounts for those who qualify.

If you need funds and can’t access traditional loans due to credit constraints, Fig Loans might be an option. But these loans come with much higher costs than standard personal loan options. Keep reading to see why we recommend exhausting other avenues before considering Fig Loans.

Fig Loans personal loan at a glance

The following table provides an overview of Fig Loans’ personal loan terms and details, which we’ll explore further below.

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
Repayment assistanceNone, unless COVID-19 related
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

How does a Fig Loans personal loan work?

Fig Loans designed its personal loan process to be straightforward and accessible, especially for those who may not qualify for traditional loans. Here’s how it works:

Rates

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%.

Screenshot from Fig Loans application
Screenshot from Fig Loans application
Screenshot from Fig Loans application

Loan amounts

The loan amounts also depend on the state, with options ranging from as low as $50 in California to a maximum of $500 in Texas, Utah, Missouri, and Florida. 

These amounts cater to immediate short-term financial needs, positioning Fig Loans as an alternative to payday loans with slightly better terms.

Repayment

Repayment terms are specific to each state. For example, 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.

Collateral

All Fig Loans are unsecured, meaning borrowers don’t need to provide collateral. The online application process is simple, with decisions typically made within one day. Once you’re approved, Fig will deposit funds in your account within three business days.

Loan management

Borrowers can handle their loans primarily online, providing a convenient and accessible way to track payments and manage their account. This approach suits the needs of borrowers who prefer managing their finances digitally.

Fig Loans provides an accessible but high cost, option for borrowers struggling to secure funding elsewhere. It offers a streamlined experience for those needing quick financial assistance.

What can a Fig Loans personal loan be used for?

Fig Loans offers personal loans you can use for various personal expenses. Most borrowers use these loans for urgent financial needs, such as emergency repairs or medical bills. Fig Loans caters to those who need immediate cash.

During the application process, borrowers are not required to specify the loan’s purpose. This policy allows for privacy and flexibility, enabling a range of personal uses. However, standard restrictions apply, prohibiting illegal activities or gambling.

Who’s eligible for a Fig Loans personal loan?

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. 

This feature benefits borrowers who are often ineligible for conventional loans. But this aligns Fig Loans closer to payday loans in terms of accessibility and target demographic.

Fig Loans does not require a credit score, but applicants must meet other criteria to demonstrate financial stability. These include consistent income as evidenced by three months of direct deposits. 

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

What are the costs and fees of a Fig Loans personal loan?

The cost of a Fig Loans personal loan encompasses both interest rates and potential fees. These factors play a crucial role in the overall cost of borrowing. Understanding how they are calculated and applied is essential.

Interest rates and their impact

Fig Loans’ interest rates are state-specific, ranging from 199% to 211%. These rates influence the total cost of borrowing. For example, a higher APR means over the loan term, a borrower will pay back much more than the original loan amount. 

The rates are fixed based on the loan amount and the state, providing predictable repayment amounts.

Calculation of rates

The interest rates for Fig Loans are state-based, not based on individual creditworthiness, which is why there’s no credit check. This differs from traditional personal loan lenders, which often determine rates based on credit scores, income, and other financial factors.

Fees structure

Fig Loans’ fees can include administrative and debit card processing fees, which vary by state. These fees are usually added to the total loan cost, meaning the borrower pays them over the loan term, rather than upfront.

Comparison with other lenders

Compared to traditional personal loan lenders, Fig Loans’ APRs are much higher. Traditional loans might offer APRs ranging from single digits to about 36%, but Fig Loans’ APRs start at 199%, reflecting its nature as an alternative to payday loans.

Example of cost impact

For instance, consider a $300 loan in Texas with a 200% APR, to be repaid over four months. Here’s a breakdown of how costs and fees affect payments:

  • Loan amount: $300
  • Interest: $200 (approximately, for simplicity)
  • Total repayment: $500 over four months
  • Monthly payment: Around $125

In this example, the borrower ends up paying almost two-thirds more than the original loan amount, illustrating the high cost of such loans.

How do you repay a personal loan from Fig Loans?

Repaying a personal loan from Fig Loans is designed to be as straightforward as possible.

Repayment process

You can repay a Fig Loans personal loan online, which is convenient. This method allows for easy tracking and management of the loan. Your state of residence determines the repayment schedule, with the terms set at the outset of the loan agreement.

Payment options

Borrowers have limited options for repayment. Payments are deducted automatically from the borrower’s bank account on the agreed-upon dates. This automation ensures on-time payments but requires borrowers to ensure sufficient funds are available.

Customization of terms

The repayment terms of Fig Loans are the same for every borrower within a particular state. These terms are based on state regulations and the loan agreement.

Impact on overall cost

The fixed repayment terms mean the cost at the end of the term is predictable. But the high APRs can cause your repayment amount to skyrocket compared to the original loan amount. 

This structure emphasizes the importance of understanding the full financial commitment before taking out a loan.

Early repayment

One advantage of Fig Loans is the absence of penalties for early loan repayment. If a borrower can pay off their loan ahead of schedule, they can do so without incurring additional costs, reducing the total interest paid over the life of the loan.

Repayment of a Fig Loans personal loan is straightforward and automated, but the high APRs are critical factors to consider.

Pros and cons of Fig Loans personal loans

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.

Fig Loans personal loans might offer advantages compared to payday loans for those with limited credit options. Its no-credit-score requirement and quick funding make it a suitable choice for urgent, small-scale financial needs. However, the high APRs and requirements of online banking and proof of deposits can be restrictive for some borrowers.

When considering a personal loan, it’s crucial to weigh these pros and cons against individual financial situations. For those who can qualify, alternatives SoFi, PenFed, Upstart, Personify, and OppLoans might provide more favorable terms, such as lower APRs and broader loan options. 

These competitors are worth exploring if you’re seeking more substantial loan amounts or more competitive rates.

Fig Loans credit builder loan

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.

These loans are available in only six states, which restricts their accessibility. A key feature of Fig Loans’ credit builder product is that it reports to the three major credit bureaus—TransUnion, Equifax, and Experian. This is crucial for anyone looking to build their credit history because on-time payments can help credit scores.

However, the high interest rates and limited availability make it less competitive than other credit builder loans in the market. It offers the fundamental benefit of credit reporting, but the lack of transparency and high costs are significant drawbacks.

Individuals considering a credit builder loan should explore all available options. Our best credit builder loans page provides a comprehensive comparison of various products, allowing for a more informed decision. 

How does a Fig Loans credit builder loan work?

Fig Loans’ credit builder loan can help individuals build or improve their credit score. This product involves making 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.

The specifics of the terms are as follows:

  • Deposit amounts: Not specified. This refers to the amount borrowers pay into the loan.
  • Term length: 12 months. Borrowers make payments throughout the year and receive the funds back at the end of the term. This duration allows for a manageable credit-building period.
  • Rate (APR): Varies based on loan amount and state, but can be as low as 4%. The APR is a critical factor in determining the loan’s cost.
  • Credit bureaus reported to: TransUnion, Equifax, and Experian. Reporting to these bureaus helps in building credit; on-time payments can raise credit scores.
  • Administrative fee: Varies based on state and amount borrowed. 
  • Credit check: None required. This makes the loan accessible to individuals with poor or no credit history.
  • Unique features: The loan allows people to make payments, reported as loan payments, into an account. At the end of the year, the paid amount is returned to the borrower (minus fees and APR), making it a unique tool for credit building.

How does Fig Loans improve your credit score?

Fig Loans’ credit builder loan can assist borrowers in improving their credit scores through the reporting of regular loan repayments to major credit bureaus. Here’s how the product affects credit score factors:

  • Regular reporting to credit bureaus: Fig Loans reports payments to TransUnion, Equifax, and Experian. Regular reporting of on-time payments helps credit history, a crucial factor in credit scoring.
  • Payment history: On-time payments count toward the borrower’s payment history, which is a significant component of credit scores.

Impact on credit score

  • Positive impact: Consistent on-time payments can lead to an improved credit score. This is beneficial for individuals with limited or poor credit histories.
  • Potential risks: Late or missed payments can lower credit scores. As with any credit product, responsible use is crucial. It’s essential to understand and meet payment obligations to avoid adverse effects.

Key terms and significance

  • Term length: Typically 12 months. This period allows borrowers to demonstrate a pattern of regular payments.
  • APR: Varies by state and loan amount. This affects the cost of the loan but not your credit score.
  • No credit check: Allows individuals with low or no credit scores to access the loan, providing an opportunity to build credit.

Fig Loans’ credit builder loan can help borrowers who may not qualify for traditional credit products build or improve their credit scores. However, it’s important to use this product responsibly. Mismanagement can harm your credit score.

Who’s eligible for a Fig Loans credit builder loan?

Eligibility for a Fig Loans credit builder loan is inclusive, catering to individuals looking to establish or rebuild their credit history. 

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

What are the costs of a Fig Loans credit builder loan?

Understanding the costs and fees associated with a Fig Loans credit builder loan is crucial. These costs include interest charges and any applicable fees, which together determine the total cost of the loan.

Interest charges

  • Rate (APR): 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.

Fees

  • 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.

Example of cost impact

Consider a hypothetical scenario: a borrower takes out a credit builder loan with a principal of $500 at an APR of 5% in a state with a $50 administrative fee. Here’s how the costs break down:

  • Loan amount: $500
  • Interest (over 12 months): $25 
  • Administrative fee: $50
  • Monthly payment: $43.75
  • Total cost of the loan: $525

In this example, the borrower will have paid more than double the original loan amount by the end of the term due to the high APR and administrative fee.

Pros and cons of Fig Loans credit builder loans

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.

Fig Loans’ credit builder product offers unique benefits, especially for those looking to build credit. However, the high APRs and specific requirements of online banking and minimum deposit proofs can be restrictive.

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.

Is Fig Loans a reputable lender?

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.

Does Fig Loans have a customer service team?

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 for a Fig Loans personal or credit builder loan

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.

What if I’m denied a personal loan from Fig Loans?

If you’re denied a personal loan from Fig Loans, you can take specific steps to understand and overcome the reasons for denial. Fig Loans should provide a reason for denial, so you can identify areas of improvement. 

You can reapply, but we recommend addressing the reasons for the initial denial first.

Reason for denialWhat you can do
Insufficient income or inconsistent depositsFocus on stabilizing or increasing your income to meet Fig Loans’ criteria.
Incomplete or inaccurate application detailsDouble-check and ensure all information you provide is accurate and complete.
Negative banking historyWork on maintaining a positive bank balance and avoid overdrafts.
State residency requirementsIf Fig Loans is not available in your state, consider lenders that operate in your region.
Lack of online bankingSet up and maintain an active online banking account—a key requirement for Fig Loans.

Resources such as financial counseling or credit repair services can be beneficial. Researching other lenders with different eligibility criteria might also provide alternative borrowing opportunities.

Fig Loans personal loan FAQ

Can you pay off a Fig Loans personal loan or credit builder loan early?

Yes, you can pay off a Fig Loans personal loan early without penalty. Early repayment can reduce the total interest paid over the life of the loan.

Paying off a Fig Loans credit builder loan early is also possible and does not incur penalties. Early repayment might reduce total interest costs and can help your credit score because it demonstrates financial responsibility.

How fast does a Fig Loans credit builder loan build credit?

The time it takes to see credit improvements with a Fig Loans credit builder loan can vary. Typically, borrowers may start to see changes in their credit scores within a few months of consistent, on-time payments. However, credit score improvement depends on various factors, including the borrower’s overall credit profile.

Is your credit score guaranteed to increase with a Fig Loans credit builder loan?

Fig Loans does not guarantee a credit score increase once the loan is paid off. On-time payments can help credit scores, but other factors also influence credit score changes.

Is your deposited money safe?

The money you pay into a Fig Loans credit builder loan is held safely until the end of the loan term. Fig Loans ensures the return of the accumulated funds if you consistently pay in full and on time. However, we recommend reviewing its terms and conditions for specific details on fund protection.