In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
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Fig loans review

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Fig Personal Loans
3.0
★★★★★
Finder score
APR Range
12.99% - 31.99%
Loan Amount
$2,000 - $30,000
Loan Term
24 - 60 months
Min. Credit Score
700

Our verdict

Access a flexible installment loan completely online, but make sure you're in a strong financial position before applying.

Fig is a Canadian lender that offers online installment loans to people with good to excellent credit. Its rates are competitive, starting at 12.99%. Loans are unsecured with terms of up to 60 months, and the application and approval process is completely online.

Pros

  • Easy online application
  • No security required
  • Early repayment with no penalties allowed
  • Backed by Fairstone

Cons

  • It may take up to two business days to get funded
  • Fair or bad credit may not qualify
  • Income must be at least $5,000/month

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

What is Fig?

Fig is an online direct lender that offers unsecured personal loans to prime borrowers. Its application process is completely online, so you won’t ever need to step foot into a branch to get your loan.

It launched in Canada in 2023, but the company that owns Fig, Fairstone, has been in business for many decades.

Are Fig loans legit?

Fig Financial is a wholly-owned subsidiary of Fairstone Financial Inc., which is in turn a part of Fairstone Bank of Canada.

Fairstone Bank is based in Toronto and is a consumer lending group. It has over 240 branches across Canada and can trace its history back to 1926.

Fairstone Financial has an A+ Better Business Bureau (BBB) rating, but it has an average customer rating of 1.19 out of 5 stars from over 140 customer reviews on the BBB website. It’s also licensed as a mortgage brokerage in Ontario and a mortgage lender in Nova Scotia.

Fig is the result of a collaboration between Fairstone and Koru, a venture studio owned by Ontario Teachers’ Pension Plan.

What we like about Fig loans

  • Easy online application. It’s quick and easy to apply for a loan from Fig online in a matter of minutes.
  • Online pre-approval. You can get instant pre-approval for a Fig loan online.
  • No security required. Fig offers unsecured installment loans, so you won’t need to put any of your assets at risk to qualify for a loan.
  • Flexible payment schedule. You can choose a weekly, bi-weekly or monthly loan payment schedule to suit your income frequency.
  • Early repayment allowed. You can pay your Fig loan off early without incurring any extra fees.
  • Backed by Fairstone. Fig is backed by Fairstone Financial, which is BBB accredited and has a long history in Canada.
  • Support available in French. You can access support in French rather than English if preferred.
  • No monthly fees. Fig does not charge any monthly fees while you pay off your loan.

What to watch out for

  • Credit check. Fig will do a soft credit check to provide your offer. If you take the loan, it’ll do a hard credit check.
  • NSF fees. Depending on where you live, an NSF fee of $45 may apply if you miss a loan payment.
  • No phone contact. There’s no phone number listed on the Fig website, so you’ll need to access customer support via email or live chat.
  • Slow funding. It may take up to two business days to receive your loan funds. If you need fast same-day funding, read our emergency loans guide.
  • Interest charges. Some customers complain about interest being charged once their loan is booked but before the funds have even been deposited into their account.
  • Fair or bad credit may not qualify. Fig focuses on helping prime borrowers find a loan, so apply elsewhere if you have bad credit. Learn more about the best bad credit loans.

Alternatives to Fig loans

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Spring Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
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10.8% - 46.99%
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Requirements: min. income $2,000/month, 3+ months employed, min. credit score 550
Loans Canada Personal Loan
Finder Score:
★★★★★
Customer Survey:
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Loans Canada is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
LoanConnect Personal Loan
Finder Score:
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Customer Survey:
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8.99% - 46.96%
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LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
easyfinancial Personal Loan
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Customer Survey:
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9.99% - 46.96%
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Requirements: min. income $1,200/month
Mogo Personal Loan
Finder Score:
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Customer Survey:
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9.90% - 46.96%
$500 - $35,000
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Requirements: min. income $35,000/year, min. credit score 600
Fig Personal Loans
Finder Score:
★★★★★
12.99% - 31.99%
$2,000 - $30,000
24 - 60 months
Requirements: min. income $5,000/month, 6+ months employed, min. credit score 700
SkyCap Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Requirements: min. income $1,666.67/month, full time employment/pension, min. credit score 575, no bankruptcy
MDG Financial Installment Loan
Not yet rated
29.78% - 44.80%
Up to $1,600
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Requirements: no min. income, min. credit score 560
goPeer Personal Loan
Finder Score:
★★★★★
8.99% - 34.99%
$1,000 - $35,000
36 or 60 months
Requirements: recommended income $35,000/year, min. credit score 600, min. 5-year credit history.
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What are the interest rates of Fig personal loans?

Fig personal loan interest rates range from 12.99% - 31.99% . Borrowers in stronger financial positions will get lower rates.

Summary of Fig loans reviews

SiteDetails
Trustpilot4.7 out of 5 stars, based on 247 Fig reviews
GoogleNo Fig reviews available
BBB accreditationYes
BBB ratingA
BBB reviews2 out of 5 stars, based on 1 Fig review
Reviews as ofJanuary 16, 2024

Am I eligible?

To qualify for a loan from Fig, you’ll need to meet the following:

  • Be the age of majority in your province or territory
  • Be a Canadian resident
  • Have a credit score over 700
  • Have a minimum income of $5,000/month

How to apply for Fig loans

You can apply for a Fig loan by completing the following steps:

  1. Submit an online application to get pre-approved. You’ll need to provide your personal and contact information as well as income and employment details.
  2. Verify your identity and complete a credit check.
  3. Review your loan agreement before signing.
  4. Get your loan amount deposited into your bank account.

How is Fig Canada related to Fig US?

Fig Financial in Canada is not associated with Fig Loans in the US. Fig Loans is a lender based in Houston, Texas, that offers payday loan alternatives. Its credit builder loans are only available to borrowers in the United States.

What to expect once you’ve received financing from Fig

Once your loan has been confirmed, it may take up to two business days for the funds to be deposited into your bank account. Loan repayments will then be automatically deducted from your linked bank account. Take note of your payment schedule — weekly, bi-weekly or monthly — so that you can budget for on-time payments.

Fig will send you payment reminder notifications to help ensure that you don’t miss a payment, and will also notify you if a scheduled payment fails. A non-sufficient funds (NSF) fee of up to $45 may apply, depending on where you live, if you miss a payment. However, there is a three-day grace period, so the NSF fee will be waived if you make your failed payment during that time.

Finally, you can make an extra payment to your loan at any time, and you can pay your loan off early without incurring additional fees.

Bottom line

Fig offers flexible installment loans and an easy online application process to prime borrowers. It’s worth considering when you have a strong credit score but you don’t want to apply to a bank or credit union. Loans may take up to two business days, so if you need money sooner than this, explore other lenders.

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