Texas-based Fig Loans—not to be confused with Quebec-based Fig Financial—was launched in 2014 to help working-class Americans build credit and cover immediate cash needs. Fig Loans can be good for US borrowers who may not have an extensive credit history or aren’t eligible for personal loans elsewhere. Amounts range from $50 to $1,000, and terms typically run from four to six months.
If you live in Canada, you can’t get funding from Fig Loans. Plus, the company’s high interest rates, which range from 35.99% to 211%, may deter those looking to keep the cost of borrowing down.
We break down loans like Fig Loans in Canada to help you get the funding you need at a cost you can afford.
Like Fig Loans, Spring lets you easily apply online and receive a response almost right away. If approved, you'll get your funds as soon as the same day. You can choose between Interac e-Transfer or direct deposit to get your money.
High-risk applications are okay
Flexible loan amounts from $500 to $35,000
No early repayment fees
Interest rates of up to 35% for bad credit
You may be offered a credit builder loan (The Foundation loan) instead of a personal loan
Loan Amount
$500 – $35,000
APR Range
9.99% – 35%
Loan Term
6 - 84 months
Serviced Provinces/Territories
All of Canada
Turnaround Time
Within 24 hours
Min. Credit Score
550
Fees
No fees except $30 NSF fee
Requirements
Min. income of $2,000, min. credit score of 550, 3+ months employed
Loans Canada is a broker that collects your information in a single application and connects you with suitable loan options from its extensive network of partner lenders. The platform is totally free to use, and there are options for both good and bad credit borrowers.
Loans for good and bad credit
Compare multiple lenders
APRs starting at 8.99%
Get funded in one to three business days
High rates for bad credit
Not a direct lender
Limited to Loans Canada's partner network
Loan Amount
$500 – $50,000
APR Range
8.99% – 35%
Loan Term
4 - 60 months
Serviced Provinces/Territories
All of Canada
Turnaround Time
Receive funds in as little as 24 hours.
Min. Credit Score
300
Fees
No application, origination or brokerage fees
Requirements
Canadian resident, age of majority in your province of residence
LoanConnect matches you with a lender based on your profile. You can apply with bad credit, as LoanConnect is partnered with many lenders that specialize in loans for low credit.
Fast bad credit loans
Flexible terms
No collateral required
No prepayment penalties
High rates and fees
Not a direct lender
You're limited to lenders within its network
Loan Amount
$500 – $60,000
APR Range
8.99% – 35%
Loan Term
3 - 120 months
Serviced Provinces/Territories
All provinces
Turnaround Time
Receive funds in as little as 24 hours.
Min. Credit Score
300
Fees
No application, origination or brokerage fees
Requirements
Canadian citizen or permanent resident, age of majority in your province of residence, current debts must total less than 60% of your income
Alternative for short-term installment loans: Green Loans
If you want a short-term loan but wish to avoid a payday loan, Green Loans is worth checking out. You can borrow as low as $100 and as much as $1,000 without a credit check. If approved, you'll get your money within 24 hours. However, watch out for a broker fee costing in the hundreds.
Bad credit is okay
Fast access to funds
Easy online application
No collateral required
No early repayment fees
Brokerage fee applies
Requires a minimum monthly income of $1,200
Loan Amount
$100 – $1,000
APR Range
22% – 35%
Loan Term
3 - 12 months
Serviced Provinces/Territories
all provinces except Manitoba
Turnaround Time
within 24 hours
Min. Credit Score
300
Fees
2.66% late fee
Requirements
• Share banking access via our secure IBV system (Instant Banking Verification) • Have a Canadian bank account open for 90+ days with online access • Be a Canadian citizen or permanent resident with a job • Be 18 or older (or provincial age of majority) • Earn at least $1,200 monthly in net income • Provide a valid phone number, email, and home address • You must not be in a bankruptcy or a consumer proposal. • You must not be planning to declare bankruptcy or a consumer proposal.
Have low or no credit and need access to a small loan to cover unexpected costs? A Nyble line of credit provides up to $250, which, if repaid responsibly, can help improve your credit score. Through your Nyble account, you'll also get to see your Equifax credit score and report. There are no late fees, and funds are available instantly.
Get funds within 30 minutes
Build your credit history
No interest or late fees
Easy application process
Rewards program
Option to extend your payment deadline
May take up to three business days to get funds if you're not a member
$11.99/month for a premium membership
Amount may not be enough
Costs
0%
Loan Amount
$30 – $250
Loan Term
31 days, extendable
Credit Check
No
Turnaround Time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
Requirements
You must be 18 years or older and have a minimum monthly income of $1,000.
Another option for managing small unforeseen expenses, KOHO Cover offers fast access to an interest-free cash advance of up to $250. Repay what you borrow any time, not just on your next payday. There's no credit check or minimum income required, but you'll have to pay a monthly subscription fee starting at $2.
No credit check
No interest
Instant access to funds
No income required to qualify
Monthly subscription fee starting at $2
May have to pay a monthly KOHO plan fee
$250 may not be enough
Won't improve your credit score
Costs
0% + monthly fee from $2
Loan Amount
$20 – $250
Loan Term
Flexible
Credit Check
No
Turnaround Time
Immediately
Requirements
KOHO account—access higher loan amounts over time by using KOHO for everyday spending, repaying your monthly fees and using its other services
A Bree cash advance is a mini lifeline when financial surprises hit. Skip credit checks and apply online for an interest-free cash advance of up to $500. Express transfers are available for a monthly subscription fee; otherwise, you'll receive funds within a few business days.
Easy to apply
No credit check required
No interest charges
$2.99 optional monthly membership fee for express funding
Small amount may not suit your needs
Costs
0%
Loan Amount
$20 – $500
Loan Term
Next pay cycle (90 days max)
Credit Check
No
Turnaround Time
Receive funds within 5 minutes with express delivery (the fee is based on the advance amount) and within 1 to 3 business days for standard delivery.
Requirements
You must have a bank account with regular income deposits and a Visa or Mastercard debit card with a CVV
No. Although they share the same name, they are completely separate companies serving different markets. Fig Loans Canada is backed by Fairstone Bank and provides installment loans to Canadians, primarily targeting prime borrowers. Fig Loans US, operated by Fig Tech Inc., focuses on serving individuals in the United States who may have limited access to traditional credit, often targeting non-prime borrowers.
How does Fig Loans compare?
Fig Loans is a US-based online lender that offers installment loans as a payday loan alternative. Fig Loans doesn’t use credit scores to make lending decisions and may help borrowers in the US build credit. The company states that 94% of its borrowers get their funds the following business day, and the rest within three business days.
Fig Loans offers high loan amounts, but with high interest rates. Fig Loans offers small-dollar, short-term loans with APRs ranging from 35.99% to 211%, depending on the state.
Pros
No credit score required
Easy application process
Funds usually deposited the next business day
Cons
Not available in Canada
High APRs up to 211% depending on the US state
Small loans
Short payback periods
Alternatives to payday and installment loans
Payday and installment loans can come with high interest rates. A typical $500 payday loan in Canada can come with $70+ in fees. Consider these alternatives instead:
1. Use a cash advance app
Cash advance apps in Canada like Nyble, Bree and KOHO Cover provide small loans of up to several hundred dollars with 0% interest and little, if any, fees. You may not need a credit check to qualify, and funds are usually available fast. One downside is that you can’t borrow a large amount. But cash advances can be useful if you need a small amount quickly to cover unexpected, short-term expenses.
2. Apply for an auto title loan
If you own a completely paid-off vehicle, you may be able to use it to secure a loan. Auto title loans are easier to qualify for than unsecured loans, and it’s possible to get approved with less-than-good credit. But be aware that if you fail to make repayments, you’ll lose your vehicle.
3. Get a credit card cash advance
You can withdraw money from your credit card balance. Cash advance interest rates are often higher than regular credit card purchase rates but lower than payday loan rates. This option is best for people who already have a credit card and haven’t maxed out their limit.
4. Pick up a side hustle
If you have time to invest in a side hustle, it’s much better to increase your income rather than go into more debt. Examples of side hustles include filling out surveys, dog walking, translating and virtual assisting. Learn more in our how to make money online guide.
Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family.
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Leanne Escobal is a publisher at Finder with more than 12 years of experience in financial products and services, with a focus on content strategy and marketing. She has completed the Canadian Securities Course (CSC®) as well as the Personal Lending and Mortgages course through the Canadian Securities Institute. Leanne holds a Bachelor of Arts (Honours) in English literature and creative writing from Western University.
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Here’s how to get a $500 loan to see you through until your next payday.
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