In this guide

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

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Fig Personal Loans
APR Range
12.99% - 31.99%
Loan Amount
$2,000 - $30,000
Loan Term
24 - 60 months
Min. Credit Score
700
All information about Fig Personal Loans has been collected independently by Finder. Finder is not connected with Fig products, and this page is not sponsored, endorsed or administered by, or associated with, Fig. All product names, logos, and brands have been used for identification purposes only and are property of their respective owners.

Our verdict

Access a flexible installment loan completely online, but make sure you know what APR you'll get before you borrow.

Fig is a Canadian lender that offers online installment loans to people with good to excellent credit.

Loans are unsecured with terms of up to 60 months, and the application and approval process is completely online. But there's limited information online about Fig's loan interest rates, so make sure you read the fine print before deciding whether a Fig loan is right for you.

Pros

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

Cons

  • You'll need to complete a credit check
  • Rates not listed on the Fig website
  • It may take up to 5 business days to get funded
  • Fair or bad credit may not qualify

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

What is Fig?

Fig is an online direct lender that offers access to unsecured online installment loans.

Loan terms of up to 60 months are available, and it can take Up to 5 business days for the loan amount to be deposited into your bank account. Loan repayments are made via pre-authorized debits from your bank account.

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 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. There’s no need to visit a branch.
  • 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 Better Business Bureau 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 required. You’ll need to undergo a hard credit check during the Fig loan application process.
  • NSF fees. Depending on where you live, an NSF fee of $45 may apply if you miss a loan payment.
  • Rates not listed. There is no APR range listed on the Fig website, so it’s not possible to work out exactly how much a Fig loan will cost before you get an offer.
  • 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 five business days to receive your loan funds. If you need fast 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 bad credit loans.

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SkyCap Financial Personal Loan
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goPeer Personal Loan
Finder Score:
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What are the interest rates of Fig personal loans?

Fig’s loan interest rates are not listed on its website. You’ll need to review your loan agreement carefully before signing to check the interest rate and fees, and to work out how much your loan will cost in total to repay.

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?

There are no loan eligibility criteria listed on the Fig website. However, as a general guideline you will need to:

  • Be the age of majority in your province or territory
  • Be a Canadian resident
  • Have a good to excellent credit score
  • Earn sufficient income to manage your loan repayments

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 5 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. But loans aren’t instant and there are no APR ranges listed on the Fig website, so make sure you’re fully aware of the total cost of a loan before signing your loan agreement.

Ultimately, it’s up to you to compare installment loans from a variety of lenders to find the loan that meets your needs.

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