Fig Loans installment loans review
Competitive APR — but only for a select group of states.
Bottom line: Fig Loans offers transparent installment loans with a simple repayment schedule designed to improve your overall financial health. But the loan maximum amount and limited reach means it may not meet everyone’s needs.
Shannon Terrell is a writer for Finder who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.
Fig Loans is a good choice for borrowers in its six serviced states. It offers lower APR than the competition and is upfront about its costs — something you won’t find with many lenders. In addition, it can help you build your credit and doesn’t charge any late fees.
But if you don’t live in one of its serviced states, you’re out of luck. You may also want to consider other short-term loan options if you need more than $500 or want longer than four months to repay your loan.
- Competitive short-term loan APR of 176% to 229%
- No late fees
- Reports payments to Transunion, Experian and Equifax
- Early repayment discount and no late fees
- Limited state availability
- Low maximum loan amount of $500
- Short loan terms
Fig Loans rates, fees and terms
Fig Loans offers installment loan of $300 to $500. The exact APR you qualify for — and the time you have to repay your loan — will depend on your state.
|Loan amount||APR||Loan term|
|Florida||$300 to $500||208.56%||84 days|
|Illinois||$300 to $500||176%||180 days|
|Missouri||$300 to $500||199%||4 months|
|Ohio||$200 to $300||199%||4 months|
|Texas||$200 to $300||199%||4 months|
|Utah||$300 to $500||199%||4 months|
And once you’ve paid off your first loan, your APR drops by at least 20% on any future loans. You may also be able to borrow more for a longer term.
What is Fig Loans and is it legit?
Fig Loans is committed to providing access to affordable financial products — even if those products aren’t necessarily a Fig Loan. It works with nonprofits like United Way to help its customers get on the road to good financial health.
Compare Fig Loans to other installment loan providers
To get started, select your state and click Show me my options.
Fig Loans reviews and complaints
|BBB customer reviews||3.67 out of 5 stars, based on 3 customer reviews|
|Trustpilot score||4.9 out of 5, based on 691 customer reviews|
|AppStore score||4 out of 5 stars, based on 497 customer reviews|
|Google Play score||2.6 out of 5 stars, based on 93 customer reviews|
|Customer reviews verified as of||16 October 2020|
Am I eligible?
To qualify, you’ll need to meet two basic requirements.
- Live in a serviced state
- Valid bank account
Fig Loans considers all applicants for installment loans, but you could see a better chance of approval with a credit score of at least 450.
What information do I need to apply?
Fig Loans requires you to submit the following information to verify your identity:
- Date of birth
- Social Security number
- Driver’s license number
- Bank routing number
- Bank account number
- Estimated monthly income after taxes
How do I apply?
Fig Loans is an online lender and only accepts applications through its website. To apply, you’ll need to visit Fig Loans and create an account. Fig Loans will review and assess your application within one business day. You’ll receive email notification containing your loan decision. If approved, your loan funds should be deposited into your bank account within three business days.
What are my repayment options?
Your loan term will depend on your state, but you can repay your loan before your due date and get a discount. If you find yourself unable to repay your loan, call or email Fig Loans to discuss extending your repayment schedule at no extra cost.
Fig Loans provides relatively inexpensive installment loans — but its limited reach means you may want to see your other short-term loan options if you don’t live in a serviced state.