If you’re in Texas, you could borrow up to $500 flexible terms, four predictable monthly repayments and no hidden fees.
We know that everyone's situation is unique and we aim to help you find the right product for you. We may receive compensation when you visit our partners' sites or are approved for their products. You can read more about how we maintain editorial independence and how we make money here.Committed to helping Texas residents with financial emergencies, Fig Loans offers transparent installment loans with only four equal repayments designed to improve your overall financial health.
|Min Loan Amount||$300|
|Max. Loan Amount||$500|
|Loan Term||4 months|
|Requirements||Must be a Texas resident and have a valid bank account.|
- Texas resident
- Valid bank account
Do you live in Texas?
Fig Loans currently offers installment loans in Texas only. If you live in any other state, find short term loan options for your location.
What is Fig Loans?
Fig Loans was founded by two Wharton Business School graduates in March 2015 who were frustrated that high-interest payday loans were the only emergency funding available to subprime borrowers. John Li and Jeffrey Zhou were determined to find a better model of responsible lenders that could help improve a borrower’s financial health.
Today, Fig Loans is committed to providing access to affordable financial products — even if those products aren’t necessarily a Fig Loan. They works with nonprofits like United Way to help their customers get on the road to good financial health.
What are the benefits of a Fig Loans installment loan?
Fig Loans offers short-term four-month installment loans of $300 to $500. While the APR you’re ultimately offered will depend on your creditworthiness and other factors, Fig Loans’ APRs start at 190%% for a first loan — or less than $4 for every $100 you borrow. If you paid off your first loan and then find yourself in need of subsequent loans, your APR drops by at least 20 percentage points for future loans.
Here are a few of the benefits you’ll find with an installment loan from Fig:
- Low short-term APRs. While first-time loans start at a high 190%%, it’s a lower APR than you’ll find with other short-term lenders.
- No fees. Fig doesn’t charge processing or origination fees. It even waives late fees, preferring to work with you to find a repayment date that works for you.
- Boost your credit score. On average, borrowers who stay with Fig Loans for eight months or more see a 47 point increase in their personal credit score.
- Quick access to funds. Loan applications are reviewed within a business day of submission. If approved, you can typically gain access to funds within one business day.
- Early repayment discount. Unlike other short-term lenders that charge you a penalty for paying off your loan ahead of time, Fig rewards you with a discount.
- High marks for service. Users call their experience with Fig the “best experience” and “so helpful and very nice.” Support connects you with an actual Fig employee to talk you through your query.
What to watch out for
While there are many refreshing upsides to Fig Loans, you’re still taking on a high-interest installment loan. Here’s a few other potential drawbacks:
- Low maximum loan amount. Fig offers loans to help you out of a financial emergency. But if your emergency requires more than $500, you’ll need to look elsewhere.
- Services in Texas only. This is a big drawback: While Fig is working to extend its coverage, you currently must be a resident of the Lone Star State to get a loan.
Compare Fig Loans to other installment loan providers
A warning about installment loans
A short-term installment loan can be a useful tool when you’re in need of quick cash. But be careful: Many short-term loans come with incredibly steep interest rates — some at 400% APR or more — that could cost you more in the long run.
Take a look at alternative financing options before committing to a short-term loan agreement.
Am I eligible for an installment loan through Fig Loans?
Applying for an installment loan with Fig Loans is easy and straightforward. To be eligible for loan approval, you must:
- Live in Texas.
- Have a valid bank account.
Fig Loans considers your application based on your personal information and the transaction history of the bank account you provide. 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.
How do I apply?
1. To apply for an installment loan with Fig Loans, click the Go to site button on this page to be redirected to the application form. From there, drag the Loan Amount bar to the amount you’re seeking. After reviewing your transparent terms and payments, click Apply Now.
2. Enter your email address and create a password for logging in to your online account. Click Submit.
3. Read and agree to the customer disclosures, and click Submit.
4. Proceed through the steps of entering your personal information — including your Social Security and bank account numbers. Then review and accept your specific loan’s terms and conditions to submit your application.
Once submitted, Fig Loans will review and assess your application within one business day. You’ll receive email notification containing your loan decision shortly thereafter.
I got the Fig Loans installment loan. Now what?
- Stay on top of payments. Manage your payment schedule through Fig Loans’ texting service. If your payment due date doesn’t work with your cash flow, contact Fig to change it.
- Get rewarded for early repayment. At Fig Loans, not only can you pay off your loan early without penalty, but you also get a discount in return.
- Contact customer service. Call or email customer service for a response.
We can never be certain of what life will throw at us. If you’re in need of quick cash and live in Texas, a short-term installment loan with Fig Loans could provide what you need with more flexible repayment terms than you’ll find with other payday lenders.
But if you live in any of the other 49 states, compare other installment loan lenders to find a fair rate and a loan that fits your needs.