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Fig Loans installment loans review

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You could qualify for a loan of $500 with flexible terms and four predictable monthly repayments.

Committed to helping residents of Illinois, Ohio, Texas, Utah and Missouri with financial emergencies, 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.


Min. Amount


Max. Amount


Product NameFig Loans Installment Loans
Min. Amount$300
Max. Amount$500
Loan Term4 to 6 months
RequirementsIllinois, Texas, Utah, Ohio or Missouri resident and have a valid bank account
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Must read: Do you live in one of Fig Loans’ serviced states?

Fig Loans currently only offers installment loans in Illinois, Ohio, Texas, Utah and Missouri. If you live anywhere else, find short-term loan options in your state.

How does an installment loan from Fig Loans work?

Fig Loans offers four-month installment loans of $300 to $500. While the APR you’re ultimately offered will depend on your creditworthiness and your financial situation, its APR ranges from 176% to 190%. It depends on your state of residence, and may be lower — less than $4 for every $100 you borrow.

And once you’ve paid off your first loan, your APR drops by at least 20% on any future loans.

What are the benefits of a Fig Loans installment loan?

  • Competitive rates. While your APR for a first loan may start at 176% to 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.
  • 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.
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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.
  • Only available in five states. This is a big drawback: While Fig is working to extend its coverage, you must be a resident of either Illinois, Ohio, Texas, Utah and Missouri to qualify for a loan.

Compare Fig Loans to other installment loan providers

Data indicated here is updated regularly
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
Fast5kLoans Short-term Loans Connection Service
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
 Check Into Cash Installment Loans
1 to 2 business days
Bank account, email address, phone number, US citizen or permanent resident, ages 21+, $3,500 minimum income in California
Borrow money with lower payments and more time to pay than a traditional payday loan.
OppLoans Installment Loans
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
LendYou Short-term Loans
Same business day to 1 business days
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Possible Finance Mobile Installment Loans
As fast as 1 business day
Checking account with 3+ months of banking history, $750+ monthly income, live in eligible state, ages 18+
Borrow up to $500 with just a few swipes — but only for residents of 5 states.

Compare up to 4 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 Illinois, Texas, Missouri, Ohio or Utah.
  • 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. 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 the terms, click Apply Now.

Fig Loans Apply Now

  1. Enter your email address and create a password for logging in to your online account. Click Submit.
  2. Read and agree to the customer disclosures, and click Submit.
  3. 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.

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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. You can email customer service at with any questions or issues you might have.

More about the company

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.

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.

Bottom line

If you live in a state serviced by Fig Loans, an installment loan could help when you’re in a bind. But this type of short-term loan can be costly. So compare your installment loan options and look into short-term loan alternatives before you apply.

Frequently asked questions

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