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.

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Min. Amount


Max. Amount

As soon as the same business day

Turnaround time


Product NameFig Loans Installment Loans
Min. Amount$200
Max. Amount$800
Loan Term84 days to 12 months, varies by state
Loan SecurityUnsecured
Turnaround TimeAs soon as the same business day
Requirements3 months of direct deposits, $1400 per month income, positive bank account balance
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Review by

Shannon Terrell is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in personal finance. Her writing and analysis on investing and banking has been featured in Bloomberg, Global News, Yahoo Finance, GoBankingRates and Black Enterprise. She holds a bachelor’s degree in communications and English literature from the University of Toronto Mississauga.

Expert review

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 $600 or want longer than four months to repay your loan.


  • Competitive short-term loan APR of 199% to 211%
  • 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 $800
  • Short loan terms

Fig Loans rates, fees and terms

Fig Loans offers installment loans of $200 to $800. The exact APR you qualify for — and the time you have to repay your loan — will depend on your state.

Loan amountAPRLoan term
Florida$300 to $500208.56%84 days
Illinois$300 to $50035.99%180 days
Missouri$300 to $500199%4 months
Ohio$200 to $300199%4 months
Texas$200 to $300199%4 months
Utah$300 to $500199%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 was founded in 2015 and is a legit installment lender. Not only does it report all repayments to the three major credit bureaus, but it also has transparent terms that clearly list the cost of borrowing. Its privacy policy covers the information it collects and how you can limit sharing, and its website is encrypted to keep your information safe.

Fig Loans states it’s 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.

1 - 0 of 0
Name Product Filter Values Loan amount Turnaround time Requirements
OppLoans Installment Loans
Finder Rating: 4.4 / 5: ★★★★★
OppLoans Installment Loans
$500 to $4,000
As soon as the same business day.
+18 years old, Receive paychecks through 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
Finder Rating: 2.5 / 5: ★★★★★
LendYou Short-term Loans
$100 to $2,500
Same business day to 1 business day
$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.
Fast5kLoans Short-term Loans Connection Service
Finder Rating: 3.5 / 5: ★★★★★
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
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.
Fig Loans Installment Loans
$200 to $800, varies by state
As soon as the same business day
3 months of direct deposits, $1400 per month income, positive bank account balance
Get an affordable installment loan that comes with no fees, flexible terms and predictable monthly repayments.

Fig Loans reviews and complaints

BBB accreditedNo
BBB ratingNR
BBB customer reviews3.67 out of 5 stars, based on 3 customer reviews
BBB customer complaints3
Trustpilot score4.9 out of 5, based on 691 customer reviews
AppStore score4 out of 5 stars, based on 497 customer reviews
Google Play score2.6 out of 5 stars, based on 93 customer reviews
Customer reviews verified as of16 October 2020
Fig loans gets mostly positive online reviews. Customers are happy with the quality of customer service — and the fact that it reports repayments to credit bureaus to build credit.

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.

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