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7 Loans Like Fig Loans

These lenders offer similar loan amounts and terms — and might be what you’re looking for.

Fig Loans, based in Sugarland, Texas, started in 2014 to help working-class Americans build credit and solve immediate cash needs. While Fig Loans is a good option for borrowers who may not have an extensive credit history or aren’t eligible for personal loans elsewhere, Fig Loan’s high interest rates, ranging from 35.99% to 211%, may deter those looking for lower interest rates.

The lender also offers limited loan amounts ranging from $50 to $1,000 in six US states, which may not help borrowers seeking larger loan amounts. Borrowers typically have anywhere from four to six months to pay back their entire loan. We’ll break down loans with similar loan amounts and terms, some with a wider range of loan amounts and other perks.

Our Top 7 loans like Fig Loans

Alternative for credit building

Cleo

4.1
★★★★★

Finder score

Go to site Read review
Loan amount$20 - $250
Turnaround time3 to 4 days or instant for a fee.
Costs$5.99 monthly membership fee to access cash advances
  • Available in all states

Alternative for fee-free overdrafts

Chime SpotMe®

4.2
★★★★★

Finder score

Go to site Read review
Loan amount$20 - $200
Turnaround timeInstant
CostsNo fee
  • Available in all states
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. Direct deposit: Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date. SpotMe: Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.

Alternative for employed borrowers

EarnIn

4.7
★★★★★

Finder score

Go to site Read review
Loan amountUp to $750
Turnaround time1 to 3 business days or instant for a fee
CostsFree to use or instant with a fee as low as $3.99.
  • Not available in: Connecticut

Alternative for short-term loans

CashNetUSA Loan

3.6
★★★★★

Finder score

Go to site
Loan amount$100 - $3,000
Turnaround timeAs fast as same business day
Online applicationYes
  • Available in: Alabama, Alaska, California, Delaware, Florida, Hawaii, Idaho, Illinois, Kansas, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Utah, Washington, Wisconsin, Wyoming

Alternative for installment loans

Possible Finance Mobile Installment Loans

Read review
Loan amount$50 - $500
Turnaround timeAs fast as 1 business day
  • Available in: Alabama, California, Delaware, Florida, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, Washington

Alternative for payment flexibility

Brigit

4.2
★★★★★

Finder score

Go to site Read review
Loan amount$50 - $250
Turnaround time2 to 3 business days or instant with a Premium subscription or for a fee.
CostsFree: $0/month; Brigit Plus: $8.99/month; Brigit Premium: $14.99/month
  • Available in all states

Alternative for employee expenses

Upstart personal loans

4.2
★★★★★

Finder score

Go to site Read review
Min. credit score300
APR7.80% to 35.99%
Loan amount$1,000 to $50,000
  • Not available in: Connecticut, Iowa, Maine, Maryland, Nevada, New York, Oklahoma, Oregon, West Virginia

How does Fig Loans Compare?

Fig Loans is an online lender that offers installment loans as a payday loan alternative. Fig Loans doesn’t use credit scores to make lending decisions and may help borrowers build credit. The company states that 94% of its borrowers get their funds the following business day and the rest within three business days.

Compared to Possible Finance and other lenders, Fig Loans offers higher loan amounts but with higher interest rates. Fig Loans have APRs ranging from 35.99% to 211% depending on the state, and the loans are only small-dollar, short-term loans.

Pros

  • No credit score required
  • Easy application process
  • Funds usually deposited the next business day

Cons

  • High APRs up to 211% depending on the state
  • Smaller loans
  • Shorter payback periods

Alternatives to payday and installment loans

Payday and installment loans can be quite predatory and come with high interest rates. A typical $375 payday loan can come with $520 in fees due to repeat borrowing, according to a study by the St. Louis Federal Reserve. If you prefer to avoid cash advance apps altogether in addition to payday loans, consider these cash advance app alternatives:

1. Consider a loan from the National Credit Union Administration (NCUA)

These loans, called PAL, are regulated by the National Credit Union Administration (NCUA). They are usually generally a low-cost borrowing option for those with a steady income and a debt-to-income ratio under 50%.

2. Secure an advance from your credit card

You can withdraw money from your credit card account. The average credit card rate is around 15%, but intro periods can be 0% for a limited time. This option is best for people who already have a credit card and haven’t maxed out their limit. One card to consider is the Discover it® Cash Back card, which offers 0% intro APR for up to 14 months and has a cash advance fee of 5% of the amount advanced or $10, whichever is the larger amount.

3. Ask your employer

If you need funds fast, ask if your employer offers paycheck cash advances. Some employers use apps such as Even or DailyPay, which let you grab larger portions of your paycheck ahead of time.

4. Apply for personal loans

Personal loans are unsecured loans that can be used for a variety of purposes, including emergency expenses. They typically have lower interest rates than payday loans and cash advance apps. Lenders such as Avant, OneMain Financial and Upstart work with borrowers who have lower credit scores and cap rates at 36% APR. You can use these loans for debt consolidation, home improvement and emergencies.

5. Ask your loved ones

Borrowing from friends or family can be a low-cost alternative to cash advance apps. Make sure to have a clear repayment plan in place to avoid creating tension in relationships.

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To make sure you get accurate and helpful information, this guide has been edited by Holly Jennings as part of our fact-checking process.
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Written by

Writer

Dhara Singh was a freelance personal finance writer at Finder specializing in loans. Formerly she was a top 10 journalist at Yahoo Finance with more than 38+ million content views where she covered retirement and mortgages. She has also written for Bankrate, and CNET and continues to write for a variety of outlets, such as Investopedia and Worth magazine. Her articles focus on equipping readers with the right information and data so they can make the most informed decisions related to their finances. Dhara previously worked as an insights analyst for Finder’s PR team, where she started the Deadliest Cities to Drive series in 2018, connecting interesting data analysis to a suite of car insurance products. When she’s not writing, Dhara coaches small business owners through her Stories to Sales programs and empowers them to use their life experiences to help other people. She has also self-published a poetry book on Amazon called Tell her She’s Lovely. Dhara holds a B.S. in Finance and Supply Chain Management from Rutgers University and a M.S. in Journalism from Columbia University. See full bio

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