Fig Loans is an online lender that offers small personal loans to borrowers with medium to low credit. It also offers credit loans, which are meant to help borrowers build up credit when payments are made on time.
Make sure to research all of your options. Even with less than perfect credit, you may still qualify for a traditional personal loan.
If you decide that a expensive installment loan is your best bet, then focus on making your payments on time and paying off the loan.
Borrowers can use Fig loans for unforeseen expenses, such as car repairs or medical bills, and pay them back over four to six months. Most borrowers receive their funds the next business day of request, and the rest receive them within three business days.
with figs builder loan, you will make payments into a savings account over 12 months and receive the principal at the end of the loan term. Your credit report will reflect a year of on-time payments.
Before you apply for a loan, make sure Fig is ready in your state – Florida, Illinois, Missouri, New Mexico, Ohio, Texas, and Utah – and that the loan amounts are sufficient for your needs. Loans are $ 200 to $ 300 for first-time borrowers and $ 300 to $ 750 for repeat borrowers, with repayment terms of four to six months.
You will apply for a loan online, selecting your state and your desired loan amount. Be prepared to provide personal information, such as your social security number, address, and bank account information. Fig Loans will provide information to explain terms, interest rates and repayment expectations.
The lender reviews your application, usually the same day, and after approval, they can fund the loan within one business day.
Common uses of Fig short term installment loans include:
- Car repairs.
- Emergency home expenses.
- Medical bills.
Borrowers cannot use the loans for:
- Fund illegal activities.
- Buy drugs or illegal substances.
Fig loans are not designed for consolidate debt or to fund major expenses, like home renovations or weddings.
Personal loan research
Select the loan amount and purpose you want, your credit score range, and your status to see the estimated annual percentage rates and loan terms.
The fees and terms of the loan depend on your condition, your loan amount, and your repayment period. For example, Fig Loans charges Missouri borrowers an APR of 229% for a $ 300 loan repaid over four months, which represents $ 155.52 in interest and a total repayment amount of almost $ 456.
Fig Loans does not charge late or upfront fees reimbursement penalties. You will see your payment schedule – weekly or monthly, depending on your state – before you sign the loan documents. You can change your payment date free of charge.
The lender charges a 3% processing fee for payments made with debit cards.
You are eligible for a Fig loan if you live in a state where the lender operates and you need emergency funds. Fig Loans accepts borrowers with poor credit who might otherwise use a payday lender.
Loan amounts are $ 200 to $ 300 for first time borrowers and up to $ 750 for regular borrowers who have proven they can repay the loans. The average repayment period is four months.
Fig Loans does not verify your FICO Credit Score when you apply, but review transaction history and income on a bank statement. The lender also performs an identity fraud check which will not hurt your credit score.
Fig Loans operates in Florida, Illinois, Missouri, New Mexico, Ohio, Texas and Utah.
Fig Loans is not rated by the Better Business Bureau. Trustpilot gives Fig Loans 4.9 out of 5 stars, with 95% of over 1,000 reviews rating the lender as excellent. In 2020, the Consumer Financial Protection Bureau received three personal loan complaints regarding Fig. He provided a quick response in all cases. Two cases were closed with explanation and one was closed with monetary relief.
Borrowers can reach 24-hour customer service from Monday to Friday at [email protected] or send an SMS to 832-803-0990. Fig Loans attempts to respond to all customer inquiries within one business day.
Fig Loans is a online lender, so that every part of the loan application and payment process is handled through the lender’s website. The lender does not need any personal contact at any time unless you need help, in which case you can send an email or text 24 hours a day, Monday to Friday. Fig Loans also has an application to manage your loan available on the Apple App Store or Google Play.