Fig Loans

• Flexible Repayment Terms
• No Late Fees
• Improve Your Credit
• Early Repayment Savings
• Credit Builder Loans
• Customer Support 
• Helpful FAQ Page
• Socially Responsible Payday Lending

Flexible Repayment Terms

Fig Loans focuses on helping customers repay personal loans on their own schedule. 

Even though all installment loans are initially set up with scheduled monthly installments to be paid in four to six-month repayment terms, borrowers are not required to pay off their small loan in that time span. 

No Late Fees

The Fig Loans customer service team will alter payment schedules as necessary to better suit borrowers' budgets.

Customers can change their payment dates within one business day of their due date.

Because the company works with clients to avoid NSF fees, borrowers will never be charged a fee to change a payment date or for late payments. This is something that is hard to come by when compared to other payday loan lenders.

Improve Your Credit

Reporting payments to the credit bureaus is the first step toward healthy credit history because it establishes a track record of good payments.

As borrowers repay the loan, Fig Loans will report the repayments to all three of the major credit bureaus: Equifax, Experian, and TransUnion.

Borrowers with poor credit will benefit as they pay off their Fig Loan, payments are reported to the credit bureaus. They can improve their credit score and become more financially stable for the future.

However, it’s important to note that this repayment-reporting process can hurt borrowers’ credit scores if they fail to make each payment on time.

Early Repayment Savings

Fig Loans does not charge borrowers an early repayment fee.

In fact, those who repay their full loan balance prior to the pre-set loan term will see savings, and all unearned interest will be waived. 

Credit Builder Loans

With Fig Loans, consumers can work on their credit score with a short-term traditional loan. Borrowers also have the opportunity to improve or repair their credit score through a longer-term credit builder loan, also known as a reverse loan. 

If consumers can’t get approved by a standard credit card issuer, they likely won’t be able to get approved for an unsecured loan or most other types of loans without a deposit or collateral. 

The U.S. Consumer Financial Protection Bureau (CFPB) recommends that people establish a credit report or build credit with three credit options: a secured credit card, a retail credit card, or a credit builder loan, like the one offered by Fig Loans. 

Here’s how the Fig Credit Builder Loans process works:

1. Application
2. Approval 
3. Pay a one-time origination fee to open the account
4. Make monthly payments into a savings account for 12 months
5. Your payments are reported to Equifax and TransUnion (Experian later this year)
6. Your credit score increases as you make payments
7. Your money that has been saved is released to you, and your credit score is improved by an average of 47 points

There are no late fees with the credit builder loan. If a borrower’s monthly payment is 29 days past due, Fig Loans will close the account and release the funds back to the borrower. That way, borrowers can build good credit when they pay monthly, but their credit rating can’t be negatively affected by the loan. 

When closed at 29 days, the lender doesn’t have to provide an unpaid or late payment report to the credit reporting agencies, so the loan only adds positive credit history, rather than hurting it. 

These types of loans are not designed to be a source of fast cash. The process does take time, and people needing immediate money should look towards the standard Fig Loan. 

Customer Support

Fig Loans has been known to provide quality customer service. All service representatives are available by phone, email, or text.

Within minutes of contact, borrowers will be connected to an actual Fig Loans staff representative. 

Helpful FAQ Page

Fig Loans' main website provides customers with a helpful FAQ page. Most of the answers that a borrower would have about their loan and payment schedule can be found on this page.

The website also includes detailed info regarding interest rates and terms, and how they compare to popular payday lenders’, as well as a graphic that helps illustrate loan costs depending on terms. 

Socially Responsible Payday Lending

Fig is the first FinTech company to be certified as both a B Corporation, in 2017, and as a Community Development Financial Institution (CDFI), in 2019. 

What does this mean to borrowers?

Financial inclusion: This is a responsible lender with policies that work with, not against low-income and underserved borrowers with bad credit.

Certified B Corporations balance “purpose and profit” by meeting high social responsibility, environmental performance, public transparency, and legal accountability standards.

CDFIs are certified by the United States Treasury Department’s Community Development Financial Institutions Fund. This distinction is reserved for financial service providers that promote community development and serve low-income target markets. Most of these are community organizations like nonprofits and community credit unions. 

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• Interest Rates
• Credit Limit
• Loan Availability
• Debit Card Fee

Interest Rates

Fig Loans’ installment loans carry an annual percentage rate (APR) ranging from 36% to 190%. When compared to mainstream personal loans and traditional loan standards, this is rather high.

The company's introductory loan APRs start on the higher end of the spectrum and decrease as borrowers establish a good history of making loan payments on their small-dollar loans.

As consumers transition into the secondary builder loan, loan rates and fees change because the loan has a different structure and purpose.

However, Fig Loans’ interest rates are still low compared to other payday loans in terms of online or in-store loans, auto title loans, and consumer installment loans, which may be the only other lending options available to people with bad credit who need to gain access to emergency cash.

The majority of payday lenders often charge over 400% APR and in some states, it can be over 1,000% APR. 

Credit Limit

Unfortunately, Fig Loans’ financial services are not meant for people that need to borrow a large portion of money all at once.

Installment-based Fig Loans are small-dollar, short-term loans that are designed to help those who need fast cash, not for those who are looking for long-term financial solutions.

Customers are not allowed to borrow more than $500 at a time. This is a relatively low maximum loan amount, which can be constraining for people who need to borrow a bigger loan amount because they are experiencing financial distress.

Additionally, Fig Credit Builder Loans are meant to help build financial stability for long-term credit success, but it is a secured savings account, which is not designed as a quick cash advance or emergencies or medical bills.

Loan Availability

Currently, Fig Loans’ personal loan services are only available in Texas, Missouri, Illinois, Ohio, Utah, and Florida.

This lack of state availability limits the number of consumers with bad credit who can gain access to this company’s beneficial lending services.

Debit Card Fee

There is a 3% fee charged if borrowers make a payment with their debit card, rather than paying directly from their checking account.

Keep in mind that most other online payday loan lenders or in-store payday lenders don’t even let borrowers make debt payments at all with a debit card. This is a great plus for payment convenience.