Fig Loans by FigTech is a Texas-based lender that offers payday alternative loans along with credit builder loans in six states.
Fig Loans was founded in 2015 as a collaboration with the United Way of Greater Houston’s THRIVE initiative. The company's aim is to create better, more affordable loan products accessible to low-income Americans with bad credit.
Fig Loans’ business model is based on social responsibility. This results in more favorable loan terms, flexible payment schedules, and long-term goals for consumers that have bad credit. Two types of loans are available:
Fig Loans offers online payday loans and personal installment loans to consumers in the following states:
Illinois
Missouri
|
Ohio
Texas
|
Utah
Florida
|
Fig Loan Eligibility and Application Process:
Fig Loans does not have a minimum required credit score and does not require a traditional credit check.
To be eligible for an installment loan, one must live in one of the five states (IL, MO, OH, TX, UT, or FL), and meet the following requirements:
The company’s loan application process requires that consumers enter basic information and verifying their bank account with Plaid.
The potential borrower’s payment history, income information, and previous loan information are used to determine loan amounts and approval, rather than a credit score.
Within 24 hours, consumers will get an email notification about the loan decision.
Fig Loans offers small-dollar, payday-type bad credit loans ranging from $200 to $500. They are modeled after home loans and installments are repaid on a schedule that fits the borrower's needs and budget. Fig Loans will work with its customers to adjust payment dates if necessary.
After an initial loan, borrowers can transition into a long-term, credit building loan.
Keep reading for pros and cons, plus Fig Loan reviews from real customers.
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.
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.
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.
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.
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:
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.
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.
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.
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.
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.
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.
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.
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.
Fig Loans is one of our highest rated payday lending companies. The company’s mission is to help working-class Americans build credit and solve urgent cash needs.
Fig Loans’ financial products and services offer several attractive policies when it comes to short-term lending for people who need quick cash and who have no credit or poor credit: flexible repayment schedules, no late fees, customer support, credit building opportunities, and an early repayment discount.
This payday lender is a good option for consumers who live in Texas, Ohio, Illinois, Utah, Missouri, or Florida, have subprime credit scores, and do not wish to borrow more than $500 at once.
Fig Loans is one of the few lenders that offer socially responsible loan terms that help people transition from payday-only credit access to traditional loan options at mainstream banks or financial institutions.
The Fig Credit Builder is a huge asset. If you are credit-invisible or unscored, due to stale credit history, it can be hard to find a lender that will help you establish credit to eventually earn a positive credit report and a good FICO credit score.
We recommend that you read customer reviews and visit Fig Loans’ main website to learn more about the company’s products and services.
Star Rating
547 Reviews
Review Breakdown
Sentiment Criteria
Verified Customer
Beverly
There very helpful and always do what they say they will do.
Reply from Fig Loans
Aug 28, 2020
Thanks Beverly, that's one of our core values!
Verified Customer
Suzanne Jenkins
They are great and they work with you! I would recommend fig loans to anyone who need help.
Reply from Fig Loans
Aug 28, 2020
Thanks Suzanne, we're very happy to hear that :)
Verified Customer
alexandria boeding
Easy to get and easy to make payments. I've been using fig now for about 7 months and no issues.
Reply from Fig Loans
Aug 28, 2020
Awesome to hear, thanks for sharing your experience Alexandria!
Verified Customer
Gage Craig
Got my money the next day and you can Move your payment dates
Reply from Fig Loans
Aug 28, 2020
Thanks Gage, glad to hear that our flexible repayment policy is helpful!
Verified Customer
Dalonda McMillan
Applying and receiving the loan has helped me to increase my credit score
Reply from Fig Loans
Aug 28, 2020
We're so happy to help!!
Verified Customer
Juan
Ease of signing up for service and response was quick.
Reply from Fig Loans
Aug 28, 2020
Thanks for your review Juan!
Verified Customer
Jason Brown
Excellent Company and helps me building my credit.
Reply from Fig Loans
Aug 28, 2020
Thanks for your review Jason!
Verified Customer
audra bethune
Excellent service and very easy to apply and complete the loan.
Reply from Fig Loans
Aug 28, 2020
Thanks for taking the time to review us Audra!
Verified Customer
Victor
Exceptional customer service & prompt disbursement of cash
Reply from Fig Loans
Aug 28, 2020
Thanks Victor, we know that speed is essential so we do our best!
Verified Customer
Dominic
Honest service. It's a great way to build credit. Trust they do what they say.
Reply from Fig Loans
Aug 28, 2020
Thanks Dominic, our core values include transparency and keeping promises. If there was anything that caused you to rate us 4 stars, we would certainly welcome more detailed feedback so we can make improvements in the future! Please send any feedback to [email protected]!
Verified Customer
Heather S
Easy to work with, always come through in a pinch
Reply from Fig Loans
Aug 28, 2020
Thanks Heather! We know speed is important and so we're always striving to improve that aspect :)
Verified Customer
Christopher cortez
Consistent and real easy to work with... never had any issues
Reply from Fig Loans
Aug 28, 2020
Thanks Christopher!
Verified Customer
JAMES LOSASSO
A VERY GOOD COMPANY TO HELP WITH NEEDED FUNDS AND A SHORT PAYBACK TIME.
Reply from Fig Loans
Aug 28, 2020
Thanks for your review James :)
Verified Customer
T
Get funds quickly and the fees are reasonable.
Reply from Fig Loans
Aug 28, 2020
Thanks T!
Verified Customer
Jessica L.
Helped me boost my credit to the next level I needed. They are flexible and easy to work with. Fig loan is here to help you succeed not trick you into high payments. So far I have nothing but a great experience with Fig loans.
Reply from Fig Loans
Aug 28, 2020
Thanks for your kind words Jessica. We strive for transparency and glad to hear it's coming across!
Verified Customer
Rhonda maddux
Always very helpful. makes sure I'm kelp updated on process.
Reply from Fig Loans
Aug 28, 2020
Thanks for your review Rhonda :)
Verified Customer
Krystle C
Funds when I needed them and helped my credit
Reply from Fig Loans
Aug 28, 2020
Thanks Krystle!
Verified Customer
Nichole
They're fast, easy to apply and a decent interest rate.
Reply from Fig Loans
Aug 10, 2020
Thanks for your review, Nichole!
Verified Customer
Jemel
They are not hiding fees or trying to scan you they help you and help when it's needed
Reply from Fig Loans
Aug 10, 2020
Thank you for your review Jemel! We really appreciate it :)
Verified Customer
Will
It was easy,quick, and no hassle. Here's what we can do for you, pay it on time or in full and we will give you more. How all loans should be
Reply from Fig Loans
Aug 10, 2020
Thank you for being such a great customer, Will!
Verified Customer
Gregg Green
Easy to work with. Value for my money. No hidden costs. Always available Customer Service
Reply from Fig Loans
Aug 10, 2020
Happy to hear it, Gregg!
Verified Customer
Antonio
It is simple and easy to qualify. They also work with you if you are unable to pay your loan on the due date without charging a bunch of extra fees.
Reply from Fig Loans
Aug 10, 2020
Thanks Antonio!
Verified Customer
Chadrick Petteway
Very easy. Great customer service. Willing to work with you.
Reply from Fig Loans
Aug 10, 2020
Thank you for your review, Chadwick!
Verified Customer
Joan Egizii
Great to work with always helpful able to make adjustments to payment if needed
Reply from Fig Loans
Aug 10, 2020
Happy to hear it, Joan!
Verified Customer
jennifer
professional and care about their customers
Reply from Fig Loans
Aug 10, 2020
Thank you Jennifer!
Verified Customer
Sandra
Gave me a loan 2x I paid on time everytime but went to take out 3rd loan for same amount 2 moths later with no income change and was denied for no reason
Reply from Fig Loans
Aug 10, 2020
Hi Sandra, We work with repeat customers who have been denied. Can you please send an email to [email protected] so we can see what happened to your 3rd loan?
Verified Customer
Deborah Brown
Excellent customer service payment plan was very agreeable
Reply from Fig Loans
Aug 10, 2020
Thank you for being such a great client to work with, Deborah!
Verified Customer
Sophia Herrera
Fig loans have helped me with my credit and helping me pay bills.
Reply from Fig Loans
Aug 10, 2020
Glad we were able to help!
Verified Customer
Nat
I was able to get a loan with bad credit. I was always approved
Reply from Fig Loans
Aug 10, 2020
Thank you for your review, Nat!
Verified Customer
Mel
Easy application and fast approval. If you paid it before the 28 days after you have been approved you can pay the money you owe
Reply from Fig Loans
Aug 10, 2020
That's right Mel! Thanks for your review :)
Verified Customer
Alberto Salgado
Very easy application no hassle no puzzle
Reply from Fig Loans
Aug 10, 2020
Thank you for your feedback, Alberto!
Verified Customer
Alvin Velez
great service and fast service. excelent way to obtain a loan with poor credit
Reply from Fig Loans
Aug 10, 2020
We are so happy we were able to help out Alvin!
Verified Customer
Edwin Betz
Always there when I need a little extra cash in an emergency! Easy to apply and fast approval!
Reply from Fig Loans
Aug 10, 2020
Thank you for your kind words, Edwin!
Verified Customer
Stacy Tooley
Low payment amounts. With monthly payments instead of biweekly. Approval odds a great when you are in a pinch
Reply from Fig Loans
Aug 10, 2020
We're so happy we were able to be there for you!
Verified Customer
Ollie
Fig loans has assisted me raising my credit score. All you have to do is pay as directed and Fig loans reports every 10th of the month. Amazing!!
Reply from Fig Loans
Aug 10, 2020
We are so happy to hear this Ollie!
Verified Customer
Marcus Barber
The loan process is easy. And the payback is reasonable.
Reply from Fig Loans
Aug 10, 2020
Thank you for your feedback, Marcus!
Verified Customer
Cecil Webb Jr
Easy payoff schedule & low interest rate
Reply from Fig Loans
Aug 10, 2020
Thank you for your review, Cecil!
Verified Customer
Savannah
It helped tremendously. It is helping rise my credit score. Also it is super simple and they walk you through everything.
Reply from Fig Loans
Aug 10, 2020
Thank you for your kind words, Savannah!
Verified Customer
Sherkon
The website should have more options but they did what they said they were going to do and it did help me.
Reply from Fig Loans
Aug 10, 2020
Hi Sherkon, what kind of options would you like to see?
Verified Customer
Jenny
Every time I have a questions, customer service has been really helpful and able to guide me through the steps I need to take to complete the loan. All of it is done online, which is easy.
Reply from Fig Loans
Aug 10, 2020
Thank you for your kind words Jenny! Hopefully we can continue to guide you through steps in your financial life!
Verified Customer
Stephen
You don’t have deal with anyone since it is easy online. It’s quick and gets better. If I needed to, I would definitely use it again.
Reply from Fig Loans
Aug 10, 2020
Thank you for your review, Stephan!
Verified Customer
Krisandra
Using their website is very easy and convenient. I had some credit issues and they approved me so I am satisfied with their services.
Reply from Fig Loans
Aug 10, 2020
Thanks Krisandra!
Verified Customer
Falana
For anyone who needs a small loan in a hurry, I would recommend Fig Loans. I liked that they were a way I could pay it back. It was easy online and when I called them, there were not long wait times and they had answers.
Reply from Fig Loans
Aug 10, 2020
Thank you for your review, Falana!
Verified Customer
Kemistri
It wasn’t very difficult or challenging. It was really easy. They were really friendly and knowledgeable. They took my questions and concerns seriously.
Reply from Fig Loans
Aug 10, 2020
Happy to be of service, Kemistri!
Verified Customer
Raymond
The process was easy. I am glad I did it and chose Fig Loans because it was convenient. I did not have to provide them an arm and a leg of paperwork. It was just a few clicks on the website and I was approved. The customer support call answered all my questions.
Reply from Fig Loans
Aug 10, 2020
I'm happy we were able to help, Raymond!
Verified Customer
Kimberly
It is hard to get in touch with someone with a question to get a better explanation but the process of the loan is easy.
Reply from Fig Loans
Aug 10, 2020
Hi Kimberly, Which part of the application process did you want a better explanation of?
Verified Customer
James
They work all the time for because they are easily accessible.
Reply from Fig Loans
Aug 10, 2020
Happy we are able to be there for you!
Verified Customer
Jamar
Didn’t have any issues applying for the loans. It is pretty straightforward and simple. Helps rebuild credit.
Reply from Fig Loans
Aug 10, 2020
Happy we were able to help, Jamar!
Verified Customer
Shayna
Interest rates aren’t too bad. It’s easy to pay back. They are very quick at procession and getting the money direct deposited into your account. I like the flexible pay aback schedule. I have chosen them a few times now.
Reply from Fig Loans
Aug 10, 2020
Thank you for choosing us, Shayna!
Verified Customer
Karen
I’ve been satisfied with it every time I have used it. I’ve used it a couple of times. It is easy and very affordable. I have had a few questions and they have answered all my questions. It is convenient and hassle free.
Reply from Fig Loans
Aug 10, 2020
We're so happy to hear this, Karen!