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 four to six-month repayment term, borrowers are not required to pay off their 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 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 you repay the loan, Fig Loans reports repayments to all three of the major credit bureaus: Equifax, Experian, and TransUnion. 

Borrowers with poor credit 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. 

If you don’t make a payment on-time this can hurt your credit scores. 

Early Repayment Savings

Fig Loans does not charge an early repayment fee. In fact, customers who repay the full loan balance prior to the pre-set loan term will see savings: all unearned interest will be waived. 

Credit Builder Loans

With Fig, you can work on your credit score with a short-term traditional Fig Loan. You also have the opportunity to improve or repair your credit score through a longer-term credit builder loan, also known as a reverse loan. 

If you can’t get approved by a standard credit card issuer, you probably can’t 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. 

How do Fig Credit Builder Loans help you build good credit? Here’s how the process goes:

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 your monthly payment is 29 days past due, Fig will close the account and release the funds back to you. That way, you can build good credit when you pay monthly, but your 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 aren’t a source of short-term cash. It takes a while, and people needing immediate money should look towards the standard Fig Loan. 

Customer Support

Fig Loans offers outstanding 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' website provides customers with a very 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 site also includes very detailed info about 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 services 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’s installment loans carry an annual percentage rate (APR) ranging from 36 to 190%. When compared to mainstream personal loan 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’s interest rates are really low compared to other payday loans either online or at a cash store, car title loans, and consumer installment loans, which may be the only other lending options available to people with bad credit that need to gain access to emergency cash. 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 aren’t meant for people that need to borrow a lot of money, all at once. 

Installment-based Fig Loans are small-dollar, short-term loans meant to help not meant for long-term financial answers. Customers can’t borrow more than $500 at a time. This is a relatively low maximum loan amount, which can be constraining for people that need to borrow a bigger lump sum 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, not meant as a quick cash advance or emergencies or medical bills.

Loan Availability

Currently, Fig’s personal loan services are only available in Texas, Missouri, Illinois, Ohio, Utah, and Florida, which 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 you make a payment with your debit card, rather than directly from your checking account.

Keep in mind that most other online lenders or payday lenders don’t even let you 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. Its financial products and services offer several attractive policies when it comes to short-term lending for people with no credit or poor credit: flexible repayment schedules, no late fees, customer support, credit building opportunities, and an early repayment discount. 

This 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. This is one of the few lenders offering socially responsible loan terms that help people transition from payday-only credit access to traditional loans 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 is hard to find a lender that will help you establish credit to eventually earn a positive credit report and a good FICO score.