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Fig Loans

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7.8

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LAST UPDATED: February 9th, 2024

Fig Loans by FigTech is a Texas-based lender that offers payday alternative loans along with credit builder loans in eight states: California, Florida, Illinois, Missouri, New Mexico, Ohio, Texas, and Utah. 

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 — payday alternative, 2–6-month installment loans
  • Credit Builder Loans — reverse loans payments into a secured savings account for 12 months

Keep reading for pros and cons, plus Fig Loan reviews from real customers. 

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The Good

  • No Minimum Credit Score
  • Flexible Repayment Terms
  • No Late Fees
  • Improve Your Credit
  • Credit Builder Loans
  • Early Repayment Savings
  • Customer Support
  • Socially Responsible Payday Lending
  • Positive Customer Reviews

No Minimum Credit Score

Fig Loans does not have a minimum required credit score and does not require a traditional credit check.

Flexible Repayment Terms

Even though all Fig Loans 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 non-sufficient funds (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 three main credit bureaus is the first step toward healthy credit history because it establishes a track record of good payments.

As borrowers repay their 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 consistent on-time payments.

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 option. 

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. 

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. 

Socially Responsible Payday Lending

Fig Loans 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. 

This means that Fig Loans 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. 

Positive Customer Reviews

The majority of Fig Loans reviews are 5-star, which is particularly unique in the payday loan industry. This alone suggests that the company is a transparent and trustworthy lender. 

Satisfied customers most frequently highlight the following:

  • Quick and easy loan approval
  • Reliable customer service
  • Significant credit score improvement

In addition, Fig Loans consistently responds to reviews, demonstrating that it cares about its customers and wants to ensure a successful borrowing experience.

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The Bad

  • Only Available in Six States
  • Strict Eligibility Requirements
  • High Interest Rates
  • Low Maximum Loan Amount
  • Debit Card Fee

Only Available in Six States

Currently, Fig Loans' personal loan services are only available in six states, with varying rates and terms*:

  California Florida Illinois Missouri New Mexico Ohio Texas Utah
APR 211.00% 208.56% 35.99% 199.00% 175.00% 199.00% 199.00% 199.00%
Loan terms 1 month 84 days 4 months 4 months 4 months 6 months 4 months 6 months
Loan amounts $50–$150 $300–$500 $50–$100 $300–$1,000 $300–$1,000 $200–$300 $300–$1,000 $300–$500

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

*Important note: Rates and terms may vary from what is displayed in the table.

Strict Eligibility Requirements

To be eligible for a Fig Loans installment loan, one must live in one of the eight states (CA, FL, IL, MO, NM, OH, TX, or UT), and meet the following requirements: 

  • 18+ years old
  • Stable source of income
  • Have an active checking account with 90 days of history
  • Get your paychecks through direct deposit

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. 

High Interest Rates

Fig Loans' installment loans carry an annual percentage rate (APR) ranging from 36 to 190 percent. 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 loan lenders 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 percent APR and in some states, it can be over 1,000 percent APR. 

Low Maximum Loan Amount

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.

Debit Card Fee

There is a 3 percent 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. 

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The Bottom Line

The Fig Loans is 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. 

View Best Payday Loan Companies

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4.8

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551 Reviews

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1%

1 grade

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Verified Customer

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Three time customer Spring, TX

They are a great company. Never had any complaints. Just wish they were more understanding when it comes to reporting to credit. Made a mistake once and my payment went passed 30 days. Was an honest mistake. Tried to get it fixed with them with the credit reporting and got no where. So it was pointless, because it showed up as bad credit. Overall, great company. One of the best if not the best small lending company in Texas.

6 years ago

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Reply from Fig Loans

Hi there,

I'm sorry to hear you had this experience! Thank you for taking the time to share this. If this loan is still damaging your credit, please reach out to us at [email protected]. We're eager to make this right :)

Warmly,

Fig Loans Customer Service

May. 4th, 2020

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Ruben San Antonio, TX

Via email it took a while for them to respond so I had to call their customer service number. The loan process was pretty simple. First time around I got approval within minutes. The second time around it did take a little longer.

3 years ago

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Reply from Fig Loans

Hi Ruben, thanks for your feedback! Sometimes it does take a bit longer to get approved but that's usually because there's something in your application we try to talk to you about, I hope the communication process the second time around reflected this!

Aug. 10th, 2020

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Carol Morgan Conroe, TX

They are too iffy on if they allow new loan or not. I got two loans, paid BOTH off, even early on one. Desperately needed a third loan several months later, only to be denied. They need to be as reliable to get a loan from as they are to get payments from a tried and true repeat customer.

3 years ago

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Reply from Fig Loans

Hi Carol,

We're so sorry to hear of this negative experience. Please send us an email at [email protected] and reference your recent Best Company review so we may look into this matter further and find a solution!

Warmly,

Fig Loans Customer Service

Jul. 6th, 2020

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Charmona Houston, TX

I chose Fig Loans because they don't add as much interest like the other companies do.

3 years ago

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Reply from Fig Loans

Hi Charmona, thank you so much for the positive feedback! Warmly, Fig Loans Customer Service

Jul. 23rd, 2020

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Anonymous

It was easy to go ahead. When denied people will want to get more information on that.

3 years ago

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Reply from Fig Loans

Hi there,

Thank you for the feedback!

Best,

Fig Loans Customer Service

Jun. 9th, 2020

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Ocheng

Because my score didn't sky rockef like it said

3 years ago

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Reply from Fig Loans

Hi Ocheng, we're sorry to hear of this disappointment. Please contact our team at [email protected] and include "Best Company Review" in your subject line so we can look into this further! Warmly, Fig Loans Customer Service

Jul. 20th, 2020

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Christina Ciolino

High interest even after paid off accounts on time

3 years ago

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Reply from Fig Loans

Hi Christina, I'm so sorry to hear of this concern. Please reach out to us at [email protected]. We do offer declining interest rates after a certain amount of successfully paid of loans and would love to look into your account and let you know where things stand!

Jul. 20th, 2020

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Wendy Hickenbotham Katy, TX

When i needed to borrow money it was easy

3 years ago

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Reply from Fig Loans

Hi Wendy,

Thank you for this feedback! Please don't hesitate to let us know if there's anything we can do to improve your experience.

Best,

Fig Loans Customer Service

Jul. 6th, 2020

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Ag Missouri City, TX

Kind of expensive. I might try to find another alternative.

6 years ago

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Reply from Fig Loans

Hi Ag,

We're sorry to hear you found our product expensive! We strive to provide the best possible service at the best price, and are happy to talk through our pricing with you.

Warmly,

Fig Loans Customer Service

May. 4th, 2020

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Teresa

Rates are high and would only take it in a must do situation

3 years ago

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Reply from Fig Loans

Hi Teresa, thank you so much for this thoughtful review. Warmly, Fig Loans Customer Experience

Jul. 27th, 2020

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Christal Hayes

I was unable to get a loan and I have been a good customer in the past

3 years ago

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Reply from Fig Loans

Hi Christal, we're so sorry to hear of this experience. Please reach out to us at [email protected] using the email address associated with your Fig Account. We would be glad to look into your account further and see what we can do or at the very least, what additional context we can provide for the underwriting decision. Thank you in advance! Sincerely, Fig Loans Customer Service

Jul. 27th, 2020

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Jimmy

Amount of loans are small and never increase

3 years ago

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Reply from Fig Loans

Hi Jimmy, we're so sorry to hear of this concern. We offer small loans to fit emergency needs, but we're proud to partner with other lenders who offer larger loans. Also, the amount we offer depends on the state where you live, and in certain states, we do allow for a higher maximum amount as you progress with us. Please reach out to us at [email protected] with the email address associated with your account so we may provide more specific information! Sincerely, Fig Loans Customer Service

Jul. 27th, 2020