Fig Loans Personal Loans Review

Fig Loans is an online lender offering small personal loans to borrowers with moderate to poor credit scores. It also has credit creation loans that are designed to help borrowers build credit when payments are made on time.

Make sure you research all of your options. Even with a less than perfect loan, you can qualify for a traditional personal loan.

If you decide a expensive installment loan Your best bet is then focus on making your payments on time and paying off the loan.

Borrowers can use Fig loans for unexpected expenses like car repairs or medical bills and pay them back over four to six months. Most borrowers receive their money the next working day after submitting the application, the rest within three working days.

With figs Credit Builder Loans, you pay into a savings account over 12 months and receive the principal amount at the end of the loan period. Your credit report will reflect a year of on-time payments.

Before you apply for a loan, make sure Fig is providing loans in your state – Florida, Illinois, Missouri, New Mexico, Ohio, Texas, and Utah – and the loan amounts are sufficient for your needs. Loans range from $ 200 to $ 300 for first-time borrowers and between $ 300 and $ 750 for recurring borrowers with a repayment period of four to six months.

You apply for a loan online by selecting your state and the desired loan amount. Prepare to provide personal information like your social security number, address, and bank account information. Fig Loans includes information to explain terms, interest rates, and repayment expectations.

The lender usually reviews your application on the same day and, once approved, can finance the loan within one working day.

Common uses for Fig’s short term installment loans are:

Borrowers are not allowed to use loans to:

Fig loans are not designed to do this Consolidate Debt or to finance major expenses such as home renovations or weddings.

Select your desired loan amount and purpose, creditworthiness range, and state to view estimated annual percentages and loan terms.

Loan fees and terms depend on your state, your loan amount, and your repayment period. For example, Fig Loans charges borrowers in Missouri an APR of 229% on a $ 300 loan repaid over four months, which is $ 155.52 in interest and a total principal amount of nearly $ 456.

Fig Loans does not charge late or early fees Repayment penalties. You can see your payment plan – weekly or monthly depending on the state – before you sign the loan documents. You can change your payment date with no charge.

The lender charges a 3% processing fee for debit card payments.

You may qualify for a Fig loan if you live in a state where the lender operates and you are in need of emergency funds. Fig Loans accepts borrowers with poor credit scores who might otherwise use a payday lender.

Loan amounts range from $ 200 to $ 300 for first-time borrowers and up to $ 750 for recurring borrowers who have proven they can repay loans. The average term is four months.

Fig Loans does not verify your FICO credit score when you apply but check transaction history and income on a bank account statement. The lender also does an identity fraud check that does not affect your creditworthiness.

Fig Loans operates in Florida, Illinois, Missouri, New Mexico, Ohio, Texas, and Utah.

Fig Loans is not rated by the Better Business Bureau. Trustpilot rates Fig Loans with 4.9 out of 5 stars, with 95% of more than 1,000 reviews rating the lender as excellent. In 2020, the Consumer Financial Protection Bureau received three complaints related to personal loans related to Fig. There was a timely response in all cases. Two cases were closed with explanation and one with monetary discharge.

Borrowers can reach customer service at around the clock Monday through Friday [email protected] or text 832-803-0990. Fig Loans tries to process all customer inquiries within one working day.

Fig loan is a Online lenderso that every part of the loan application and payment process is processed through the lender’s website. The lender does not need face-to-face contact at any time unless you need assistance. In this case, you can send an email or SMS 24/7 from Monday to Friday. Fig Loans also offers a loan management app available on the Apple App Store or Google Play.