May 19, 2022
  • May 19, 2022

Fig Loans Personal Loans Review

By on January 3, 2022 0

Fig Loans is an online lender that offers small personal loans to borrowers with medium to low credit. It also offers credit-building loans, intended to help borrowers build credit when payments are made on time.

Be sure to research all of your options. Even with less than perfect credit, you may still qualify for a traditional personal loan.

If you decide that a high cost installment loan is your best bet, then focus on making your payments on time and repaying the loan.

Borrowers can use Fig Loans for unexpected expenses, such as car repairs or medical bills, and pay them off over four to six months. Most borrowers receive their funds within one business day of request, and others receive them within three business days.

With figs credit builder loan, you will make payments into a savings account over 12 months and receive the capital at the end of the loan term. Your credit report will reflect a year of on-time payments.

Before you apply for a loan, make sure Fig lends in your state — Florida, Illinois, Missouri, New Mexico, Ohio, Texas, and Utah — and that the loan amounts will be sufficient for your needs. Loans are $200 to $300 for new borrowers and $300 to $750 for repeat borrowers, with repayment terms of four to six months.

You will apply for the loan online, selecting your state and desired loan amount. Be prepared to provide personal information, such as your social security number, address, and bank details. Fig Loans will provide information to explain terms, interest rates and repayment expectations.

The lender reviews your application, usually the same day, and upon approval can fund the loan within one business day.

Common uses of Fig’s short-term installment loans include:

  • Car repairs.
  • Home emergency expenses.
  • Medical bills.

Borrowers cannot use the loans to:

  • Fund illegal activities.
  • Buy drugs or illicit substances.

Fig loans are not designed for consolidate debt or to finance large expenses, such as home renovations or weddings.

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Select your desired loan amount and purpose, your credit score range, and your state to see estimated annual percentage rates and loan terms.

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

Fig Loans does not charge late or early fees repayment penalties. You’ll see your payment schedule — weekly or monthly, depending on your state — before you sign the loan documents. You can change your payment date free of charge.

The lender charges a 3% processing fee for payments made with debit cards.

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

Loan amounts are $200 to $300 for new borrowers and up to $750 for repeat borrowers who have proven they can repay the loans. The average repayment term is four months.

Fig Loans does not verify your FICO credit score when you apply, but review transaction history and income on a bank account statement. The lender also performs an identity fraud check which will not harm your credit score.

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 4.9 stars out of 5, with 95% of over 1,000 reviews rating the lender as excellent. In 2020, the Consumer Financial Protection Bureau received three personal loan complaints about Fig. He provided a quick response in all cases. Two cases were closed with an explanation and one was closed with monetary relief.

Borrowers can reach customer service 24 hours a day, Monday to Friday at service@figloans.com or text 832-803-0990. Fig Loans attempts to respond to all customer inquiries within one business day.

Fig Loans is a online lender, so every part of the loan application and payment process is handled through the lender’s website. The lender does not require any personal contact at any time, unless you need assistance, in which case you can email or text 24 hours a day, Monday to Friday. Fig Loans also offers an application to manage your loan available on the Apple App Store or on Google Play.