Fig Loans Review

Fig Loans Review: An Emergency Loan With Instant Funding?

Fig Loans, an online lender, offers personal loans for borrowers with good to poor credit. You can also get credit-builder loans from Fig Loans, which help you build credit if your payments are on time.

Is it a good idea to borrow from fig loans?

Fig Loans is an alternative to payday loans. However, you will still have to pay high-interest rates for short-term installment loans.

You should research all options. You may still be eligible for a traditional personal loan, even if you have less than perfect credit.

If you have decided that a high-cost installment loan is the best option, focus on paying your loan off on time.

What can Fig Loans be used for?

Borrowers may use Fig loans to pay unexpected expenses such as medical bills or car repairs. They can repay the loan in four to six months. The majority of borrowers receive funds within the first business day after they apply. The rest are sent within three days.

You will pay monthly into a savings account for 12 months to receive the principal. You will see a year of regular payments on your credit report.

What is a Fig personal loan?

Before you apply to borrow a loan, ensure that Fig lends in your area – Florida, Illinois, Missouri, New Mexico, Ohio, Texas, Utah, and Texas – and that the loan amount will meet your needs. For repeat borrowers, the loan amounts are between $200 and $300. Repayment terms range from four to six months.

Apply online for a loan by selecting your state and the amount you want. Be prepared to provide personal information such as your Social Security number and address and information about your bank account.

Fig Loans will give you disclosures about terms, interest rates, and repayment expectations.

The lender will review your application and approve it within one day.

These are some of the most common uses for Fig’s short-term installment loans:

  • Car repairs.
  • Emergency home expenses.
  • Medical bills

Borrowers are not allowed to use loans for:

  • Finance illegal activities
  • Buy drugs and illegal substances

Fig loans cannot consolidate debt nor fund major expenses such as home renovations and weddings.

What are the fees, terms, and conditions?

The terms and conditions of your loan fees and terms will depend on the amount you borrow and the length of your repayment period.

Fig Loans charge Missouri borrowers an APR of 229% for a 0 loan repaid in four months. This amounts to $1555.52 in interest and a repayment amount of almost $456.

Fig Loans doesn’t charge late fees or early repayment penalties. Before you sign the loan documents, you will see your payment schedule. It can be either weekly or monthly, depending on which state you live in. Changes to your payment date are possible without paying a fee.

For debit card payments, the lender will charge a 3% processing fee.

How can you qualify?

If you are a state resident with a lender and have an emergency fund need, you may be eligible for a Fig loan. Fig Loans is available to borrowers with bad credit who would otherwise have to borrow money from a payday lender.

For first-time borrowers, the loan amount is $200 to $300, and for repeat borrowers, up to $750. If borrowers have proven their ability to repay loans, the loan amount can be increased to $750. The average repayment terms are four months.

What credit score do you need?

Fig Loans doesn’t check your FICO score before applying, but it reviews transactions and income on a bank statement. Your credit score will not be affected by the lender’s identity fraud screening.

Where does the lender operate?

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

What is Fig Loans’ Customer Support?

The Better Business Bureau has not rated Fig Loans. Trustpilot rates Fig Loans 4.9 stars with 95% of over 1,000 reviews rating it excellent.

In 2020, the Consumer Financial Protection Bureau received three personal-loan-related complaints about Fig. All cases were responded to promptly by the bureau. Two cases were closed with explanation and one with monetary relief.

What are some of the Online Features of Fig Loans?

Fig Loans is an online lender. This means that every loan application process and payment step can be done through the lender’s website.

Except for emergencies, the lender doesn’t require you to contact them personally. In those cases, you can text or email us 24 hours a week. Fig Loans has an app that allows you to manage your loan. It is available in the Apple App Store and Google Play.


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Jason RathmanJason Rathman
Jason Rathman
Financial Expert at GreenDayOnline
Jason writes about all financial topics such as loans, debt solutions, and bankruptcy. He is an expert when it comes to subjects like APR, loan fine print, debt collection laws within the United States. With his in-depth knowledge of all things financial, he is a great asset to Greendayonline.
Jason RathmanJason Rathman
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Author D Laidler

I am David, economist, originally from Britain, and studied in Germany and Canada. I am now living in the United States. I have a house in Ontario, but I actually never go.  I wrote some books about sovereign debt, and mortgage loans. I am currently retired and dedicate most of my time to fishing. There were many topics in personal finances that have currently changed and other that I have never published before. So now in Business Finance, I found the opportunity to do so. Please let me know in the comments section which are your thoughts. Thank you and have a happy reading.

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A personal loan is a medium term loan with a fixed interest rate that is repaid in equal monthly payments and it's usually limited to 24 months. Loan offers and eligibility depend on your individual credit profile. Our lenders can help you obtain as much as $3,000 depending on the lender, your state and your financial situation.

The owner and operator of is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designed only for a matching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service offered by the lenders. All the data concerning personal loan products and the industry is presented on the website for information purposes only. does not endorse any particular lender, nor does it represent or is responsible for the actions or inactions of the lenders. does not collect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Online personal loans are not available in all the states. Not all the lenders in the network can provide the loans up to $3,000. cannot guarantee that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a personal loan offer on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to offer. The lenders in the network may need to perform additional verifications, including but not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually. 


APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since is not a lender and has no information regarding the terms and other details of personal loan products offered by lenders individually, cannot provide the exact APR charged for any loan product offered by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant. Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders. These financial and non-financial actions have nothing to do with, and has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a personal loan product. 

Late Payment Implications

It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document. 

Non-payment Implications

Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals, may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied. 

Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means. 

Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.