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.
Below are some statistics about Fig loans:
|Interest rates||5.99% – 35.99% APR|
|Loan amounts||$2,000 – $50,000|
|Repayment terms||24 – 60 months|
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 $300 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.
Fig Loans Alternative
Personify Financial Loans is a great alternative to Fig Loans for those looking for short-term installment loans. At Personify Loans, you can get as much as $2,500 with a repayment term of up to 7 months. The rates and terms are more flexible than most traditional lenders and the process is super simple and fast.
The best part about Personify Loans is that they have no hidden fees or charges. That’s right – they charge no origination fee on any of their loan products! Plus, the application process is easy and fast – you can get your decision in minutes. And if you need access to cash quickly, this is an excellent option since funds are typically available within 1 business day after approval.
Personify Financial Loans also offers great customer service – they provide a live chat feature so you can quickly get answers to all of your questions without having to wait on hold or send emails back and forth. So if you’re looking for a flexible loan product with high approval rates, Personify loans might be an ideal alternative to Fig Loans for you!
First Loan is an alternative to Fig Loans that offers short term loans up to $1,000. First Loan focuses on responsible borrowing by providing options for customers with bad or no credit.
At First Loan, the application and loan process are easy and fast. The online application only takes a few minutes to complete and if approved, funds can be deposited within 24 hours of applying. There’s no need to go through a long process of paperwork or security checks.
First Loan also offers competitive rates, flexible repayment terms, and clear pricing so you always know what you’ll pay in fees before your loan is approved. Additionally, all interest charges are clearly outlined so there are no hidden costs or surprises – no matter what type of loan you’re approved for. Finally, First Loan requires that borrowers have their own banking account so they can easily transfer funds back and forth securely.
Frequently Asked Questions
What is Fig Loans, and how does it work as an emergency loan provider?
Fig Loans offers a line of credit up to $1250 for emergency expenses to approved applicants. Their loans have fees, APRs up to 240%, and must be repaid in installments from linked checking accounts.
Can you provide a detailed review of Fig Loans, including its interest rates, terms, and eligibility requirements?
Fig Loans charges APRs of 179-240%, fees up to 4%, and terms of 12-18 months. Eligibility requires a checking account, income over $800/month, government ID, and being 18+. Fig Loans reviews highlight high costs.
Is Fig Loans a reliable option for individuals seeking instant funding during financial emergencies?
No, Fig Loans is an expensive form of credit and should be avoided. The high fees, interest, and aggressive collections practices make them unreliable for emergency funding.
What are the pros and cons of using Fig Loans compared to other emergency loan services?
Pros are fast approvals and funding. Cons are high costs, rigid repayment terms, damage to credit if late, limited transparency, and poor customer service reputation.
How quickly can I expect to receive funds from Fig Loans, and what are the application and approval processes like?
Fig advertises receiving funds as soon as the next business day after an online application and approval. The application process is fast but largely automated with limited individualized assessment.