Fig Loans Personal Loans Review 2023

Common uses for Fig Loans’ short-term installment loans include:

Fig Loans will provide disclosures about its privacy policy, electronic signature policy and other similar matters. The team will then review your application. You might receive an immediate decision or may need to wait one or two business days for an answer.

Most borrowers receive their funds the next business day after applying, and the rest get them within three business days.

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

The length of your loan, loan amount, repayment schedule and number of payments will vary depending on your state. Ohioans, for example, can access $200 to $300 and must repay it in four months, but Californians can get just $50 to $150 and must pay it off in one month.

Fig Loans does not charge late fees or early repayment penalties. You’ll see your payment schedule – either biweekly or monthly, depending on your state – before you sign loan documents. You can change your payment date without a fee.

The lender charges a 3% processing fee for payments made with debit cards and suggests using ACH payments.

Fig Loans are intended for borrowers with bad credit but steady income who need emergency funds. The lender will want to see a bank account with at least three months of history and consistent deposits, with a total income of at least $1,400 monthly and few overdraft fees.

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

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

In 2021, the Consumer Financial Protection Bureau received 10 personal loan-related complaints about Fig Loans. The lender provided a timely response to all and closed nine complaints with explanation and one with nonmonetary relief.

Borrowers can reach customer service Monday through Friday at service@figloans.com or text 832-803-0990. Fig Loans attempts to address all customer inquiries within one business day. The lender also lists a toll-free number: 833-335-0855.

Fig Loans is an online lender and handles every part of the loan application and payment processes through its website. The lender does not require personal contact at any stage unless you need support, in which case you can email or text Monday through Friday and typically receive a response within 24 hours.