Fig Loans: Is It Legit? Costs, Pros & Cons + 5 Alternatives
Last updated 09/28/2026 by
Andrew Latham
Edited by
Andrew Latham
Summary:
Fig Loans is a licensed, B Corp-certified lender that makes small installment loans ($300 to $500 for most first-time borrowers) in six states at APRs of roughly 190% to 221%. It is legit, reports to all three credit bureaus and charges no late fees, but it is expensive. Below: what Fig costs, who qualifies, and five loans like Fig Loans that lend more or charge less.
Updated September 2026
Fig Loans is a small-dollar installment lender based in Sugar Land, Texas. It was founded in 2015 with United Way of Greater Houston as an alternative to payday loans, and it has been a Certified B Corporation since 2017. A typical Fig loan is $300 repaid over four months at about 190% APR, which costs $127 in interest. That is far cheaper than a payday loan rolled over four times, but far more expensive than a credit union or a bank-partner installment lender. If you need more than $500, or you can qualify for a lower rate, the alternatives below are worth a look.
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Fig Loans at a glance
| What it is | An online installment lender (Fig Tech Inc. and Fig Loans Texas, LLC), founded in 2015 in Sugar Land, Texas. Certified B Corporation since 2017 |
| Loan amounts | Most first loans are $300 to $500 ($200 to $300 in Ohio). The maximum for your state shows in the application, and returning customers in Texas and Ohio can borrow more |
| Cost | About 190% to 221% APR in most states; Missouri’s maximum is 279%. Example from Fig’s site: $300 over 4 months at 190% APR, $427.44 total repaid |
| Term | About 4 months on average (84 days in Florida; 4 to 6 monthly or biweekly payments elsewhere) |
| Fees | No late fees, no reschedule fees, no prepayment penalty. Florida adds a $5 verification fee to the first payment |
| Credit check | No hard pull on your FICO or VantageScore. Fig underwrites on your bank transaction history and income, and runs an identity check through Clarity Services |
| Credit reporting | Yes. Fig reports to Experian, Equifax and TransUnion |
| Funding speed | Usually the next business day. Instant funding within the hour is offered in some states |
| Available in | Florida, Missouri, Ohio, Texas, Utah and Wisconsin. Fig stopped originating in Virginia and no longer lists California, Illinois or New Mexico |
Is Fig Loans legit?
Yes. Fig is licensed or registered in each state where it lends: the Florida Office of Financial Regulation, the Missouri Division of Finance, the Ohio Division of Financial Institutions, the Utah Department of Financial Institutions, the Wisconsin DFI, and the Texas Office of Consumer Credit Commissioner, where it operates as a Credit Access Business. It is not a tribal lender, so your state’s rate cap and regulator apply to your loan.
The record is mixed rather than spotless. Fig holds a 4.9-star rating on Trustpilot from more than 9,400 reviews, but the Better Business Bureau rates Fig Tech Inc. C- because one complaint went unanswered. The CFPB’s complaint database lists 409 complaints against Fig Tech Inc. since 2018, most about credit-reporting accuracy and debt collection, and the count rose from 70 in 2024 to 139 in 2025. In 2023 the Texas OCCC ordered Fig Loans Texas to file its quarterly reports on time; there was no fine. None of this suggests a scam. It does suggest checking your credit report after you pay off a Fig loan.
Pros and cons of Fig Loans
5 loans like Fig Loans
The best loans like Fig Loans are Possible Finance (a similar small loan that also reports to the bureaus, in more states), OppLoans (larger loans at a lower top rate) and NetCredit (the lowest rates here if you qualify). Rise and CreditNinja round out the list. All five are state-licensed or bank-partner lenders, not tribal lenders.
| Lender | Loan amounts | APR | Term | Best for |
|---|---|---|---|---|
| Fig Loans | About $300–$500 first loan | About 190%–221% (max 279% in MO) | About 4 months | — |
| Possible Finance | Up to $500 | 136.60%–248.67% | About 8 weeks | Small loans that build credit, in more states |
| OppLoans | $500–$5,000 | 129%–195% | 9–18 months | Larger loans with bad credit |
| NetCredit | $1,000–$10,000 | 34%–99.99% | 6–60 months | Lowest rates and longest terms |
| Rise | $500–$5,000 | 59.9%–299% | 4–36 months | Rates that drop for repeat borrowers |
| CreditNinja | $250–$5,000 | From 35.99% | 3–24 months | Same-day funding |
1. Possible Finance – Best for a small loan that builds credit
Possible lends up to $500 through its app, repaid in four installments over about eight weeks, and reports payments to the credit bureaus like Fig does. APRs run 136.60% to 248.67%, so the cost is in the same range as Fig, but Possible lends in far more states and lets you push a payment date back in the app without a fee.
2. OppLoans – Best for borrowing more than $500
OppLoans arranges installment loans of $500 to $5,000 over 9 to 18 months at 129% to 195% APR. The loans are made by partner banks, and OppLoans reports to the three bureaus. It is still a high-cost loan, but the top rate is below Fig’s, and the amounts are up to ten times larger.
3. NetCredit – Best for the lowest rate
NetCredit offers $1,000 to $10,000 over 6 to 60 months at 34% to 99.99% APR, depending on your state. Checking your eligibility doesn’t affect your FICO score. If you qualify, the cost is a fraction of Fig’s.
4. Rise – Best for rates that fall over time
Rise lends $500 to $5,000 over 4 to 36 months at 59.9% to 299% APR, with lower rates offered to borrowers who repay on time and come back. Rise funds by the next business day and lets you change your due date.
5. CreditNinja – Best for same-day funding
CreditNinja offers $250 to $5,000 over 3 to 24 months, with APRs starting at 35.99% and rising well above that for weaker credit. Loans approved early in the day are often funded the same day.
SuperMoney may be compensated by some providers listed; this doesn’t change how we evaluate them.
Why Look for Alternatives to Fig Loans?
While Fig Loans provides a valuable service, it’s not always the best choice for every borrower.
Reasons to Consider Other Options:
- Higher Loan Amounts: A first Fig loan is usually $300 to $500, which may not cover larger expenses. If you need more, consider how to get a $40,000 personal loan.
- Interest Rates: Fig Loans has much higher APRs than traditional personal loans. Learn more about personal loan rates.
- Flexible Terms: Longer repayment terms or different loan structures could better suit your needs.
- Availability: Fig lends in only six states.
Looking into options like installment loans, secured loans, or even personal loans for good credit can help you save money and find terms that work for you.
How to Compare Loans Like Fig Loans
When comparing alternatives to Fig Loans, focus on these factors:
1. Loan Amounts and Terms
Ensure the lender offers the loan size you need with repayment terms that fit your budget. For larger loans, consider pros and cons of personal loans.
2. Interest Rates and Fees
Always check the APR and associated fees. For guidance on understanding rates, visit what you need to know about personal loan rates.
3. Eligibility Requirements
Evaluate credit score thresholds and income requirements. Learn more about qualifying for a personal loan.
4. Credit-Building Features
If improving your credit is a priority, confirm whether the lender reports to credit bureaus. Read about how personal loans can help build your credit score.
5. Secured vs. Unsecured Loans
Some alternatives may require collateral, while others don’t. Understand the difference with this guide on secured vs. unsecured debt.
Tips for Getting Approved for Fig Loans
If you decide to apply for a Fig Loan, follow these tips to increase your chances of approval:
- Provide Accurate Income Information
Fig Loans evaluates your ability to repay based on your income. Ensure your details are accurate and up to date. - Set Up Direct Deposit
Using a bank account for direct deposit can speed up the process and demonstrate financial stability. - Avoid Over-Borrowing
Request only the amount you need. Overextending yourself may hurt your chances of approval. - Improve Your Credit Score
Although Fig Loans doesn’t require good credit, raising your credit score can give you more loan options. Explore how your credit score impacts loan options. - Demonstrate Consistent Income
Having a regular income source reassures lenders that you can handle repayment.
Frequently Asked Questions (FAQs)
Is Fig Loans a legit loan company?
Yes. Fig Loans is licensed or registered in every state where it lends, and it is a Certified B Corporation. It is not a tribal lender. Its Trustpilot rating is 4.9 stars, though the BBB rates it C- and CFPB complaints, mostly about credit reporting, have been rising.
Does Fig Loans do a credit check?
Fig doesn’t do a hard pull on your FICO or VantageScore. It looks at your bank account transactions and income instead, and it verifies your identity through Clarity Services, an Experian company.
What are the requirements for a Fig Loan?
You need to live in Florida, Missouri, Ohio, Texas, Utah or Wisconsin, have a checking account with regular income deposits that Fig can review, and be able to verify your identity. There is no minimum credit score.
What is the maximum amount I can borrow from Fig Loans?
The maximum depends on your state and shows in the application. Most first-time borrowers see $300 to $500, and returning customers in Texas and Ohio can qualify for more. For larger amounts, compare OppLoans or NetCredit above.
Does Fig Loans report to the credit bureaus?
Yes. Fig reports both its installment loan and its credit builder loan to Experian, Equifax and TransUnion, including each payment and any delinquency. On-time payments can help your score; missed ones will hurt it.
How does Fig Loans compare to payday loans?
A Fig loan is repaid in installments over about four months rather than in one lump sum on your next payday, it has no late fees, and it builds credit. The APR is high, but it is usually lower than a payday loan’s, and there are no rollovers. See payday loans vs. personal loans.
Are Fig Loans suitable for debt consolidation?
No. The amounts are too small. For consolidating debt, compare debt consolidation loans.
Looking for additional resources? Learn more about personal loans for people with good credit or how personal loans can help build credit.
Key Takeaways
- Fig Loans is a legit, state-licensed lender that makes small installment loans in six states.
- Expect about 190% to 221% APR and a first loan of $300 to $500, repaid over about four months.
- Fig reports to all three credit bureaus and charges no late fees or prepayment penalty.
- Possible Finance, OppLoans and NetCredit are the closest alternatives if you need more money or a lower rate.
Andrew is the Content Director for SuperMoney, a Certified Financial Planner®, and a Certified Personal Finance Counselor. He loves to geek out on financial data and translate it into actionable insights everyone can understand. His work is often cited by major publications and institutions, such as Forbes, U.S. News, Fox Business, SFGate, Realtor, Deloitte, and Business Insider.
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