Fig Loans is a Houston-based direct lender that was founded in 2015. Fig Loans offers fast installment loans, with next day funding in some cases, to borrowers with bad credit or no credit. Its interest rates are expensive but still cheaper than most payday loans and auto title loans.
Fig loans work as a regular installment loan, such as a home loan or car payment. You pay the same amount every month, and the loan is paid off by the end of the term. The online application takes a few minutes to complete, and borrowers usually receive an approval or denial response within 2 hours.
To qualify, you must have a checking account and provide proof of income with recent bank statements. Borrowers with a debt-to-income ratio greater than 25% of their monthly income do not qualify.
Borrowers with a credit score as low as 300 (the lowest possible score) are considered, but you're more likely to get approved if your credit score is higher than 450.
Fig Loans offers APRs ranging from 36% to 190% APR. To illustrate a $300 loan with a four-month term will cost you $106.86 a month, a total cost of $427.44.
Fig Loans does not charge late fees, origination fees, or prepayment penalty fees. In fact, borrowers who pay their installment loans early receive a discount.
Loan amounts range from $300 to $500.
Fig Loans makes it easy for people with bad credit (or no credit) to qualify for a loan. Its APRs are high but still lower than most payday lenders and auto title loans. An important differentiator, when compared to other alternative lenders, is that Fig Loans allows borrowers to adjust their payment dates at no extra cost and it doesn’t charge late fees.
There are no prepayment penalty fees or origination fees either. Instead, borrowers receive a discount when they pay off their installment loan early.