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Where does Fig Loans do business?
Fig Loans is a direct lender based in SugarLand, TX. Founded in 2015, Fig Loans offers access to personal loans in 3 states across the USA.
What are the APRs offered via Fig Loans?
Fig Loans has a variable APR that ranges from 36% up to 190%.
Does Fig Loans charge an origination fee?
No, Fig Loans does not charge a loan origination fee.
A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
Does Fig Loans charge a late fee?
Yes, Fig Loans may charge borrowers a late payment fee
Does Fig Loans charge prepayment fees?
No, Fig Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
How much can you borrow via Fig Loans?
Loan amounts start at $300 and go up to $500.
What is the maximum loan term you can get with Fig Loans?
Fig Loans offers personal loans with terms ranging from 4 to 12 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for a loan with Fig Loans?
Applicants with a credit score of at least 300 can apply for a loan via Fig Loans . The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.
To qualify for a Fig Loans loan, applicants need a minimum annual income of $16,800 or higher. Fig Loans will also consider borrowers who are unemployed as long as they have an annual income of $16,800 or higher.
Active duty servicemembers and their covered dependents cannot apply for a loan via Fig Loans. The Military Lending Act prohibits lenders from charging servicemembers more than a 36% APR.Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
What is the estimated funding time for a personal loan via Fig Loans?
Fig Loans will typically approve (or deny) a loan application within 2 hours and fund personal loans within 4 business days of approval.
Does Fig Loans report loan payments to credit bureaus?
Fig Loans may report credit data to the following credit reporting agencies:
2245 Texas Drive, Suite 300
SugarLand, TX 77479 USA
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Message from Fig Loans
- U.S. Citizen
- U.S. Permanent Resident
- Employed Full-Time
- Employed Part-Time
- 1099 Misc. Income
- Direct Deposit (W2, SSA, SSDI)
- Payroll Check or Prepaid Card
- Only Individual Applications
- Proof of Income