Fig Loans Review

Fig Loans is offered by Fig Tech, Inc., a direct lender founded in 2015 and based in SugarLand, TX. Fig Loans is offered in 4 states across the USA.

What rates and terms does Fig Loans offer?

Fig Loans has higher interest rates than the average for lenders reviewed on SuperMoney.

What fees does Fig Loans charge?

What do you need to qualify for Fig Loans?

Applicants with a credit score of at least 300 and up to 650 are eligible for Fig Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

To qualify for personal loans with Fig Loans, applicants need a minimum annual income of $16,800 or higher. Fig Loans will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the Fig Loans product fall outside of the MLA limits and as a result the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

Only U.S. citizens and permanent residents can apply for a loan.

To qualify, applicants may need to provide the following documentation:

• Applicants must have an active and valid checking account
• Proof of income

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 your account activity to credit bureaus?

Fig Loans reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.