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 available in 6 states across the USA.

Key takeaways

• Poor credit accepted. Even if you have bad or poor credit, you can apply. Borrowers with a credit score as low as 300 are considered for Fig Loans.
• Small-dollar loans. Fig Loans has a maximum loan amount of just $500.
• Hard credit pull required. You can't check your rates or see if you prequalify for Fig Loans without a hard pull on your credit report. Most lenders give you the option of a soft pull on you credit report.
• No origination fee. Fig Loans does not charge a loan origination fee.
• No late fees. Missing a payment can seriously damage your credit, but Fig Loans will not charge additional fees if you miss the due date on a payment.
• Short loan terms. Fig Loans offers loan terms as short as 3 months. Most personal loans have a minimum term of 12 to 36 months.
• Minimum income of $16,800. You will need an annual income of at least $16,800 to apply for Fig Loans, which is below average for the lenders in our database

Fig Loans Pros and Cons:

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?

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.

U.S. citizens are, of course, eligible for the services offered by Fig Loans. Permanent resident / green card holders are also eligible to apply.

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

• Applicants must have an active and valid personal 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.