
Community Rating | Strongly recommended |
APR (Fixed APR) | 176% - 229% |
Loan Amount | $200 - $500 |
Loan Term (Months) | 3 - 6 months |
Number of Reviews | 35 |
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.
- APRs starting at 176%. Personal loan interest rates typically range between 5% and 36%. The starting rates for Fig Loans are on the higher end of the spectrum.
- Small-dollar loans. Fig Loans has a maximum loan amount of just $500.
- 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
Pros | Cons |
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What interest rates and personal loan terms does Fig Loans offer?
Fig Loans has higher than average interest rates for lenders reviewed on SuperMoney.
What interest rates does Fig Loans offer?
Fig Loans offers a fixed APR personal loan product that ranges from 176% APR up to 229% APR.
How much can you borrow via Fig Loans?
Business loan amounts start at $200 and go up to $500.
What is the maximum loan term you can get with Fig Loans?
Fig Loans offers loans with terms of up to 6 months.
Personal Loan Amount | $200 - $500 |
Loan Term | 3 - 6 months |
APR | 176% - 229% |
What fees does Fig Loans charge?
Does Fig Loans charge an origination fee?
Fig Loans does not charge a personal loan origination fee.
A personal loan origination fee is what some lenders charge for processing, underwriting, and funding a personal loan. Typically origination fees range from 0.5% to 5% of the personal 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 if you miss one of the monthly payments.
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 personal loan off early.
Origination Fee | No |
Prepayment Fee | No |
Late Payment Fee | $0 |
What do you need to qualify 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.
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
Minimum Age | 18 |
Bank Account Required? | Yes |
Application Types Accepted |
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Credit Score | 300 - 650 |
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 loans within 4 business days of approval.
Does Fig Loans report your account activity to credit bureaus?
Yes, 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 may help improve your credit.
Message From Fig Loans
Availability
- Florida
- Illinois
- Missouri
- Ohio
- Texas
- Utah
Feature Breakdown
Late Fee Amount | $0 |
No Origination Fee | |
No Prepayment Fee | |
No Late Fees |
Fig Loans Community Reviews
Would you recommend Fig Loans to your friends?
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