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. 

How Does Fig Loans Work?

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.

What Are Fig Loans APRs?

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.

What Fees Does Fig Loans Charge?

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.

How Much Money Can I Borrow via Fig Loans?

Loan amounts range from $300 to $500.

How Is Fig Loans Better Than Other Loan Options?

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.

  • Loan Amount
    $300 - $500
  • Payment Options
    • Automatic Payments
    • Check by mail
    • Credit/Debit Card
  • APR
    36% - 190%
  • Max Loan Term (Months)
  • Checking Account Required?
  • Credit Score Range
    300 - 840
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Military Status
    • Non-Military
    • Veterans
  • Minimum Age
  • Supported Income Types
    • 1099 Misc. Income
    • Cash / Other
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
  • Verification Documents Required?
    Recent bank statements
  • No Late Fees
  • No Origination Fee
  • No Prepayment Fee
  • Institution Type
    Direct Lender
  • Approval Speed (Hours)
  • Customizable Payment Dates
  • Funding Time
    1-7 days
  • Credit Bureau Reporting
    • Equifax
    • Experian
    • TransUnion
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0 votes

I've turned to Fig Loans twice for short term loans, as a single mom who sometimes needs a little extra cash. They are extremely up front about their terms, and they want their customers to be successful in repaying their loans. They allow a lot of flexibility with payment dates, and their customer service is extremely responsive. When I applied for my second loan with them, there was an issue connecting my bank account that they were able to assist me with in a timely manner. Fig also reports to ... credit bureaus for their short term loans, which has helped me build my payment history. I'm currently in the process of applying for the credit builder loan that they are offering for current customers and I expect to be just as pleased with that product! More Less

0 votes

I am on my third loan with Fig Loans. They have always been great working with me. If I have needed to move a date for payment, they have always worked with me. I have never had any problems with them. They even allowed me to pay my last one off early without any penalties. I would recommend them to anyone and they have the best rates and payment plans compared to most payday loan places around. I would much rather work and deal with Fig Loans than the payday ... places any day. More Less

0 votes

Well, I was gonna give a good review until my 3rd loan was declined. I am very shocked and disappointed. I mean someone who would pay off their loan before due date would seem a good thing, but that was not the case. Anyway, the way they make their payment plans and schedules are good, and that is a reason I chose them. But, like I said right now I am not happy that I have been a loyal customer and turned down after I have paid all loans on ... time. More Less

0 votes

Thank you guys very much. They were a life saver and were on top of it very understanding as well this is my second time using them and I've had no problems

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