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Fig Loans

Fig Loans

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Fig Loans is a lending institution that specializes in small and medium loans. Although its loans tend to carry high APRs, the company has zero hidden fees and no prepayment penalties. You can apply for Fig Loans lending program online.


Fig Loans offers small to medium-size loans with no hidden fees. It’s a great option to build a positive credit history or handle emergencies, but the APRs can be high compared to other options.


  • Does not look at credit
  • Funds loans quickly
  • 0% prepayment fee
  • No hidden fees


  • Loans are small to medium
  • Does not offer preapproval
  • High APRS

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    What is Fig Loans?

    Fig Loans is a lender that offers small to medium-size installment loans. The company states its mission is to provide affordable financial help that helps meet immediate needs and create long-term wellbeing. It provides quick loans for emergencies, such as a car wreck, a funeral and other urgent situations that may leave you strapped for cash.

    Fig Loan also provides credit-building loans that help raise your credit score. These loans are good options if you are looking to build credit to buy a house or make a similar large purchase in the next year.

    Fig’s emergency loans range from $200 to $500, depending on where you live, and the loan terms can reach upwards of six months. The company’s credit-building loans differ from a typical loan: Rather than paying the loan off (or receiving any money from Fig), you pay a certain amount to Fig Loans each month, and the company puts the principal into a savings account.

    All of the principal is returned to you at the end of a year, minus the interest rate (which Fig Loans states will be below 4%). If you make payments on time, you should see a boost in your score based on the positive entries in your credit history.

    If you take out a credit-building loan, be sure to pencil those payments in your calendar. Both the emergency and credit-building loans are useful, but they should only be used in specific situations.

    How does Fig Loans work?

    Fig Loans’ services are available in Florida, Illinois, Missouri, Ohio, Texas and Utah. You need to have the following requirements:

    • A bank account with at least three months of transaction history
    • Income deposits of at least $1,400 a month
    • A positive account balance
    • Direct deposit

    You can apply online if you meet these requirements. Fig Loans doesn’t look at your credit score, but it does look at your income and any previous loans with the company.  Approval of a personal loan typically takes about two hours and is funded within four business days of approval.

    Fig Loans rates and terms

    Fig Loans charges a one-time opening fee for credit-builder loans that covers the company’s initial costs. The annual percentage rate (APR) for these loans is typically below 4%, although this depends on the circumstances. If you’re late on making a payment, the loan is closed and your principal is refunded, minus any interest.

    When it comes to emergency loans, Fig Loan charges fairly high interest rates, which is pretty typical for emergency loans. Interest rates vary according to loan amount but typically start at a 176% APR.

    You can borrow from $200 up to $500 with Fig Loan’s emergency loan model, depending on your state of residence, and the loans are paid off over three to six months. Larger loan amounts typically require longer loan terms.

    Fig does not charge late fees for either of their loan types.

    Fig Loans FAQ

    What types of loans does Fig Loans offer?
    Fig Loans offers short-term installment loans and credit-builder loans.
    Where are Fig Loans available?
    Fig Loans is available in Florida, Illinois, Missouri, Ohio, Texas and Utah.
    Where is Fig Loans located?
    Fig Loans is located in Sugar Land, Texas.
    What are the interest rates on Fig Loans?
    Interest rates vary based on your state of residence, the size of the loan and how many Fig Loans you have paid off in the past.

    Is Fig Loans legit?

    Fig Loans is a legitimate company that reports to Equifax, Experian and Transunion, the big three credit bureaus. It is transparent on fees, penalties and the maximum amount a loan could end up costing. These small loans with short terms might not be the best fit for many people, but they might be useful for those who need emergency funds quickly. The credit-builder loans are helpful for those who need to raise their credit to prepare for a large purchase, like a home or car.

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    Fig Loans Company Information

    Company Name:
    Fig Loans