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Fig Personal Loans Review 2022

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Fig personal loans

Regular APR

35.99% to 211% APR, depending on your condition

Regular APR

35.99% to 211% APR, depending on your condition

Advantages
  • No credit check
  • Low minimum loan amount
  • No late fees
  • Quick funding
The inconvenients
  • Very high APRs
  • Only available in 8 states
  • Low maximum loan amount
  • Income requirement
More information
  • Loan amount between $50 and $500, up to $1,000 for returning customers with a good payment history
  • Customer service by email or SMS, not available on weekends
  • Loans available to residents of California, Florida, Illinois, Missouri, New Mexico, Ohio, Texas and Utah
  • Need at least three months of direct deposits into your bank account of $1,400 per month or more

Depending on the state you live in, the terms of your loan vary:

Borrowers in certain states seeking larger loans (up to $1,000) may see their limit increased after developing a strong payment history with Fig.

Advantages and disadvantages of personal loans Fig

Who is Fig most for?

Fig is a good option for borrowers who might not qualify for a personal loan elsewhere due to their credit history. Fig primarily bases its lending decisions on your transaction history and income, as shown on your bank account statement. You will need to show approximately three months of direct deposits of $1,400 per month into your account.

However, Fig’s interest rates are closer to payday loan rates than traditional personal loan rates – so be very careful before taking one out. A payday loan is a short-term, high-cost unsecured loan with principal as part of your next paycheque. They can end up costing more than you borrowed and can trap you in a cycle of debt.

Comparison of personal loans Fig

All three lenders market themselves as alternatives to payday loans and offer slightly lower rates than their high-interest counterparts (many payday loans have interest rates around 400%). However, you will still pay a much higher interest rate with these three lenders than you would with a traditional personal lender.

Possible only has one term: two months. Opploans terms range from nine months to 24 months, depending on which state you live in. Fig has terms ranging from one to six months depending on where you live.

None of the three companies check your credit score, so they might be a good option for borrowers who have been turned down by other companies due to a bad credit history.

Compare personal loan rates

Is Fig trustworthy?

Fig Loans is currently not rated by the Better Business Bureau, a non-profit organization focused on consumer protection and trust. The BBB rates companies by evaluating their response to customer complaints, honesty in advertising and openness about business practices. Fig is not rated because the BBB does not have sufficient information to give a rating.

Fig has not been involved in any recent controversy or scandal. Although Fig isn’t rated by the BBB, his clean story may put you at ease about borrowing from the lender. Reach out to friends and family members before doing so to understand their experiences with Fig.

Frequently Asked Questions

Is Fig a legit company?

Yes, Fig is a legit company that offers personal loans to borrowers without checking their credit scores.

How hard is it to get a Fig loan?

It depends on your financial situation. To get a loan, you will need to show about three months of direct deposits of $1,400 per month into your bank account. If you do not meet this condition, you will not be able to obtain a loan.

How fast do you get a Fig loan?

Almost all borrowers get their funding within three business days, and 94% of borrowers receive their funds the next day after submitting their application, according to the FAQ section of Fig.

Can you repay a Fig loan early?

Yes, you can prepay a Fig loan without penalty.