Fig Loans Review
Fig Loans Review

Who is Best for Fig Loans?

If you’re looking for a payday loan but want to build credit, Fig Loans is an option. In other words, if you only need to borrow a small amount of money for a few months and are actively trying to increase your credit, Fig Loans may be for you.

Fig Loans are only available in California, Florida, Illinois, Missouri, New Mexico, Ohio, Texas and Utah.

Figure Loans Personal Loan Purposes

As with any payday loan, fig loans are best used only in emergencies. For example, if your car breaks down and you need to fix it to get to work, that would be a great use for a payday loan. That’s another great use if your stove breaks down in the winter.

Fig Loans notes on its website that you can use it for home improvement, special occasions, and debt consolidation. However, Fig Loans is unlikely to help you consolidate your debt at a cheaper rate, given the already sky-high interest rates. It’s often best to look for cheaper loans for renovations or special occasions, or better yet, save money for them if you can.

Fig Loans Personal Loan Details

Loan Amount and Conditions

Loan amounts and terms vary by state.

State Loan Amount Term
California $50 to $150 1-month term
Florida $300 to $500 84-day term
Illinois $50 to $100 4-month term
Missouri $300 to $1,000 4-month term
New Mexico $300 to $1,000 4-month term
Ohio $200 to $300 4-month term
Texas $300 to $1,000 4-month term
Utah $300 to $500 6-month term

Personal loan cost

  • April. 35.99% to 211%, depending on the state.
State APR
California 211%
Florida 208.56%
Illinois 35.99%
Missouri 199%
New Mexico 175%
Ohio 199%
Texas 199%
Utah 199%
  • Debit card payment fee. If you pay by debit card instead of linking your bank account, you will pay a 3% processing fee.
  • late fee. Fig Loans does not charge late fees. However, keep in mind that late payments will be reported on your credit report and can hurt your score.
  • Prepaid fines. Fig Loans does not charge an advance payment penalty.

Advantages and Features

Many lenders offer special perks and incentives, such as small interest rebates or free FICO score updates when signing up for autopay, for example. Fig Loans does not offer any additional benefits like other top lenders.

How to Qualify for a Personal Loan from Fig Loans

Personal loan applications are approved or rejected based on a number of factors. All lenders have their own unique underwriting requirements, but these usually include information from the applicant’s credit profile and other factors that demonstrate ability to repay the loan, such as: B. Income. Meeting the requirements below does not guarantee approval, but they can help you decide if a personal loan is right for you.

Credit requirements

Fig Loans has no credit requirements, as there is no strict credit check when applying, which is what most lenders usually do. However, Fig Loans does a gentle credit check to verify your identity – it won’t affect your credit score.

Income requirements

You must demonstrate to Fig Loans that you have received monthly deposits of at least $1,400 in your checking account for the past three months. This equates to a minimum annual salary of $16,800. You must also have a positive bank account balance when applying for a loan.

Co-signer and co-borrower

Fig Loans does not allow co-signers or co-borrowers.

How to Apply for a Personal Loan from Fig Loans

Unlike many lenders, Fig Loans doesn’t allow you to pre-qualify or verify your rate before applying – you must complete a full application to see your offer. You can then compare it to other offers as you look around.

Here are the steps to apply:

  • Register a new account. Fig Loans encourages you to create an account to keep in touch with you.
  • Read the disclosure. Read the lender details carefully so that you fully understand what you are enrolling in.
  • Enter your personal information. Provide Fig Loans with your name, Social Security Number (SSN), photo ID and other personal information. You will also need to provide Fig Loans with your bank login details so they can verify your account and view your past banking history.
  • Check loan quotes. If you are approved, Fig Loans will let you know the interest rate and loan amount it can offer you. If you choose to do this, you will need to sign a loan agreement to receive your payment within one to three days.
  • Pay off the loan. Pay each loan on a schedule until it is paid off.

It’s time to make money

If you are approved, Fig Loans will deposit your funds immediately. But that doesn’t mean you’ll see the money right away – it should be in your account within three business days.

Customer reviews

Reviews of Fig Loans are mostly positive, but there are some mixed. The company has the most reviews on Trustpilot, where it has a 4.8 out of 5 rating based on 2,284 reviews. It also has a similar score (4.7 out of 1,052) in Google Reviews, based on 1,052 reviews. However, the Better Business Bureau (BBB) ​​website has only four reviews with an average out of five stars.

How Fig Loans Stacks Personal Loans

Fig Loans is an expensive option. The best personal loans offer competitive rates, flexible loan amounts, and a variety of terms. Here’s how Fig Loans compares to other lenders.

Fig Loans and Anthropomorphic Finance

Personify Financial is more widely available, offering loan options in 26 states, while Fig Loans offers loan options in 8 states. It also offers a wider range of products. Details vary by state, but in most states you can expect a loan of $500 to $15,000 with terms ranging from 1 to 4 years. While rates start at a more affordable place (around 19% in most states), the top rates are as prohibitive as fig loans.

Fig Loans and OppLoans

With OppLoans, you can borrow more money, with credit lines ranging from $500 to $4,000, depending on the state. These are also long-term loans with terms ranging from 9 to 18 months. However, interest rates are still considered expensive, ranging from 59% to 199%, depending on the state.

Figure Loans and Upgrades

Upgrades are much cheaper than Fig Loans, with rates ranging from 6% to 36% — almost five times less than Fig Loans, even at the high end of the range. However, unlike Fig Loans, which focuses on loans similar to payday loans, Upgrade is designed for people who need to borrow large amounts of money — anywhere from $1,000 to $50,000.


We reviewed Fig Loans using 16 data points across categories such as loan details, loan cost, eligibility and accessibility, customer experience, and application process. We rank fig loans based on the weights assigned to each category:

  • Credit cost: 35%
  • Loan Details: 20%
  • Eligibility and Accessibility: 20%
  • Customer Experience: 15%
  • Application process: 10%.

Within each category, we also considered several characteristics, including available loan amount, repayment term, APR range, and applicable fees. We also looked at credit requirements, whether lenders accept co-signers or joint applications, and lenders’ geographic availability. Finally, we evaluated Fig Loans’ support tools, borrower benefits, and features to simplify the borrowing process—such as prequalification options and mobile apps.

Learn more:

Jake Smith

Escrito por

Jake Smith

He is the editor of Eragoncred. Previously, he was editor-in-chief of Eragoncred and a financial industry reporter. Jake has spent most of his career as a Digital Media journalist and has over 10 years of experience as a writer and editor.