Fig Loans: Reviews and Ratings

Having poor credit makes it tough to get extra cash when you desperately need it. If this is you, Fig Loans is a great option. As a leading online lending service for borrowers with fair to improving credit, Fig Loans offers accessible personal loans without the predatory rates of payday loans.

In this review, we’ll take a deep dive into Fig Loans. We’ll look at fees, eligibility requirements, interest rates, customer opinions. By understanding pros and cons, you can decide if Fig Loans is the right financing choice for you.

REMINDER – always compare multiple loan providers and consider your full financial picture before committing to a personal loan. With the right research, an alternative loan can help you avoid expensive debt traps while building credit over time.

Company Overview

Fig Loans is a socially responsible lender dedicated to offering personal loans to individuals with poor or no credit history. Founded in 2015 and headquartered in Sugar Land, Texas, Fig Loans provides a better borrowing experience by focusing on transparency, efficiency, and inclusivity.

Since its inception, the company has helped low-income Americans save over two million dollars in fees which would otherwise be gobbled up by predatory lenders. By prioritizing the financial well-being of its customers, Fig Loans strives to make a lasting positive change in the personal loan landscape.

What is Fig Loans? An Overview of Personal Loans

Fig Loans provides installment loans that can be repaid in up to 28 days. With loan amounts ranging from $300 to $1,000, their target market is borrowers with fair or limited credit who struggle to find good rates elsewhere.

A fig personal loan is a solution for unforeseen expenses. Since it’s accessible for lower credit scores and features flexible pay options, it’s a feasible alternative to payday loans and traditional lenders depending on individual financial situations.

The company prides itself on being a financially responsible lender. According to their about page, their mission is “to help hardworking people improve their finances and credit through transparent, affordable loans.” They also offer financial education tools and credit-building features to empower borrowers in the long term. Fig loans is clearly dedicated to increasing their customers’ financial standing.

Key Features Of Fig Loans: 

Fig Loans operates based on the following:

• Pay at your pace by rescheduling payments up to 28 days or splitting payments
• Auto pay options through ACH debit from a checking account, ensuring you never miss a payment.
• Instant approval through online application, and funds are available as soon as the next business day.
• Credit-reporting features to improve users scores over time.
• Learning tools to help with budgeting, raising credit scores, and long-term financial growth.
• Bank statement history to evaluate income stability and financial health.

Fig Loans uses transparency and customization options to help their customers break away from oppressive short-term debt cycles.

Loan Options

There are two primary loan options: installment loans and credit-builder loans. Installment loans provide immediate financial relief,  ranging from $300 to $1,000, with terms of up to 28 days. Credit-builder loans help customers build credit over the course of their loan terms.

Both loan options have zero late fees, origination fees, prepayment penalties, or service fees. However, the interest rate for these loans ranges from 35.99% to 211% APR, which is significantly higher than that of most traditional personal loans. Although the rates are high, these loans are great for improving credit scores and granting borrowers flexibility with their payments.

Fig Loans Pros and Cons 

First The Pros

Some potential benefits of choosing Fig Loans include:

• Accessible loan terms up to $1,000 which can be granted independent of credit score
• Flexible payment options that include pay at your pace rescheduling of up to 28 days, and split payments
• Streamlined application and quick funding. Feedback suggests approval decisions are fast for eligible users.
• No penalty charges for early repayment. Customers have freedom to pay loans off sooner without hidden fees.
• Loans are reported to credit bureaus. On-time payments improve credit scores over six to 18 months of responsible repayment.
• Resources and education tools are provided free of charge. They empower ongoing financial health beyond any single loan.
• Customer service is praised for being responsive. Based on reviews, problems are generally addressed.

Now The Cons

Potential drawbacks to consider include:

• Interest rates range from 35.99% to 211% APR based on a credit evaluation. Borrowers pay a steep price.
• Loan minimums start at $300 and are hard-capped at $1,000. This can make lump sum payments difficult
• Users must prove they are making at least $1,400 a month. Lesser income results in denial.

Fig Loans is a last resort alternative to payday loans. Prospective customers are encouraged to review personalized quotes thoroughly and review all different options.

Fig Loans User Reviews + Better Business Bureau Ratings

What Customers Love about Fig Loans

Looking across review sites like Trustpilot and the Better Business Bureau, positive feedback focuses on:

• Efficient application experience. Many appreciate the intuitive interface.
• Transparent disclosure. All rates, terms, and potential charges are upfront which helps avoid stress from unplanned charges.
• Loans are reported for credit-building purposes. According to reviews, on-time payments really do boost credit scores after six to 12 months.
• Helpful customer support is responsive via phone, email, and live chat. According to feedback, representatives resolve issues satisfactorily.
• Once approved, funds load quickly, often within one business day. Customers value efficient access to needed funds.

Common Customer Complaints

There are frequent complaints as well:

• High interest rates. While disclosed upfront, rates of 25-35% are worrisome for those with risky credit profiles.
• Frustration with long application processing times in some cases. Wait time of 7-10 days creates difficulties in planning finances.
• Some feel there needs to be more clear communication throughout the lifecycle, such as application status updates.
• Rigidity regarding repayment dates and inability to negotiate if unavoidable delays happen. Late fees are unyielding, according to reviews.
• Limited escalation options when customer service cannot solve problems in a timely manner to a customer’s satisfaction.

Ensuring editorial nonpartisanship is crucial in providing accurate and unbiased information, which helps customers make informed financial decisions.

Summing up customer reviews, transparency is appreciated, but improvements can be made towards flexibility and customer experience.

Fig Loans Application Process and Requirements

Eligibility Criteria for Fig Loans

These are the general qualifications:

• Be a U.S. citizen or permanent resident 18+ years of age
• Earn at least $1,400 per month from verifiable employment or other qualifying income
• Maintain a residential address for at least 90 days

Additional identification, income verification, and address proof may also be required during underwriting as part of responsible lending practices.

Step-by-Step Application Process:

1. Visit FigLoans.com and fill out a soft credit check which won’t impact credit scores.
2. Provide personal details, income/ employment info, and consent to read financial terms and agreements.
3. If pre-qualified, proceed to submit supporting documents like pay stubs, ID, SSN, and bank account numbers.
4. For most, an automated underwriting decision occurs within minutes, and funding is available upon e-signature as soon as the next business day.
5. Set up automatic ACH payments or log in to make manual payments from their secure portal each month.

While Fig Loans aims for an optimized process, some customers report wait times of five to 10 business days from application to funding due to supplemental verification needs.

Fig Loans Fees, Loan Terms, and Interest Rates

Interest Rates and Repayment Terms

APR Interest rates range widely based on individual credit evaluation. The range is 35.99% to 211% and is dependent on income, debt, and credit history.

Objective analysis is critical when comparing interest rates and repayment terms.It’s the only way to ensure that evaluations adhere to strict editorial standards, and unbiased assessment of financial products.

Standard loan lengths are 3, 6, 12, or 18 months with fixed monthly repayment amounts. Obligations remain the same regardless of early payoff.

Overall financing costs are dependent on personalized evaluations by Fig Loans algorithms and underwriters. However, the terms aim for transparency and flexibility.

Fig Loans Vs Payday Loans

Fig Loans positions itself as a credit-building alternative to payday loans. While a payday loan often requires higher credit scores, Fig Loans does not have as high a barrier of use as a payday loan.

Fig Loans also provides more flexible loan terms, spanning up to 28 days compared to the typical two-week terms of payday loans.

This flexibility can make repayment more manageable for borrowers. However, it’s essential to recognize that Fig Loans’ interest rates are still much higher than those of traditional personal loans, rendering it the inferior option for borrowers with good to great credit. Nonetheless, for those with limited credit options, Fig Loans is a more sensible choice compared to payday loans.

Where Does Fig Operate?

Fig Loans is available to residents in several states, including Florida, Illinois, Missouri, Ohio, Texas, and Utah. The company operates entirely online, allowing customers to apply for loans from the comfort of their own homes.

Service includes a mobile app, allowing customers to easily manage their accounts and make payments on the go. This accessibility ensures that borrowers can stay on top of their loan obligations and maintain control over their financial health, no matter where they are.

Conclusion: Is Fig Loans Right for You?

Making the right choice regarding personal financing requires comparing multiple sources while considering all financial factors. Fig Loans attempts to be transparent and honest. However, their rates carry objectively higher costs than those of traditional banks.

Borrowers benefit most if they: 

• Need money right away
• Have a low credit score
• Want to improve their credit 
• Are looking for transparent and honest loan terms 
• Require flexible payment options

In truth, high-interest loans should be a last resort, and only used when absolutely necessary.

Always compare multiple lenders and consult a nonprofit credit counselor, if possible, before committing to any new debt obligations. Taking on more than affordable monthly payments may derail financial progress in the long run. With discipline and careful planning, alternative loans can still aid responsible consumers when used prudently.

FAQs

What credit score is needed for Fig Loans?

Fig Loans bases their application acceptance on a minimum 1,400$ a month bank statement instead of credit score, though rates will be higher with marginal credit. The best rates start at 35.99% APR for scores over 650 normally.

How long does Fig Loans take to approve an application?

Most decisions are instant, but complex applications may see five to 10 business day waits as Fig Loans verifies additional information. Funds typically arrive within 1 business day of e-signing approved loans.

Can Fig Loans help build credit and improve my credit score?

Yes, if loans are repaid responsibly as agreed, on-time payments should be reported to the major credit bureaus. According to FICO scoring models, demonstrating the ability and behavior of payback obligations helps boost credit profiles over time.

Are there any penalties for early repayment?

No, Fig Loans doesn’t charge prepayment penalties. Borrowers have full freedom to pay off loans early and in full at any point without extra fees besides the remaining interest owed.

Does Fig Loans require a co-signer?

Fig Loans personal loans are unsecured and do not require co-signers. Loan applications are based on individual qualifications alone. However, co-signing may allow access to more favorable rates.