Fig 2022 Personal Loan Review

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fig personal loans

ordinary APR

35.99% to 211% APR, depending on your state

ordinary APR

35.99% to 211% APR, depending on your state

advantage
  • No credit check
  • Low minimum loan amount
  • No late payment fees
  • fast financing
Cons
  • very high APR
  • Only available in 8 states
  • Low Maximum Loan Amount
  • entry requirement
More information
  • Loan amount between $50 and $500, up to $1,000 for repeat customers with good payment history
  • Customer support by email or text, not available on weekends
  • Loans available to residents of California, Florida, Illinois, Missouri, New Mexico, Ohio, Texas, and Utah
  • You need at least three months of direct deposits to your bank account of $1,400 per month or more

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

Borrowers in some states seeking larger loan amounts (up to $1,000) may see their limit increase after developing a strong payment history with Fig.

Pros and Cons of Fig Personal Loans

Who is the fig best for?

Fig is a good option for borrowers who may not qualify for a personal loan elsewhere based on their credit history. Fig primarily bases its lending decisions on your transaction and income history, as shown on your bank 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 you take one out. A payday loan is a high-cost, short-term unsecured loan that has principal that is part of your next paycheck. They can end up costing more than you borrowed and can trap you in a cycle of debt.

How Fig Personal Loans Compare

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

Possible only has a term of office: two months. Opploans terms range from nine months to 24 months, depending on which state she lives in. Fig has terms that range from one to six months, depending on where you live.

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

Compare personal loan rates

Is the figure reliable?

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

Fig has not been involved in any recent controversy or scandal. Although Fig is not rated by the BBB, his clean history may make him comfortable borrowing from the lender. Please reach out to friends and family before doing so to understand their experiences with Fig.

Frequent questions

Is Fig a legitimate company?

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

How difficult is it to get a Fig loan?

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

How fast do you get a Fig loan?

Nearly all borrowers get their funds within three business days, and 94% of borrowers receive their funds the day after they submit their application, according to Fig’s FAQ.

Can a Fig loan be paid off early?

Yes, you can pay off a Fig loan early without penalty.

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