Fig Loans Review: Is Fig Loans Legit

Fig Loans

Fig loan is legit and it offers various types of loans to borrowers with fair to poor credit scores. It’s very difficult for people with poor credit scores to get loans from good lenders. Many companies offer loans against poor credit scores but the worst credits are uniquely vulnerable to being scammed. But you can put your trust in Fig because it’s completely a legit lender and it reports to Equifax, Experian, and Transunion.     

Key Takeaways

  • Fig Loans is an online loan service provider that offers small personal loans to people who have poor credit scores
  • From Fig loans, you can get emergency funds that range from $300 to $750 with loan terms of four months to six months
  • Fig loans also offer credit-building loans that will help you raise your credit score
  • Fig Loans is only available in a few states of the USA that including Florida, Illinois, Missouri, Ohio, Texas, and Utah
  • You must have an income deposits of at least $1,400 a month to qualify for the Fig loan

What Is Fig Loans?

What Is Fig Loans

Fig Loans is a popular lender in the USA that offers small to medium-size installment loans. If you don’t have a good credit score but need emergency funds then Fig Loans is a great option for you. From Fig loans you can get emergency funds for situations like a car wreck, a funeral, and other emergencies that may leave you strapped for cash. Fig loans also offer credit-building loans that will help you raise your credit score. If you are trying to build your credit score to buy a house or make a similar large purchase then you can use the credit-building loans of Fig Loans. From Fig Loans, you can get emergency funds that range from $200 to $500 and it depends on where you live, etc. usually, this type of loan has loan terms of three to six months.

On the other hand, the credit-building loans of Fig loans work differently from a typical loan. Here, you don’t have to pay the loan off, instead, you pay a certain amount to Fig Loans each month. Then, the company puts the principal into a savings account. Finally, all the principals are returned to you at the end of the year. So, with this loan, if you can able to make payments on time then you will see a rise in your credit score thanks to the positive entries in your credit history.

How Fig Loans Works?

Fig Loans is only available in a few states of the USA that including Florida, Illinois, Missouri, Ohio, Texas, and Utah. If you want to apply for Fig Loans then you should fulfill the below requirements:

1. A bank account with at least three months of transaction history

2. Income deposits of at least $1,400 a month

3. A positive account balance

4. Direct deposit

If you can meet these requirements then you will be able to apply online for Fig Loans. The best part of Fig Loans is, it won’t check the credit score of the borrower. However, it does check your income and any previous loans with the company. Fig Loans only takes a few hours to approve the loan application and once your loan is approved, you will get the money within four business days from the loan approval. 

Fig Loans Rates And Terms

Fig Loans is a bit expensive compared to other lenders. It charges a one-time opening fee for credit-builder loans and this fee covers the company’s initial costs. The Annual Percentage Rates for These loans are typically below 4%, and it depends on various factors. On the other hand, for emergency loans, Fig Loans charge fairly high-interest rates which are very common for emergency loans. The interest rates for emergency loans vary according to loan amount but usually, it starts at a 176% APR. Fig loans allow the borrowers to borrow money that typically ranges from $200 to $500. If you apply for large loans then you will have longer loan terms.          

Customer Reviews Of Fig Loans

Below are some customer reviews of Fig Loans from the Fig Loans Facebook page

Andre Benjamin Says:

“Fig gave me a chance when no other lenders would.  Excellent service, easy application process, and affordable payment plan.  Definitely recommend!”

Beth Anne Says:

“I found Fig on EBT fresh. I was really happy with the set-up autopay for them to make their payments and now they have taken $20 over my payment amount and you are not allowed to call them. I have emailed and texted them but to no avail. I am so upset right now. I have no choice but to file a fraud claim with my bank since I am unable to reach anyone in the company and that makes me extremely nervous.”

Sara Luisa Hernandez Says:

“I love Fig Loans! I’ve borrowed twice already and every time has been a great experience. Low monthly payments, great and prompt customer service, and the flexibility of being able to reschedule payments are really helpful. Thank you and keep up the amazing work! I highly recommend Fig Loans!”

Liz Taylor Says:

“I entered into a debt consolidation program with a third party and revoked my automatic withdrawal permissions from Fig. Nine days later, they automatically charged my debit card for the payment even though the payment in full was on route to their office. I would not recommend this company to anyone. Their customer service is nonexistent.”

Terry August Says:

“Fig Loans was remarkable, they were there when everyone else said no, easy to make payments, great customer service. I recommend them to everybody!”

Ana Jimenez Says:

“Fig Loans gave me the opportunity to get a loan when other lenders denied me. They provide a great service with and most important payment plans are affordable. Highly recommend it.”

Beverly Fry Durante Says:

“Fig Loans gave me a chance no one would give me and the monthly payments are very reasonable.  I do highly recommend them if you need a loan.”

Stephie Young Says:

“The customer service is exceptional! The ease of changing payment dates is great and best of all it helps build my credit! They gave me a chance when no one else would!”

Memo Guajardo Says:

“My Fig experience was excellent and easy it also safe where nowadays it is scary to do online. I have been a returning customer of Fig because of their excellent service and easy payment plans. I definitely recommend Fig loans”

McKesha Rucker Says:

“I needed money for an emergency & Fig loans cane through. The application process was super simple, the payments were affordable. & When I needed to change a payment date, I could do it online. I’d recommend them.”

Advantages And Disadvantages Of Fig Loans

Advantages of Fig LoansDisadvantages of Fig Loans
No Minimum Credit ScoreOnly Available in Six States
Flexible Repayment TermsStrict Eligibility Requirements
No Late FeesHigh-Interest Rates
Improve Your CreditLow Maximum Loan Amount
Credit Builder LoansDebit Card Fee
Early Repayment Savings
Customer Support
Socially Responsible Payday Lending
Positive Customer Reviews

FAQs About Is Fig Loans Legit

Do Fig loans check credit?

Applying for Fig loans doesn’t affect your credit score because Fig loans only perform a “soft inquiry” into your credit file. Moreover, the credit score doesn’t play any role in the approval of your Fig loan application.

How long does Fig loan take to deposit money?

Fig loans take less time to process the loan application. If your loan application gets approval then you will get the funds within 4 business days. According to Fig Loans, 94% of borrowers get their funds in the next working day after the approval of their loan application.

How do I know if I was approved for a fig loan?

You can easily check the status of your loan application at Usually, you will get the decision within 1 business day once you pay all the processing fees.

What types of loans do Fig Loans offer?

Fig Loans offer two types of loans. They are short-term installment loans and credit-builder loans.

Where are Fig Loans available?

Fig loans are only available in Florida, Illinois, Missouri, Ohio, Texas, and Utah.

Is Borrowing from Fig Loans a Good Idea?

You can consider Fig Loans as an alternative to payday lenders. However, with Fig loans, you have to pay very high-interest rates for short-term installment loans. Therefore, before applying for Fig loans make sure you do all the researches and check all the alternatives.

What are the common uses for Fig’s short-term installment loans?

Some common uses for Fig’s short-term installment loans are – 

1. Car repairs
2. Emergency home expenses
3. Medical bills. Etc.

What Credit Score Do You Need for Fig Loans?

To qualify for Fig loans, you don’t need a FICO credit score. There are some basic requirements of Fig Loans and if you can fulfill these requirements then you can apply for Fig loans online.

How Fig credit-builder Loans Works?

The working procedure of Fig credit-builder Loans is very simple. Here’s how this loan works – 

1. Apply online for the loan
2. Get approval within 2 hours
3. Make a payment of one-time origination fee to open the account
4. Make monthly payments into a savings account for 12 months
5. Fig loans will report your payments to Equifax and TransUnion
6. Your credit score will increase as you are making the payments



Last Updated on October 31, 2022 by Magalie D.

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