Our experts answer readers’ personal loan questions and write unbiased product reviews (here’s how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
The bottom line: Fig personal loans are a solid choice for borrowers who might not be eligible for other loans due to a poor credit history. However, it falls flat compared to other personal loan lenders due to its extremely high APRs and limited loan amounts. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
Who are Fig Personal Loans 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 history and income, as shown by your bank account statement. You’ll need to show about three months of direct deposits of $1,400 per month in your account.
However, Fig’s interest rates are closer to a payday loan’s rates than to a traditional personal loan’s rates — so be very careful before taking one out. A payday loan is a high-cost, short-term unsecured loan that has a principal that is a portion of your next paycheck. They may end up costing more than you borrowed and can trap you in a cycle of debt.
Depending on the state you live in, your loan terms will vary:
StateTerm lengthLoan amount rangeAPRCalifornia1 month$50 to $150211%Florida84 days$300 to $500208.56%Illinois4 months$50 to $10035.99%Missouri4 months$300 to $500199%New Mexico4 months$300 to $500175%Ohio4 months$200 to $300199%Texas4 months$300 to $500199%Utah6 months$300 to $500199%
Borrowers in some states looking for larger loan amounts (up to $1,000) may see their limit increase after developing a solid payment history with Fig.
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Fig Personal Loans Features
Regular annual percentage rate (APR): Fig Personal Loan – Regular APR
Fees: Fig Personal Loan – Fees Display
Loan amount range: Fig Personal Loan – Loan Amount Range
Repayment terms: One to six months
Fig Personal Loan Pros and Cons
Fig Personal Loans Pros
Doesn’t use your credit score to make a lending decision. Most personal loan lenders take your credit score into account to decide if they’ll give you a loan. This may make Fig a more accessible option if your credit isn’t in the best shape. Low minimum loan amount. Depending on the state you live in, you can borrow as little as $50 or $300, making Fig a good option if you only need a bit of cash to tide you over. No late fees. You won’t pay a penalty if you make a late payment.Fast funding. Almost all borrowers receive their funding within three business days, and 94% of borrowers get their funds the next day after submitting their application, according to Fig’s FAQ section.May boost your credit score. Fig reports all of your loan payments to the three major credit bureaus (Equifax, Experian, and TransUnion), so if you pay reliably and on time, your credit score will likely improve over time. However, if you fall behind on payments or default on your loan, you may damage your credit score as a result.
Fig Personal Loans Cons
Extremely high APRs. With the exception of Illinois, which has a rate of 35.99% APR, all of Fig’s loans have APRs near 200% or more. You can find lower rates with most other personal loan lenders. Only available to borrowers in a limited number of states. You’re only able to get a loan in eight states — California, Florida, Illinois, Missouri, New Mexico, Ohio, Texas, and Utah. If you don’t live in one of these states, you won’t be able to get a loan.Low maximum loan amount. First-time borrowers with Fig are only able to take out up to $500. You may be able to get up to $1,000 if you have a solid payment history with Fig, but this maximum is still much lower than what other personal loan lenders offer.Income requirement. Fig requires that you have at least a three-month history of direct deposits in your bank account, and deposits should come to at least $1,400 per month.
How to Apply For a Fig Loan
1. Register for an account. Fill out the form on the lender’s website to establish an account. Read all of the legal terms and carefully.
2. Gather the necessary documents and information. While Fig does not do a hard credit pull when considering your loan applications, you’ll still need to provide personal information such as your Social Security number to apply. Additionally, you’ll need to be able to show at least a three-month history in a checking or savings account.
3. Step through the loan application process. Provide Fig Loans with your personal information, bank account number and history, the amount of money you want to borrow, and other details.
4. Review the loan offer. Fig loans will let you know how much money it can lend you and what interest rate and term length it can offer if you’re approved for a loan.
5. Sign the loan agreement and get your money. If you decide to accept the loan Fig offers, sign the agreement. The lender says about 94% of borrowers will get their funds the next business day after their application is approved.
Fig Personal Loan Frequently Asked Questions
Is Fig Personal Loans a legitimate company?
Yes, Fig is a legitimate company that offers personal loans to borrowers without checking their credit scores.
What credit score is needed for a Fig personal loan?
Fig does not use your credit score to make a lending decision. It primarily considers your transaction history and income, as shown by your bank account statement
How hard 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 in your bank account. If you don’t meet this requirement, you won’t be able to get a loan.
How fast do you get a Fig loan?
Nearly every borrower gets their funding within three business days, and 94% of borrowers receive their funds the next day after submitting their application, according to Fig’s FAQ section.
Can you pay off a Fig loan early?
Yes, you can pay off a Fig loan early with no penalty.
Compare Fig Personal Loans
Fig Loans, OppLoans, and Possible each bill themselves as alternatives to payday loans, and do come with slightly lower rates than their high-interest counterparts. Many payday loans have interest rates around 400%. However, you’ll still pay a much higher interest rate with these three lenders than you would with a traditional personal loan lender.
Fig Loans vs. OppLoans
Fig has term lengths ranging from one to six months depending where you live. OppLoans’ terms range from nine months to 24 months, depending on the state you live in.
The high end of Fig’s interest rate range of Fig Personal Loan – Regular APR, is above the highest rate in OppLoans’ APR range of OppLoans Personal Loan – Regular APR.
Opploans Personal Loans Review
Fig Loans vs. Possible Finance
Possible has only one term length: two months. That gives you less flexibility than the one- to six-month term lengths available with Fig.
Possible also has an APR range of Possible Personal Loan – Regular APR, which is higher on both ends than Fig’s range of Fig Personal Loan – Regular APR.
Possible Personal Loans Review
Fig Personal Loans Trustworthiness
Fig Loans is currently not rated by the Better Business Bureau, a nonprofit 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 doesn’t have sufficient information to give a rating.
Fig hasn’t been involved in any recent controversies or scandals. Though Fig isn’t rated by the BBB, its clean history may make you feel comfortable borrowing from the lender. Reach out to friends and family members before you do so to get an understanding of their experiences with Fig.
Why You Should Trust Us: How We Rated Fig Personal Loans
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
Interest rate (20% of rating)Fees (20% of rating)Term lengths and loan amounts (15% of rating)Funding speed (15% of rating)Borrower accessibility (15% of rating)Customer support (7.5% of rating)Ethics (7.5% of rating)
Each category’s weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan’s terms, so they have less of an impact on the overall rating.
See more on how we rate personal loans >>