Fig Loans Review Guide 2020 - Get up to $750 | Credit Raters
Last updated: 18th Jan 2020

Fig Loans Review


Fig Loans have been providing highly competitive short terms loans to US residents since 2016 and have built up a stellar reputation since launch. Having appeared in USA Today, NewsWeek and The New York Times, they’ve certainly generated a lot of attention thanks to their low interest rates, fast cash deposits and flexible terms.

In this Fig Loans review, we’ll take a closer look at the different types of credit available, the pros and cons of using Fig Loans and how you can apply today.

Also Check: Big Picture loans Review

How Do Fig Loans Work?

Fig Loans specialises in offering a type of credit known as instalment loans. Think of these as a more flexible alternative to payday loans which can also bring lower repayments and shorter repayment periods.

You’ll choose how much you’d like to borrow and the number of months you’d like to repay your Fig Loans over with all repayments clearly explained beforehand. With the Fig Loans instalment loan, you’ll have a final repayment date on your credit and fixed payments. Alternatively, their credit line product is an open ended facility which can be used in a similar way to a bank overdraft.

It’s down to you to decide which you feel would be most suitable.

Product Term Of Credit Credit Limit Time To Receive Funds
Instalment Loan Up to 6 months $750 Same day
Credit Line Open ended $1,000 Within 24 hours of acceptance

How Much Can I Borrow With Fig Loans?

Fig loans online are available from $300 – $750 and can be used for any emergency that life has thrown your way. You’ll be able to borrow this cash for anywhere between four and six months, and will have the freedom to choose a repayment term that meets your budget.

Some of the most common uses for a Fig Loans loan include:

  • Home improvements
  • Purchasing or repairing a vehicle
  • Debt consolidation
  • Paying unexpected bills
  • Medical costs

Of course, you can use these loans however you wish so long as you continue to meet your agreed repayments. Affordability is the key rather than what you want to spend your cash on.

How Much Does A Fig Loans Loan Cost?

Let’s get straight into the numbers. Fig Loans pride themselves on offering incredibly low rates on their short term loans when compared to more traditional payday loans on the market.

In fact, many existing Fig Loans customers actually refinance their existing debt from other companies in order to save money on repayments and interest.

Product Indicative APR Monthly Repayments Repayment Amounts Extension Available?
Fig Loans Loan 190% 4 $106.86 Yes
Alternative Short Term Lender 662% 7 $152.28 No

Fig Loans Alternatives

There are a number of reasons why you might be looking for Fig Loans alternatives. You may love the products on offer but perhaps don’t meet their in-house eligibility criteria, or simply that their product doesn’t meet your circumstances.

Either way, there are plenty of Fig Loans alternatives available and the table below should help you to compare some of their features.

Lender States Available Number Of Loan Types Offered TrustPilot Score (out of 10)
Fig Loans 5 2 9.7
Speedy Loans 26 4 8.9
Opp Loans 17 1 7.4

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Fig Loans aim to offer credit to as many applicants as they can with affordability and creditworthiness playing the key factors in their decision making. However, you’ll need to fulfil some basic qualifying criteria, as well as residing in certain US states. Some of the personal eligibility criteria you’ll need to fill include:

  • Being a permanent US resident
  • Having a checking account in your name so that the loan can be paid to you
  • Being at least 18 years of age when you apply

You may need to provide additional evidence regarding your employment, income, and residency as well as your Social Security Number.

Yes! Fig Loans uses their own intuitive underwriting system to assess each loan application on its merits rather than just turning away borrowers because of a less than perfect credit score. In fact, Fig Loans pride themselves on being able to help borrowers build their credit score by making timely repayments that are then reported to credit agencies throughout the US. If you’re currently repaying a bad credit loan or payday loan that you’ve taken out elsewhere, it’s well worth getting a quote from Fig Loans as switching to a lower rate could save you plenty of money over the term.

Are Fig Loans Available In My State?

Fig Loans are currently available in five states, however this number is set to increase as the company continues its remarkable growth. The states which are currently eligible are:

Illinois Missouri
Ohio Texas

How Can I Get In Touch With Fig Loans?

Fig Loans are big on digital communications and can be contacted through their website at Alternatively, you can reach them by e-mail at, as well as through their Facebook and Twitter social media channels.

How Can I Apply For Fig Loans Online?

It all starts by ensuring that Fig Loans is the cheapest option for your circumstances by comparing these instalment loans online with Viva Payday Loans. If you’re happy with the rate offered by Fig Loans, follow these simple steps to apply.

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Once you’ve completed these simple steps, you’ll receive an instant online decision regarding your application. If accepted, you’ll need to read through the credit agreement carefully which will detail the total amount of credit being offered, repayment amounts, interest and total amount repaid.

If you’re happy with the offer, simply e-sign and return the credit agreement and your loan will be transferred to your account typically within 24 hours.

Fig Loans Review – Conclusion

Fig Loans are on the country’s leading online lenders offering a simple, intuitive application system with high rates of acceptance. Their customer service team is contactable 7 days a week online and aim to reply to all queries within just 48 hours, although it would be nice to see them introduce a call centre for urgent queries.

Their transparency and attention to customer service are two of the key reasons that they’ve managed to achieve a whopping 9.7/10 rating on TrustPilot since launch, proving themselves as a highly reputable lender.

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