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.
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|
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:
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.
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|
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)|
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 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.