Fig Loans Review 2023

Fig Loans Review 2023

Fig Personal Loans: A Unique Borrowing Option

Are you in need of a personal loan but struggling to find a lender due to your poor credit history? Look no further than Fig Personal Loans. While it may not be the first choice for everyone, Fig offers a unique approach to borrowing money. In this article, we will explore the features, pros, and cons of Fig Personal Loans, as well as provide a comparison to other similar lenders.

Who are Fig Personal Loans Best For?

Fig Personal Loans are aimed at borrowers who may have difficulty qualifying for a loan elsewhere based on their credit history. Rather than relying solely on credit scores, Fig primarily considers transaction history and income, as shown by your bank account statement. To qualify, you will need to demonstrate about three months of direct deposits of at least $1,400 per month.

However, it is essential to exercise caution before taking out a Fig loan, as their interest rates are comparable to those of payday loans. Payday loans are high-cost, short-term unsecured loans that often trap borrowers in a cycle of debt. While Fig may be a suitable option for some, it’s crucial to consider the potential long-term financial implications.

Fig Personal Loans Features

Before considering a Fig Personal Loan, let’s take a closer look at its key features:

• Regular annual percentage rate (APR): Fig Personal Loans come with an APR ranging from 35.99% to 211%, depending on your state.
• Fees: Unlike many other lenders, Fig Personal Loans do not charge any fees.
• Loan amount range: Borrowers can take out loans ranging from $50 to $1,000.
• Repayment terms: Fig offers repayment terms of one to six months.

Fig Personal Loan Pros and Cons

To help you make an informed decision, let’s examine the pros and cons of Fig Personal Loans:

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Pros:

• Doesn’t use your credit score as a major factor: Fig’s lending decision primarily considers your transaction history, making it more accessible for borrowers with less-than-perfect credit.
• Low minimum loan amount: Depending on your state, you can borrow as little as $50, which is ideal for those who only need a small amount.
• No late fees: If you make a late payment, Fig Personal Loans do not penalize you with additional fees.
• Fast funding: Nearly all borrowers receive their funds within three business days, with 94% receiving their funds the next day after applying.
• May improve your credit score: Fig reports all loan payments to major credit bureaus, meaning your credit score may improve over time if you consistently make on-time payments.

Cons:

• Extremely high APRs: Fig Personal Loans have APRs close to or exceeding 200%, making them much more expensive compared to other lenders.
• Limited availability: Fig Personal Loans are only available in eight states: California, Florida, Illinois, Missouri, New Mexico, Ohio, Texas, and Utah.
• Low maximum loan amount: First-time borrowers are limited to a maximum loan amount of $500, while solid payment history may qualify you for up to $1,000. However, this is still lower than what other lenders offer.
• Minimum income requirement: Fig requires a three-month history of direct deposits totaling at least $1,400 per month.

Applying for a Fig Loan

If you decide to apply for a Fig Personal Loan, follow these steps:

1. Register for an account: Visit the lender’s website and fill out the registration form. Take your time to read and understand all the legal terms.
2. Gather necessary documents and information: While Fig does not perform a hard credit pull, you will still need to provide personal information, including your Social Security number, as well as demonstrate 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, desired loan amount, and other relevant details.
4. Review the loan offer: Fig will inform you of the loan amount, interest rate, and term length you qualify for if your application is approved.
5. Sign the loan agreement and receive funds: If you accept the offer, sign the loan agreement, and the majority of borrowers can expect to receive their funds on the next business day.

Fig Personal Loans in Comparison

To provide further context, let’s compare Fig Personal Loans to two other lenders:

Fig Loans vs. OppLoans:

• Fig offers term lengths ranging from one to six months, depending on your state, while OppLoans’ terms range from nine to 24 months.
• The top end of Fig’s APR range (211%) exceeds OppLoans’ highest rate (160%), making OppLoans a relatively more affordable option.

Fig Loans vs. Possible Finance:

• Possible Finance has a fixed term length of two months, offering less flexibility compared to Fig’s range of one to six months.
• Additionally, Possible Finance’s APR range (54.51% to 240.52%) falls on both ends higher than Fig’s range.

Trustworthiness and Ratings

Fig Loans is currently not rated by the Better Business Bureau (BBB). However, this lack of rating does not necessarily indicate any controversies or scandals surrounding the company. Before borrowing from Fig, it is advisable to reach out to friends and family to gather their experiences.

To rate Fig Personal Loans, we follow a comprehensive rating process based on key factors, including interest rates, fees, loan amounts, funding speed, borrower accessibility, customer support, and ethics. Each category’s weighting depends on its impact on the overall borrowing experience, allowing us to provide an accurate assessment.

In conclusion, Fig Personal Loans offer an alternative borrowing option for individuals with poor credit history. While it falls short compared to other personal loan lenders due to its high APRs and limited loan amounts, Fig can be a solid choice for those in need of quick cash. Remember to analyze your financial situation carefully before deciding on a loan provider.

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