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.
Loan amount between $50 to $500, up to $1,000 for returning customers with good payment history
Customer service via email or text, not available on weekends
Loans available to residents of California, Florida, Illinois, Missouri, New Mexico, Ohio, Texas, and Utah
Need at least three months of direct deposits in your bank account of $1,400 per month or more
Additional Reading
Read our review
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:
State
Term length
Loan amount range
APR
California
1 month
$50 to $150
211%
Florida
84 days
$300 to $500
208.56%
Illinois
4 months
$50 to $100
35.99%
Missouri
4 months
$300 to $500
199%
New Mexico
4 months
$300 to $500
175%
Ohio
4 months
$200 to $300
199%
Texas
4 months
$300 to $500
199%
Utah
6 months
$300 to $500
199%
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.
See our picks for thebest debt consolidation loans »
Fig Personal Loans Features
Regular annual percentage rate (APR): 35.99% to 211% APR, depending on your state
Fees: None
Loan amount range: $50 to $1,000
Repayment terms: One to six months
Fig Personal Loan Pros and Cons
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.
Loan amount between $50 to $500, up to $1,000 for returning customers with good payment history
Customer service via email or text, not available on weekends
Loans available to residents of California, Florida, Illinois, Missouri, New Mexico, Ohio, Texas, and Utah
Need at least three months of direct deposits in your bank account of $1,400 per month or more
Additional Reading
Read our review
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 35.99% to 211% APR, depending on your state, is above the highest rate in OppLoans’ APR range of 59.00% to 160.00%.
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 54.51 to 240.52%, which is higher on both ends than Fig’s range of 35.99% to 211% APR, depending on your state.
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.
Loan amount between $50 to $500, up to $1,000 for returning customers with good payment history
Customer service via email or text, not available on weekends
Loans available to residents of California, Florida, Illinois, Missouri, New Mexico, Ohio, Texas, and Utah
Need at least three months of direct deposits in your bank account of $1,400 per month or more
Additional Reading
Read our review
Ryan Wangman, CEPF
Loans Reporter
Ryan Wangman is a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF). In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here >>
Elias Shaya
Jr Compliance Associate
Elias Shaya is a junior compliance associate on the Personal Finance Insider team based in New York City. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that readers already know and love. The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up to date and accurate. He joined Insider in February 2022 as a fellow on the compliance team. Elias has a Bachelor of Science in International Business from the CUNY College of Staten Island. Prior to joining Insider, he volunteered at the New York Presbyterian Hospital, where he worked with the biomedical engineering department. In his spare time, Elias enjoys exploring new restaurants, traveling to visit his family in Lebanon, and spending time with friends.
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