Fig Personal Loan Review 2022 – Business Insider | Vette Leader

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Fig personal loans

Regular APR

35.99% to 211% APR, depending on the state

Regular APR

35.99% to 211% APR, depending on the state

advantages

  • No credit check
  • Low minimum loan amount
  • No late fees
  • Fast financing

Disadvantages

  • Very high APR
  • Only available in 8 states
  • Low maximum loan amount
  • income requirement

More information

  • Loan amount between $50 and $500, up to $1,000 for returning customers with good payment history
  • Customer service via email or SMS, not available on weekends
  • Loans for residents of California, Florida, Illinois, Missouri, New Mexico, Ohio, Texas and Utah
  • Need at least three months of direct deposits into your bank account of $1,400 per month or more

Depending on which state you live in, your loan terms will vary:

Borrowers in some states looking for larger loan amounts (up to $1,000) may see their limit increased after they have a solid payment history with Fig.

Pros and Cons of Fig Personal Loans

Who is Fig best for?

Fig is a good option for borrowers who may not qualify for a personal loan elsewhere because of their credit history. Fig bases its credit decisions primarily on your transaction history and income as shown on your bank statement. You will need to show approximately three months of direct deposits of $1,400 per month in your account.

However, Fig interest rates are closer to payday loan interest rates than traditional personal loan interest rates – so be very careful before taking one out. A payday loan is a high-cost, short-term, unsecured loan, the principal of which is part of your next paycheck. They can end up costing more than you borrowed, leaving you in a cycle of debt.

How to compare fig personal loans

All three lenders bill themselves as alternatives to payday loans, offering slightly lower interest rates than their high-yield counterparts (many payday loans have interest rates around 400%). However, you still pay a much higher interest rate with these three lenders than with a traditional personal lender.

Possible has only one term: two months. Opploans terms range from nine months to 24 months depending on which state you live in. Fig has terms ranging from one to six months depending on where you live.

None of the three companies will check your credit, so they could be a good option for borrowers who have been turned down by other companies due to poor credit history.

Compare personal loan rates

Is Fig trustworthy?

Fig Loans is not currently rated by the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB evaluates companies based on their response to customer complaints, honesty in advertising and openness to business practices. Fig is unrated because the BBB does not have sufficient information to provide a rating.

Fig has not been involved in recent controversies or scandals. Although Fig is not BBB rated, its clean history may make you feel comfortable borrowing from the lender. Before doing so, contact friends and family members to share their experiences with Fig.

frequently asked Questions

Is Fig a legit company?

Yes, Fig is a legitimate company that offers personal loans to borrowers without checking their creditworthiness.

How hard is it to get a fig loan?

It depends on your financial situation. To get a loan, you need about three months of direct deposits of $1,400 per month in your bank account. If you do not meet this requirement, you will not receive a loan.

How fast can you get a fig loan?

Almost every borrower receives their funding within three business days, and 94% of borrowers receive their funding the next day after submitting their application, according to the FAQ section of Fig.

Can you pay off a fig loan early?

Yes, you can prepay a fig loan with no penalty.

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