Fig Loans Review

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Fig Loans is a rather young lender that started its path in 2015. It was established in Texas by Jefferey Zhou and John Li who wanted to create the company that would provide excellent products with smaller fees. They aimed to make a useful option for people who needed to upgrade their income and receive the money quickly. Two founders always wondered how these individuals could pay unreasonably high rates and survive in tough financial circumstances. Here, a client has to pass a simple application procedure and give basic data like phone number, name, email, and banking account. A customer receives a letter informing about their decision based on the loan report, income details, and banking account story. Fig Loans notifies you about this status within 1 working day. The lender provides the chance to take small money sums starting at $ 300 and up to $ 500. The repayment period is divided by 4 dates according to a schedule that is convenient for a customer. But these conditions are flexible because Fig Loans is ready to meet a client’s needs and correct his money-return dates.

Advantages of Fig Loans

This company comes up with a fine schedule and many other benefits. Learn the most essential ones to make the right decision:
  • adjustable money-return conditions;
  • friendly customer support;
  • informative FAQ section;
  • credit reports;
  • discount for early money return.

Money-Return Conditions at Fig Loans

Fig Loans cares about its customers and provides convenient schedules that meet their requirements. Although it has the condition to return the money within 4 months, the lender doesn’t perform it as a strict rule. You can ask managers to adjust your repayment dates. Don’t hesitate to ask Fig Loans to fix your schedule according to your balance situation. They offer to change the repayment period within 1 day of a determined date. Besides, the company doesn’t provide fees in case a client decides to change his money-return term and give the borrowed sum a little bit later. It’s hard to find another lender that is ready to let a customer do so without any additional penalties.

Customer Support

Fig Loans has excellent support management that is really helpful for customers. They offer to get consultations on the phone, send them an email or ask any financial question online. In case you decide to call them, be sure that you’ll be connected with a manager almost momentary. Moreover, there are no time limits. A customer can call them at any hour of the day and get an explanation about their processes.

FAQ Section

In case you have any question but do not want to get in touch with the company’s representatives, there’s the chance to find any information online. Fig Loans has a useful FAQ section explaining its products’ characteristics and processes. A customer will also find details connected with a money-return schedule there.

Credit Reports

The company wants to help its customers create a successful credit history. That’s why it tracks payments and sends information to 3 major agencies. Fig Loans team believes that this strategy is great for people who want to maintain their budget better and build a nice credit score.

Early Money-Return Discount

There is some good news for people who want to repay the borrowed sum earlier than the set date. First of all, Fig Loans doesn’t accumulate any fees for this option. Second of all, a client will even get a discount in case he’s ready to give the received money amount beforehand.

Disadvanatges of Fig Loans

Check the following disadvantages to understand if this lender is the right choice:
  • APR rate;
  • the sum you can obtain;
  • the territory of activity.

High APR Rates

Some clients may find it hard with rates performed by Fig Loans. Although they aren’t higher than some other lenders offer but there’s still the chance to find lower fees. Their loans start at 36 % and rise up to 190 %. It’s worth mentioning that you can start at higher rates with your credit history and schedule. But there’s the chance to reduce the received fees. You can show you’re a responsible borrower and impress them with a credit score. Otherwise, you can repay earlier.

The Money Amount

It’s a disappointment for many loan users but Fig Loans doesn’t give large sums. Here, a customer can’t get the chance to receive the amount higher than $ 500. Sometimes, a person needs more money to cover all the existing bills. That’s why Fig Loans may not be a good option for people who want to get more extra cash.


Fig Loans isn’t available on the entire territory of the USA. People who need to obtain a personal loan can get it at this company only in case they live in Utah, Texas, Illinois, and Missouri. it’s a rather limited territory and many potential clients who like their offers won’t be able to reach Fig Loans.

Criteria for Eligibility

In case you want to become a customer of Fig Loans, you have to meet some of their requirements. For example, your annual income can’t be less than $ 16 800. You also have to prove that you can return the borrowed money sum and fees coming with it. Another rule demands a candidate for a loan to be not less than 18 years old. An applicant must also have an active banking account.

Final Words on Fig Loans

The lender is a young player and it provides a fresh vision of the industry. It has a few excellent options and offers that come with payday loans. The company has a flexible money-return schedule, discounts for early repayment, and friendly customer support. Fig Loans provides rates that may be high for many clients. But they’re still lower than some other lenders accumulate. The amount you can obtain here is limited to $ 500.
Borrower requirements
  • Age 18years or older
  • Have regular income
  • US citizen or permanent resident
  • Have a valid bank account
Obtaining methods
  • Bank account
  • Credit or Debit card
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