Fig Loans Review: Rates, States, Limits and Alternatives

Fig Loans is a small-dollar installment lender that may be worth considering if you need less than $1,000 and want to avoid a traditional payday loan. It offers installment loans and credit builder loans with no hard credit inquiry, no late fees and no origination fees. Instead of relying primarily on your credit score, Fig reviews your income and banking history and reports on-time payments to all three credit bureaus.

The trade-off is cost. Annual percentage rates (APRs) are around 200%, which is much higher than a traditional personal loan, though typically lower than many payday loans.

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Key Takeaways

• Fig Loans offers two small-dollar products with no hard credit check. Installment loans run $50 to $800, while credit builder loans go up to $1,000, both with no late fees or origination fees. Funding lands within the same day to two business days.

• It's available in only six states and has modest income requirements. You'll need at least three months of checking history, a positive balance and steady income of $1,400 or more a month.

• Fig reports on-time payments to all three credit bureaus. That makes it a fit for borrowers with poor credit who want to build history while borrowing under $1,000.

Summary generated by AI, verified by MoneyLion editors

Fig Loans: At a Glance

• Loan amount: Up to $1,000

• Rates: Around 200%

• Funding: Same day to 2 business days

• Credit check: No hard credit inquiry

• Fees: No late fees or origination fees

• Best for: Borrowers who need less than $1,000 and want an alternative to payday loans while building credit

Company Overview

• Trustpilot: 4.9 out of 5 stars

• Google: 4.7 out of 5 stars

Fig Loans is based in Sugar Land, Texas. Established in 2015, it offers small installment loans and credit builder loans. The company currently serves borrowers in Florida, Missouri, Ohio, Texas, Utah and Wisconsin, with the entire application process completed online.

Key Features of Fig Loans

• Loan amounts: Range from $50 to $1,000

• Repayment terms: Installment loans are usually repaid within one to six months. Credit builder loans may have longer repayment periods.

• Funding speed: Typically, between one and two business days. In some cases, funding can be the same day.

• Credit check: No hard inquiries

• Credit building: Fig Loans reports your on-time payments to all three credit bureaus.

Good To Know

Fig Loans offers two different borrowing options:

• Personal loan: Best if you need access to cash for an unexpected expense and can repay the balance over time.

• Credit builder loan: Best if your primary goal is building credit through on-time payments rather than borrowing money for immediate spending.

Fig Loans Costs and Fees

Fig Loans don't charge late fees or origination fees, but they do charge a high APR of around 200%. The company is transparent and doesn't have any hidden fees.

Here's a quick cost example:

• A $300 loan could result in a total repayment of around $360 to $400, depending on the loan terms and APR.

Debit card payments may also include a processing fee, depending on how you choose to make your payment. Review the payment options before submitting your loan payment.

Fig Loans Eligibility Requirements

You’ll need to meet the following requirements to qualify for a Fig Loan:

• Provide your bank account history: You need to share at least three months of your checking account history.

• You must have a positive bank balance: Your account must not be new, and the balance history must be positive.

• You must show steady income: You need to show a consistent history of at least $1,400 per month.

• You must be a resident where a Fig Loan is offered: You must live in Florida, Missouri, Ohio, Texas, Utah or Wisconsin.

• You must meet the age requirement: You’ll need to be at least 18 years old.

• You must have citizenship: You must be a U.S. citizen or a permanent resident with a Social Security number.

Pros and Cons of Fig Loans

Here’s a quick look at the main advantages and potential drawbacks of Fig Loans.

How To Apply for a Fig Loan

The application process takes about five minutes. Here’s what to expect:

1. Go to the Fig Loans’ website and click “Apply.”

2. Choose your loan amount.

3. Review all of the disclosures carefully.

4. Provide your personal and financial information.

5. Accept your offer.

6. Funds should be in your account within one to two business days.

Is Fig Loans Legitimate?

Fig Loans is a legitimate lender that has operated since 2015 and serves borrowers in several states. Customer reviews on Trustpilot and Google are generally positive. Before borrowing, review the loan agreement carefully so you understand the APR, repayment terms and total borrowing costs.

How Fig Loans Compares To Other Lenders

Not sure if Fig Loans is the best option? Here are a few alternatives that offer similar short-term personal loans or credit-building features.

Fig Loans vs. Possible Finance

Like Fig Loans, Possible Finance uses your banking history to determine loan eligibility. However, Possible Finance offers smaller loan amounts up to $500. Possible Finance also reports on-time payments to all three credit bureaus.

Fig Loans vs. OppLoans

OppLoans are different from Fig Loans in that they offer larger installment loans — up to $5,000. Similar to Fig Loans, OppFi does not perform a hard inquiry on your credit.

Who Fig Loans Is Best For

• Those who want to borrow less than $1,000

• Anyone with a poor credit history

• Those who live in Florida, Missouri, Ohio, Texas, Utah or Wisconsin

Who Should Avoid Fig Loans

• Those who need more than $1,000

• Borrowers looking for lower interest rates

• Anyone needing a longer-term loan

Final Take

Fig Loans may be worth considering if you need less than $1,000, don't qualify for traditional financing and want an alternative to payday loans. There are no hard credit checks, and if you’re looking to borrow while building credit, it may be a good fit. Fig Loans reports on-time payments to all three major credit bureaus, which can help strengthen your credit history.

Fig Loans may not be the best option if you can’t comfortably afford the interest rates. While the rates are typically lower than payday loans, they are still significantly higher than those offered by traditional loans.

Fig Loans FAQs

Is Fig Loans a direct lender?

Yes, Fig Loans is a direct lender offering loans in some states.

How fast is funding with Fig Loans?

Funding is pretty quick, and most can receive funds within one to two business days.

Can I repay early?

Yes, you can pay off your Fig Loan early.

Does Fig Loans affect my credit?

Your credit can improve since Fig Loans reports on-time payments to all three credit bureaus.

What states are Fig Loans available in?

You can get a Fig Loan in Florida, Missouri, Ohio, Texas, Utah and Wisconsin.

Does Fig Loans charge a fee for debit card payments?

It may. Depending on how you choose to make your payment, debit card transactions can include a processing fee. Review the available payment methods and any associated fees before submitting a payment.

Key Terms

• APR: The yearly cost of a loan, including interest and certain fees, shown as a percentage. It helps you compare borrowing costs across lenders.

• Payday loan: A short-term, high-cost loan, usually for $500 or less, that’s typically due on your next payday.

• Installment loan: A loan you repay over time with scheduled payments, usually in equal amounts, instead of one lump-sum payment.

• Hard inquiry: A lender’s review of your credit report after you apply for credit. It can affect your credit score.

• Credit-builder loan: A loan designed to help you build credit by making on-time payments, which may be reported to the major credit bureaus.

Summary generated by AI, verified by MoneyLion editors

Sources

• Consumer Financial Protection Bureau. 2024. "What is a personal installment loan?"

• Consumer Financial Protection Bureau. 2024. "What is a payday loan?"

• Consumer Financial Protection Bureau. 2024. "What is the difference between a loan interest rate and the APR?"

• Trustpilot. "Fig Loans."

Data is accurate as of Aug. 3, 2026, and is subject to change.