Fig Loans Personal Loans Review in 2023

Fig Loans Personal Loans Review in 2023

An online lender called Fig Loans provides clients with bad credit with small personal loans. Additionally, it offers credit-builder loans, which, when repaid on time, are supposed to assist customers in improving their credit.

When you are ready to submit an application at figloans.com, you will verify your state and choose your preferred loan amount. Be prepared to provide details about your residence, bank account, and Social Security number.

Fig Loans will make disclosures regarding its electronic signature and privacy policies, among other things. After that, the group will examine your application. You might get a response right away or you might have to wait one or two business days.

The majority of applicants receive their monies the following business day, and the others do so within three working days.

You will pay back the principal of the credit-building loan from Fig Loans after 12 months of payments into a savings account. A year of on-time payments will be reflected on your credit report.

Depending on your state, your loan’s term, amount, schedule, and number of payments will change. For instance, Ohioans have access to $200 to $300 and are required to repay it in four months, whereas Californians have only access $50 to $150 and are required to reimburse it in one month.

Fig Loans does not impose penalties on early repayment or late payments. Before you sign the loan documentation, you will see your payment plan, which is either biweekly or monthly depending on your state. You are not charged a fee to change your payment date.

Debit card payments include a 3% processing fee applied by the lender, so ACH payments are advised.

Fig Loans are designed for emergency cash-strapped customers with weak credit but stable income. The bank account should have at least three months of history, regular deposits, a total monthly income of at least $1,400, and low overdraft fees.

When you apply, Fig Loans does not check your FICO credit score, but instead looks at your bank account statement to look at your transaction history and income. The lender also conducts a fraud and identity check that won’t lower your credit score.

According to the Better Business Bureau, Fig Loans has a F rating. With more than 4,400 reviews, Fig Loans receives an excellent rating of 4.8 out of 5 stars on Trustpilot.

The Consumer Financial Protection Bureau received 10 complaints against Fig Loans in 2021 that had to do with personal loans. All complaints were promptly addressed by the lender, which also resolved one non-monetary complaint and nine complaints with explanations.

Customers can text 832-803-0990 or email customer care at figloans.com from Monday through Friday. Fig Loans makes an effort to respond to all client questions within one business day. A toll-free number is also provided by the lender: 833-335-0855.

The entire loan application and payment process is managed by the online lender Fig Loans through its website. Unless you need support, the lender doesn’t demand personal contact at any point. In that instance, you can email or text the lender Monday through Friday, and you’ll normally get a response within 24 hours.