Fig Loans Review
Installment Loans from $300 to $500
Fast approval • Secure application • No commitment
Fig Loans at a Glance
About Fig Loans
Fig Loans, operated by Fig Tech Inc and founded in 2015 in Houston, Texas, is a mission-driven fintech lender designed specifically for low-to-moderate income Americans living paycheck to paycheck. Fig offers small installment loans from $300 to $500 with repayment terms of 3-6 months, positioning themselves as a credit-building alternative to predatory payday loans.
What makes Fig Loans unique is their dual focus: (1) providing emergency cash at APRs (36-189%) that are significantly lower than payday lenders (300-600%), and (2) reporting all payments to all three major credit bureaus (Experian, Equifax, TransUnion), allowing borrowers to build credit history while borrowing. This combination addresses a critical gap in the subprime market.
Fig's application process takes about 5 minutes and approval decisions are made within 1 hour. They use alternative underwriting that considers your income, rent payment history, and banking patterns instead of relying solely on credit scores. First-time borrowers and those with poor credit (scores as low as 560) are routinely approved.
With an 8.1/10 rating (one of the highest in our review) and 44% approval rate, Fig Loans has earned recognition for their borrower-friendly approach, transparent pricing, and commitment to financial inclusion. They're ideal for borrowers who need $300-$500 for small emergencies and want to improve their credit while borrowing.
Expert Opinion: Highly Recommended
Fig Loans is our top recommendation for borrowers who need $300-$500 and want to build credit while borrowing. Their 36-189% APRs are 50-70% lower than typical payday lenders, and reporting to all three credit bureaus provides a credit-building opportunity that payday loans don't offer. The mission-driven focus and 8.1/10 rating reflect a lender that genuinely wants to help borrowers escape the payday loan debt trap. We strongly recommend Fig if you live in their service area (Texas, Utah, Missouri, Illinois, Ohio), need a small emergency loan, and can commit to on-time monthly payments. If you need more than $500, consider Oportun (up to $10,000, also credit-building) or MoneyLion (up to $5,000). Fig is proof that affordable, responsible short-term lending can exist in the subprime market.
Example Loan Cost
Representative example of a typical Fig Loans loan:
*This is a representative example only. Your actual APR and costs will depend on your credit profile, loan amount, and state regulations. Always review your loan agreement before accepting.
Pros & Cons of Fig Loans
Advantages
- ✓ Reports to all 3 credit bureaus—build credit with on-time payments
- ✓ Lower APR (36-189%) than most payday lenders (300-600%)
- ✓ Small loan amounts ($300-$500) perfect for minor emergencies
- ✓ Installment structure (3-6 months) vs. lump-sum payday loans
- ✓ No credit score minimum—accepts scores as low as 560
- ✓ Fast approval within 1 hour and 24-48 hour funding
- ✓ Mission-driven—committed to breaking the payday loan debt cycle
- ✓ High customer rating (8.1/10) reflects borrower satisfaction
Disadvantages
- ✗ Very low maximum amount ($500)—not suitable for larger expenses
- ✗ APR (36-189%) still higher than traditional personal loans (6-36%)
- ✗ Limited geographic availability (currently Texas, Utah, Missouri, Illinois, Ohio, and expanding)
- ✗ 44% approval rate means over half of applicants are declined
- ✗ Funding takes 24-48 hours—slower than 1-hour payday lenders
- ✗ Only available online—no physical store locations
How to Apply for a Fig Loans Loan
Start Your Application
Visit Fig Loans's website or use our comparison tool to submit your application. You'll need basic personal information, employment details, and bank account information.
Get Approved
Fig Loans will review your application and make a lending decision within 24 hours. You'll receive notification via email or SMS.
Review & Accept
Carefully review the loan terms, including APR, fees, repayment schedule, and total cost. Only accept if you understand and agree to all terms.
Receive Funds
Once you accept the loan, Fig Loans will deposit funds directly into your bank account. Funds typically arrive within 24 to 48 hours.
Frequently Asked Questions
Does Fig Loans really help build credit?
Yes! Fig reports every payment to Experian, Equifax, and TransUnion. On-time payments can improve your credit score by 20-50 points over 6 months. This is rare in the payday lending space where most lenders don't report. Missed payments will hurt your credit, so ensure you can afford the monthly installments before borrowing.
What is the APR for Fig Loans?
Fig's APR ranges from 36% to 189% based on your state, credit profile, and loan amount. For example, a $500 loan in Texas at 140% APR over 4 months would have monthly payments of about $155 and total repayment of $620 ($120 in interest). This is roughly half the cost of a payday loan with the added benefit of credit-building.
What states does Fig Loans operate in?
Fig Loans currently operates in Texas, Utah, Missouri, Illinois, and Ohio, with plans to expand to additional states. Check figloans.com to see if they serve your state.
Alternatives to Fig Loans
While Fig Loans is a solid choice, you may also want to consider these alternatives:
- → Credit Union Payday Alternative Loans (PALs) – Lower APRs (28% max) but slower approval
- → Installment Loans – Longer terms (6-24 months) with smaller monthly payments
- → Cash Advance Apps – $50-$250 advances with low/no fees (Earnin, Dave, Brigit)
- → Compare Other Lenders – See all 30 lenders in our network
Ready to Apply with Fig Loans?
Get started in minutes. Fast approval, secure application, no commitment.
Apply Now at Fig Loans →⚠️ Important Disclosure
High-Cost Loan Warning: Fig Loans loans have APRs ranging from 36% to 189%, which is significantly higher than traditional bank loans. These loans are intended for short-term financial needs only and can be expensive if not repaid quickly.
Responsible Borrowing: Only borrow what you can afford to repay on time. Late or missed payments can result in additional fees, collection actions, and damage to your credit score.
Editorial Independence: Credizen.net is a comparison service. We may earn a commission when you click on lender links or apply for a loan through our platform. All reviews and ratings are based on publicly available data and user feedback. Fig Loans has not influenced this review.
Emergency Financial Help
If you're experiencing financial difficulties, contact your local financial counseling service.
- South Africa: National Credit Regulator - 0860 627 627
- Romania: ANPC - 0213142200
- Colombia: Superintendencia Financiera - (571) 594 2222
- Poland: KNF - 22 262 5000