Fig Loans Review 2020: Secure personal loans that help you to build your credit

 

Are you thinking about getting loans from “Fig Loans”? But you don’t have any idea about Fig Loans. Or this is the first time you are getting loans. That’s why you want to get information about loans or Fig Loans. Am I Right?

Then you have come to the right place.

Read this article you will get you every answer here. Don’t miss the last part of this article I will share some reviews of there customers. So let’s get started.

Pros & Cons

First talk about Pros and Cons of Fig Loans.

Pros Cons
Adjustable Repayment Terms Interest Rates
No Late Fees Credit Limit
Improve Your Credit Loan Availability
Early Repayment Savings Debit Card Fee
Credit Builder Loans
Customer Support

 

Let’s know more about Fig Loans

The journey of Fig Loans started in 2015 in Houston, Texas. This company started fig personal loans in Houston for low-income Americans to create better and affordable loan products.

Fig loans by Fig tech started as a collaboration between Fig and United Way THRIVE. Their installment loans ranging from $300 to $500 dollar. You have to repay that over 4 installments on a schedule. With Fig Loans you can adjust payment dates.

 

Type of Loans

There are two types of loans available in Fig Loans.

  • Fig Personal Loan
  • Credit Builder Loan

These two types of loans are available in Fig Loans. These loans have favorable loan terms, long-term goals, and adjustable payment schedules for consumers who have bad credit. They provide these loans in six states.

 

The difference of Fig Personal Loans Offers in the Different States

There are six states where Fig Loans are available. Those six states are Texas, Florida, Ohio, Illinois, Utah, Missouri.

Texas

  • Amount: $300–$500
  • Term: 4 months
  • APR: 190%

Florida

  • Amount: $300–$500
  • Term: 84 days
  • APR: 208.56%

Ohio

  • Amount: $200–$400
  • Term: 4 months
  • APR: 162% – 199%

Illinois

  • Amount: $300–$500
  • Term: 180 days
  • APR: 176%

Utah

  • Amount: $300–$500
  • Term: 4 months
  • APR: 190%

Missouri

  • Amount: $300–$500
  • Term: 4 months
  • APR: 190%

***(APR – Annual Percentage Rates)

 

Adjustable Repayment Terms

They offer their consumers adjustable repayment terms. Fig loans work with consumers to adjust their payment dates.

They help their consumers to create better and affordable loan products. Because they know life doesn’t always follow a calendar.

 

No Late Fees

Fig loans don’t charge late fees. They have a payday alternative for their consumers. Fig loans customer service team will change the payment schedule as necessary to suit the consumer’s budget.

Consumers can change their payment dates within one business day of their due dates.

 

Improve Your Credit

Consumers with poor credits get benefits after pay off their Fig loan payments are reported to the credit bureaus. Credit Bureaus can improve their credit score and consumers get more financially stable in the future.

Fig Loans Review 2020: Secure personal loans that help you to build your credit

 

Early Repayment Savings

Fig loans don’t charge any early repayment fee to consumers.

 

Credit Builder Loans

If you have no credit or bad credit then credit builder loans can be a great option for you. Fig loans credit builder loans like a secured credit card.

The US Consumer Financial Protection Bureau recommends that people build their credit with three credit option: Secure credit cards, Retail store cards, and credit builder loans. Like the credit builder loan offered by Fig loan.

Here’s how the credit builder loans work:

  • Apply for a loan.
  • Approval.
  • Pay a one-time origination fee to create your account.
  • Make monthly payments into your savings account for 1 year.
  • Payments are reported to Equifax and TransUnion.
  • Your credit score will increases as you make payments.
  • Your money will be released to you, and your credit score will be improved by an average of 48 points.

There are no late fees with the credit builder loan. Fig says they won’t look at your credit scores when you apply. They will analyze other factors of consumers such as income and other existing loans.

 

Customer Support

Fig loans provide quality customer service. Fig loan customer service team is available by phone, email, or text.

Consumers can easily contact the customer service team within a minute.

Fig loans customer support phone number I didn’t found but you can contact them via email. Their email address is (service@figloans.com)

 

Interest Rate

Fig loan installment carries an Annual Percentage Rates (APR). It ranging from 40% to 190%.When compared to mainstream personal loans, this is rather high.

However, Fig loans interest rates still low compare to other payday loans.

Most of the payday lenders often charge over 400% APR and in some states, it can be over 1000%.

 

Credit Limit

Fig loans financial service is not for those consumers who need to borrow a large amount of money all at once. Fig loans don’t provide that many loans at once.

Consumers are not allowed to borrow more than $500 at a time.

 

Loan Availability

Right Now, Fig loans are only available in six states of the United States. Those states are Texas, Florida, Ohio, Illinois, Utah, Missouri.

 

Debit Card Fee

Fig loans will charge a 3% fee If consumers make a payment with their debit card rather than paying directly from their checking account.

 

Fig Loans Eligibility and Application Process

First of all, They don’t have any minimum required credit score.

  • You must live in one of these six states (IL, MO, OH, TX, UT, or FL).
  • 18+ years old.
  • Regular source of income.
  • Active checking bank account with 90-day history.

You have to send an application to get loans. To get a loan online, you need these following things:

  • Name
  • Birthdate
  • Phone number
  • Address
  • Email Address

Then they will check your income source and previous loan details, rather than your credit score.

You will get an email within 24 hours about the loan decision.

Fig loan offers only small loans ranging from $300 to $500. You can’t borrow a large amount of money all at once. Fig loans will work with you to adjust payment dates for you.

That’s all.

 

Should I Get Fig Loan

Fig loans have high annual percentage rates. So you look for other options if possible.

If you don’t have other options then fig loans are a better choice compare to other payday loans.

If you are considering Fig’s credit builder loan, consider whether a secured credit card may make more sense for your financial goals.

 

Customer Review

These customer reviews taken from Trustpilot. All reviews 100% legit. By seeing these reviews you can decide about getting loans from fig loans or not.

Trustpilot Reviews:

Fig loans

To see more review click here.

 

I hope this will help you to decide what to do.

This review is written by PolicyonPoint. If you have any queries just feel free to contact us.

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