Fig Personal Loans Review 2022

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Fig personal loans

Regular APR

35.99% to 211% APR, depending on your state

Regular APR

35.99% to 211% APR, depending on your state


  • No credit check
  • Low minimum loan amount
  • No late fees
  • Quick funding


  • Very high APRs
  • Only available in 8 states
  • Low maximum loan amount
  • Income requirement

More Information

  • Loan amount between $50 to $500, up to $1,000 for returning customers with good payment history
  • Customer service via email or text, not available on weekends
  • Loans available to residents of California, Florida, Illinois, Missouri, New Mexico, Ohio, Texas, and Utah
  • Need at least three months of direct deposits in your bank account of $1,400 per month or more

Depending on the state you live in, your loan terms will vary:

Borrowers in some states looking for larger loan amounts (up to $1,000) may see their limit increase after developing a solid payment history with Fig.

Pros and cons of Fig personal loans

Who is Fig best for?

Fig is a good option for borrowers who may not qualify for a personal loan elsewhere based on their credit history. Fig primarily bases its lending decisions on your transaction history and income, as shown by your bank account statement. You’ll need to show about three months of direct deposits of $1,400 per month in your account. 

However, Fig’s interest rates are closer to a payday loan’s rates than to a traditional personal loan’s rates — so be very careful before taking one out. A payday loan is a high-cost, short-term unsecured loan that has a principal that is a portion of your next paycheck. They may end up costing more than you borrowed and can trap you in a cycle of debt. 

How Fig personal loans compare

All three lenders bill themselves as alternatives to payday loans, and do come with slightly lower rates than their high-interest counterparts (many payday loans have interest rates around 400%). However, you’ll still pay a much higher interest rate with these three lenders than you would with a traditional personal loan lender.

Possible has only one term length: two months. Opploans’ terms range from nine months to 24 months, depending on the state you live in. Fig has term lengths ranging from one to six months depending where you live.

None of the three companies check your credit score, so they could be a good option for borrowers who have been denied by other companies due to a poor credit history. 

Compare Personal Loan Rates

Is Fig trustworthy?

Fig Loans is currently not rated by the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB rates companies by evaluating their response to customer complaints, honesty in advertising, and openness about business practices. Fig is not rated because the BBB doesn’t have sufficient information to give a rating. 

Fig hasn’t been involved in any recent controversies or scandals. Though Fig isn’t rated by the BBB, its clean history may make you feel comfortable borrowing from the lender. Reach out to friends and family members before you do so to get an understanding of their experiences with Fig. 

Frequently asked questions

Is Fig a legitimate company?

Yes, Fig is a legitimate company that offers personal loans to borrowers without checking their credit scores.

How hard is it to get a Fig loan?

It depends on your financial situation. To get a loan, you’ll need to show about three months of direct deposits of $1,400 per month in your bank account. If you don’t meet this requirement, you won’t be able to get a loan. 

How fast do you get a Fig loan?

Nearly every borrower gets their funding within three business days, and 94% of borrowers receive their funds the next day after submitting their application, according to Fig’s FAQ section.

Can you pay off a Fig loan early?

Yes, you can pay off a Fig loan early with no penalty. 

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