Fig Loans Review: A Payday Loan Alternative?
Fig Loans presents itself as a smarter alternative to payday loans. In this video, I’ll break down their loan options, terms, and policies so you can decide if they’re the right choice for you.
What Is Fig Loans?
Fig Loans was created to help people avoid the high costs of payday loans while building credit. Their loans cater to individuals with poor or bad credit who need access to small amounts of cash but struggle to qualify elsewhere. Currently, Fig Loans operates in Texas, Missouri, Ohio, Utah, and Florida and offers two main products:
- Installment Loans – Small, short-term personal loans
- Credit Builder Loans – Designed to help improve your credit score
Fig Loans: Installment Loan Details
Fig Loans provides installment loans ranging from $300 to $500, with repayment terms of one to six months. These loans are ideal for covering short-term financial gaps, but not suitable for larger expenses.
Key details:
✅ Designed for bad credit borrowers – If you have fair credit or better, you may qualify for a lower APR elsewhere.
✅ APR ranges from 190% to 210% – Rates vary by state.
✅ Flexible payment options – If you’re struggling to pay, you can request to reschedule up to 28 days or split your payment in half.
✅ Reports to all three credit bureaus – On-time payments can help improve your credit score, but late payments will hurt your credit.
Fig Loans: Credit Builder Loan
If your goal is to build credit, Fig Loans also offers a credit builder loan. This loan helps you establish a positive payment history while saving money.
How it works:
- Fig Loans “lends” you a set amount but holds the funds in an escrow account.
- You make fixed monthly payments.
- Each on-time payment is reported to all three credit bureaus to help build your credit score.
- Once fully repaid, you receive the escrowed money—effectively giving you savings at the end.
Since on-time payments are the #1 factor in your credit score, this loan is most beneficial if you can commit to consistent payments.
Should You Use Fig Loans?
If you frequently rely on payday loans or need help building credit, Fig Loans could be worth considering. However, when you have bad credit, it’s essential to compare lenders to find the best option.
That’s where The Yukon Project can help. Instead of applying blindly, visit our lending marketplace to compare rates from up to 40 lenders—without impacting your credit score. Our soft credit check ensures you only see loans you actually qualify for.
Share Your Experience!
Have you used Fig Loans before? Drop a comment and let us know how it went—your insights could help others!
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