Fig Loans is an online lender that offers small personal loans to borrowers with fair to poor credit. It also has credit-builder loans, which are intended to help borrowers build credit when payments are made on time.

Make sure you research all of your options. Even with less-than-perfect credit, you could still qualify for a traditional personal loan.

If you decide that a high-cost installment loan is your best choice, then focus on making your payments on time and paying off the loan.

Borrowers can use Fig loans for unexpected expenses, such as car repairs or medical bills, and repay them over four to six months. Most borrowers receive their funds the next business day after applying, and the rest get them within three business days.

With Fig’s credit-builder loan, you will make payments into a savings account over 12 months and receive the principal at the end of the loan term. Your credit report will reflect a year of on-time payments.

Before you apply for a loan, make sure that Fig lends in your state – Florida, Illinois, Missouri, New Mexico, Ohio, Texas and Utah – and that the loan amounts will be sufficient for your needs. Loans are $200 to $300 for first-time borrowers and between $300 and $750 for repeat borrowers, with repayment terms from four to six months.

You’ll apply online for a loan, selecting your state and your desired loan amount. Prepare to supply personal information, such as your Social Security number, address and bank account information. Fig Loans will provide disclosures to explain terms, interest rates and repayment expectations.

The lender reviews your application, usually the same day, and upon approval can fund the loan within one business day.

Common uses for Fig’s short-term installment loans include:

Borrowers may not use loans to:

Fig loans are not designed to consolidate debt or to fund major expenses, such as home renovations or weddings.

Select your desired loan amount and loan purpose, your credit score range, and your state to see estimated annual percentage rates and loan terms.

Loan fees, terms and conditions depend on your state, your loan amount and your repayment period. For example, Fig Loans charges Missouri borrowers an APR of 229% for a $300 loan repaid over four months, which amounts to $155.52 in interest and a total repayment amount of nearly $456.

Fig Loans does not charge late fees or early repayment penalties. You’ll see your payment schedule – either weekly or monthly, depending on your state – before you sign loan documents. You can change your payment date without a fee.

The lender charges a 3% processing fee for payments made with debit cards.

You can qualify for a Fig loan if you live in a state where the lender operates and you need emergency funds. Fig Loans accepts borrowers with poor credit who might otherwise use a payday lender.

Loan amounts are $200 to $300 for first-time borrowers and up to $750 for repeat borrowers who have proved they can pay back loans. The average repayment term is four months.

Fig Loans does not check your FICO credit score when you apply but does review transaction history and income on a bank account statement. The lender also runs an identity fraud check that will not hurt your credit score.

Fig Loans operates in Florida, Illinois, Missouri, New Mexico, Ohio, Texas and Utah.

Fig Loans is not rated by the Better Business Bureau. Trustpilot scores Fig Loans 4.9 out of 5 stars, with 95% of more than 1,000 reviews rating the lender excellent. In 2020, the Consumer Financial Protection Bureau received three personal-loan-related complaints about Fig. It provided a timely response in all cases. Two cases were closed with explanation, and one was closed with monetary relief.

Borrowers can reach customer service 24 hours a day Monday through Friday at service@figloans.com or text 832-803-0990. Fig Loans attempts to address all customer inquiries within one business day.

Fig Loans is an online lender, so every part of the loan application and payment process is handled through the lender’s website. The lender does not require personal contact at any stage unless you need support, in which case you can email or text 24 hours a day Monday through Friday. Fig Loans also has an app for managing your loan available at Apple’s App Store or Google Play.