Fig Loans review: is Fig Loans legit?
Fig Loans is a legitimate online installment lender, and Fig Tech, Inc. is the company behind it.
- APR
- 190% to 279%
- Amounts offered
- $50 to $800
- States
- 6 states
- Complaints to the CFPB
- 422
- Enforcement actions
- 1
Fig Loans on file
- Owner
- Fig Tech, Inc.
- Issued by
- Fig Loans Texas LLC does business as Fig Loans and holds a state license; in Texas it is a licensed credit access business.
- Product
- They offer small installment loans as a payday loan alternative; Texas loans are arranged through a credit access business
- Repayment length
- 1 month to 6 months
- Credit checks
- Bank transactions and income get checked alongside fraud and identity verification via Clarity Services, avoiding a hard pull on FICO or Vantage
- Time to get the money
- After accepting, most customers get funded the next working day; instant funding may reach an eligible debit card within the hour; ACH may need as many as 4 working days.
Taken from what Fig Loans publishes, CFPB complaint counts and public enforcement files. All sources are listed at the foot of the page
The cost of $500 at Fig Loans
$975.91
At the highest APR Fig Loans publishes, 279%, a $500 loan repaid in 6 monthly payments (Fig Loans offers that term) works out to about $162.65 a payment: $975.91 back in total, of which $475.91 is interest.
This estimate uses the highest published APR and is no offer; the rate you get turns on where you live and on your credit. Fig Loans gives this example: In Missouri and Utah, a $300 loan at 190% APR for 120 days costs $127.44 in interest, making the total repayment $427.44 (the homepage lists 4 payments of $106.86).
Good to know about Fig Loans
- In FL, MO, OH, TX, UT, WI, this state-licensed or registered lender posts fee tables by state where APR caps run from 199% to 279%.
- Extensions add no fees or interest to these very small loans of $50 to $800, which you repay over 1 to 6 months.
- It checks bank transactions and income for underwriting, reports every payment to all three bureaus, and skips a hard pull on FICO or Vantage.
- The only regulator action found against it is a 2023 Texas order about a late quarterly report, not loan pricing.
- Fig Tech faces 422 complaints in the CFPB database, with incorrect information on a credit report being the most common issue (134 cases).
States where Fig Loans lends
Fig Loans names 6 states on its own site. Each link opens that state's payday and small-loan rules as general background, not a ruling on Fig Loans's own loans, which may come under a different state law or a partner bank.
Fig Loans complaints and lawsuits
The CFPB database lists 422 complaints naming Fig Tech Inc. Most common issues: your report contains incorrect information; the company threatened or took negative or legal action; an issue arose with how the company investigated an existing problem.. Check the CFPB count
- 2023 · Texas Office of Consumer Credit CommissionerFig Loans Texas received an order in case L23-00118 to stop breaking reporting rules, following a missed deadline for 2023 second-quarter reports. Source
Want a cheaper loan than Fig Loans?
Talk to a specialist about lower-cost choices in your state, credit union loans included. Talk to someone about cheaper options: 855.947.5189
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Fig Loans alternatives: loans like Fig Loans
| Lender | Type | APR | Amounts | States named | CFPB complaints |
|---|---|---|---|---|---|
| Fig Loans (this record) | Online installment lender | 190% to 279% | $50 to $800 | 6 | 422 |
 Rise Credit | Online installment lender | 60% to 299% | $500 to $5,000 | 31 | None filed |
 OppLoans | Online installment lender | 99% to 195% | $500 to $5,000 | 41 | 2,172 |
 NetCredit | Online installment lender | 34.99% to 99.99% | $1,000 to $10,000 | 38 | 6,080 |
 CreditNinja | Online installment lender | – | $300 to $5,000 | – | 308 |
– means the company does not publish it. Complaint counts are totals, not rates: a bigger company draws more. Open any name for its full record.
Questions about Fig Loans
Is Fig Loans legit?
Fig Tech, Inc. runs Fig Loans, a real online installment lender that publishes APRs of 190% to 279% for loans between $50 and $800. Fig Tech Inc appears in 422 CFPB complaint database entries; separately, we found a single government or court action in the records.
Who owns Fig Loans?
The company listed is Fig Tech, Inc. The lender on the loan is Fig Loans Texas, an LLC that does business as Fig Loans; it is state-licensed and, in Texas, holds a credit access business license.
Does Fig Loans check your credit?
According to Fig Loans, there is no hard pull on your FICO or Vantage score; instead, they review bank transaction history and income, along with an identity and fraud check via Clarity Services.
How fast does Fig Loans send the money?
According to Fig Loans, most customers get funded the next working day after they accept; instant funding may reach an eligible debit card within the hour; ACH may need as many as 4 working days.
Has Fig Loans been sued or fined?
In 2023, the Texas Office of Consumer Credit Commissioner issued an order (case L23-00118) requiring Fig Loans Texas to end reporting rule violations because it failed to file its second-quarter reports for 2023 on time.
Where the Fig Loans facts come from
- The operating business is Fig Loans Texas LLC, which trades as Fig Loans.; Fig Tech, Inc. is an affiliate sharing common ownership.figloans.com
- States servedsupport.figloans.com
- The lender holds a licence but does not lend in Virginia.; The highest APR equals the maximum allowed in Missouri.; Florida maximum APRfigloans.com
- Range of loan amounts; Range of loan terms; Funding by ACH may need up to 4 business daysfigloans.com
- The homepage shows a $300 loan over 4 months at 190%, split into 4 payments of $106.86.figloans.com
- The next work day brings funds to most customers.support.figloans.com
- The credit check skips a hard pull on FICO or Vantage score.; Income and transaction history guide the underwriting process.support.figloans.com
- All three major bureaus receive payment reports.support.figloans.com
- In Texas, it operates as a licensed credit access business under Chapter 393.; Signed August 31, 2023, the Texas OCCC order noted a missed 2023 second-quarter report deadline.; Reporting violations must cease per the Texas OCCC order.occc.texas.gov
- Total complaints in the CFPB database for Fig Tech Inc.consumerfinance.gov