Fig Loans Review: An Emergency Loan That May Help You Build Credit

Fig Loans

In the time of emergency, if you run out of money, the situation may get very intense and worrying.

When you know that there is no possible way for you to get rid of it except taking an emergency loan, you know you have to choose one of the many services offering their services in this regard. 

Having said that, We bring forward a service that not only allows you to cover your emergency expenses, but it also allows you to build credit at the same time as well.

However, there is a catch. These loans are going to be coming at higher interest rates and can only be attained in 6 states

Let’s talk about fig Loans.

Everything that you need to Know about Fig Loans:

Fig Loans

Fig loans happens to be a money lender service that operates out of Houston. Fig loans got its start by teaming up with Houston’s United way branch.

According to the company, it plans on offering a better alternative as compared to payday loans as well as help people by improving their credit scores.

At Fig loans,  there are two different kinds of consumer loans available, one is known as a “Personal Loan”.

This company refers to its personal loans as the “fig Loans”. As for the other type, the other loan goes by the name of “Credit-builder loan”.

This moneylender reports both types of its loan to the three major consumer credit bureaus.

This scenario seems to be a helpful one for the users as they allow you to build credit over the time provided that you make due on the payments as decided by the contract of the agreement.

Now, we know that this is not a lot to go on, so here is some more detailed information about Fig Loans.

The Big Highlight: Credit-Building Loans:

When we talk about the personal loans, otherwise known as “Fig Loans”, this kind of loan is suggested by the company in dire need of an emergency.

This loan ranges from $300 to $750 and the borrowers are given a time of four months to six months to pay it off.

According to fig loans, they might even offer you a discount if you are able to make due on your loan as soon as possible.

As for Credit-builder loans, we can compare them to Secured Credit Cards. These Type of loans are a good option if you are looking to build credit.

This option particularly favors the people who usually don’t have any credit or have a bad credit.

With this credit-builder loan, you are going to be making payments into a savings account for a time period of an year.

As the end of the year is going to be nearing, you are going to be receiving all of your money back in your account. In other terms, this money could also be referred to as principal amount.

So, as long as you are able to make due on payments punctually, you will be able to maintain and develop a good credit history.

Due to the claims of Fig loans of not looking at your credit scores at the time of your application, Fig loans are going to be evaluating your application on the basis of other factors such as your income and any pre-existing loans that you are currently playing.

As for the location, Fig Loans can only be obtained from only six states, that includes Florida, Illinois, Missouri, Ohio, Texas and Utah.

High-Interest Rates on Loans taken by Fig Loans:

If you end up taking a loan from Fig Loans, we should mention that you are going to be incurring high APR that usually run in the triple digits.

Needless to say, Fig loans can run very expensive. The APRs of Fig Loans run very high and are bound to trap you in a loop of debt if you cannot make due on payments of your loan on the selected time.

If you are capable of paying the loan back right away, taking out a Loan from Fig Loans is going to be a harmful aspect for you and your financial status.

Potential Debit Card Payment Fee:

Fig loans happens to be an innovative solution over other options as it allows the users to be able to pay off their loans using their debit card. While this may seem convenient, there is a catch.

If you choose to Pay off your debt via a Debit card, you are going to be incurring additional charges in terms of a Processing fee.

If you are looking for a workaround, then you can steer clear of this fee by setting up automatic withdrawals from your bank account as an alternative.

This will allow you to use your debit card to pay off your repayment loans without having to incurring any additional processing fees.

An In-depth Look at a Personal Loan Provided by Fig Loans:

Although we have tried to be as detailed as possible in the text mentioned above, we feel like that there is still a void to fill when it comes to giving you clarity about the whole process and to develop the understanding of personal loans granted by Fig Loans.

This additional information is going to play a vital part in deciding that whether or not fig loans is a credible solution to your current problems.

Fig Loans do not Charge any Additional Fees on Being Late:

This happens to be a big advantage of choosing Fig Loans over many other options available on the market for emergency loans.

There are many kinds of many lenders online that are going to charge you an hefty amount of money if you are to run a little late on your repayments. 

If you take a loan from Fig Loans, Fig loans is not going to be charging any kinds of late fees for it’s credit-builder loans.

However, if you do have a payment that is about to be late for about 30 days, Fig Loans will move to close your loan and will end up redundant all the principal that has been paid by the payee, subtracting any interest that was owed on your past-due payments.

Through this way, Fig loans has a way to report your loan application as a closed account in place of a delinquent one. 

You will Incur Additional Charges on Credit-Builder Loans: 

While there are advantages to taking out a credit-builder loan from the Fig loans, there are some disadvantages as well such as, when you take a loan with Fig loans, you are going to also have to pay a one-time fee that is incurred by the borrower for opening an account with Fig Loans.

Credit-builder loan happens to be a great option so we would think that it is worth looking past.

Is it Worth Getting a Personal Loan from Fig Loans?

Personal Loan from Fig Loans

As compared to the other options on the market, Fig Loans have higher annual Percentage rates, otherwise Known as APRs.

Keeping that in mind, we would tell you to consider all the other options available before you think about considering Fig loans for taking a personal loan.

Let’s say, if your car were to break down, you are going to be better off if you use a credit card with lower APRs for the payment of repair costs.

If you run in an medical emergency, you should confer with the doctor whether they offer low-interest payment loans or not.

However, seeing that there are no other Options are available, we would suggest you take a personal loan from fig loans as compared to a typical Payday Loan or Title loan.

As compared to these types of loans, you are going to be a lesser APR and you will not have to put your assets at risk like you do with title loans.

However, we would still ask you to make sure that going for Fig Loans is your only last option and that there are no other options available.

As for the people considering taking Fig’s credit-builder loan, we would ask you to think whether a secured credit card might make more sense for your financial goals.

How to Apply with Fig Loans?

When it comes to applying for a fig loan, you have to make sure that you are a resident of any of the six states that it offers its services in.

If you have a bank account that offers at least three months of transaction history, income deposits of at least 1,400 a month, and have a positive balance at the time of your application, you must also ensure that you get your paychecks via direct deposits.

If you decide to go through the process of online application, you will have to provide some information such as the name, Date of Birth.

Conclusion!

Here goes our complete review of how to apply with Fig Loans. We have tried our level best to explain Fig loans in detail so that you can decide whether or not it’s a good choice for you.

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