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.
- 0.1 Everything that you need to Know about Fig Loans:
- 0.1.1 The Big Highlight: Credit-Building Loans:
- 0.1.2 High-Interest Rates on Loans taken by Fig Loans:
- 0.1.3 Potential Debit Card Payment Fee:
- 0.1.4 An In-depth Look at a Personal Loan Provided by Fig Loans:
- 0.1.5 Fig Loans do not Charge any Additional Fees on Being Late:
- 0.1.6 You will Incur Additional Charges on Credit-Builder Loans:
- 0.2 Is it Worth Getting a Personal Loan from Fig Loans?
- 0.3 How to Apply with Fig Loans?
- 1 Conclusion!
Everything that you need to Know about 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.
Is it Worth Getting a 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.
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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.