A Fig Loan is an installment loan, meaning it's paid off in equal payments over a period of, on average, 4 months. The exact length of your loan, repayment schedule, and number of payments will vary depending on your state, but you'll be able to see this before you ever accept the loan! At Fig, we also never charge late fees, late interest, or bounce fees. You will never pay more on your loan than you agreed to pay in your loan agreement.
Another key difference to the Fig Loan is that we report to the 3 major credit bureaus (Experian, Equifax, and TransUnion), so that you can build your credit while you get the emergency cash you need. Over time, as you build your credit, you may be eligible for lower-APR loans with more traditional lenders. We believe in helping you now and helping you in the long term.
Lastly, Fig is unique because we are entirely online. You can apply, accept and make changes to your payment schedule all from your My Fig Account!
Our founders structured the original Fig Loan like a mortgage on training wheels. Why? Because this payment model works for working class Americans, unlike the harsh repayment terms of payday loans.