Sometimes, we find ourselves in a financial pinch that’s difficult to get out of. In these times it’s often critical to borrow money to stay afloat. But, what if you don’t have good credit?
Many lenders won’t provide loans to consumers with a credit score below 600 because these borrowers are considered high risk and lenders simply won’t budge. That’s why there are other options, like payday installment loans that can get you from one week to the next. But, you can also gain access to loans online with monthly payments if you know where to look.
FIG loans are precisely this, without the revolving debt cycle.
If you’re interested in learning more about how a FIG loan can help you, then you’ve come to the right place. Here we’re discussing an in-depth review so you can make an informed decision before you borrow. Keep reading to learn more.
About FIG Loans?
FIG only operates in two states, Texas and Missouri. They are headquartered in Sugarland, TX and founded in 2015. FIG offers personal installment loans for up to $500 to borrowers that have less than stellar credit with only a soft credit pull and bank account required to be eligible.
FIG Loans was founded by two men that saw a need in the lending field for borrowers that typically can’t qualify for a traditional loan. They work with foundations like the United Way to help customers stay on the road to good financial health.
You’ll find lower short-term APRs with FIG in comparison to other short-term lenders. There are also no fees involved for originating a loan with FIG. Not to mention that they even waive late fees and instead try to work with you in order to find a repayment date that works for you.
Loan applications are reviewed relatively quickly and you can usually find out if you’re approved within one business day. Typically, funds are disbursed the following business day meaning you could have access to your funds in as few as 3 days from the time you apply.
There is no early payment penalty for these loans. In fact, you’ll even receive an early payment discount on your loan if you pay it off before the final payment is due.
FIG receives high marks for their service with many customers commenting that support is ‘helpful and nice’.
If you live outside of Texas or Missouri, unfortunately, this isn’t the lender for you. While FIG is working to become available in other states, currently Texas and Missouri are the only two states where they lend.
Also, if you’re in need of significant funds, you may need to try your luck with a different lender. FIG loans focus primarily on emergency situations requiring $500 or less.
There are actually two types of loans available with FIG depending on your financial situation and need. The first is a traditional loan as we’ve discussed thus far. These loans max out at $500 and you’ll have four months to repay the balance.
Fees to watch out for with this loan include CAB, or credit access business fees. CAB fees will add to your total balance and you’ll end up paying about $0.40 for every dollar you borrow.
While FIG doesn’t necessarily charge late payment fees, you will be whacked with an interest rate jump if you’re late with a payment. This cannot be undone so it’s important to make your monthly payments on time.
Credit Builder Loans
With a credit builder loan through FIG, things work a little bit differently. When you’re approved for a credit builder loan, you’ll actually pay the balance of the loan up front, before the funds are released to you. These loans range from $500-$1000 and have a repayment term of 12 months.
FIG will report your monthly payments to the three major credit bureaus, Transunion, Equifax, and Experian to help you build your credit over the life of the loan.
There is only one fee for this type of loan. It’s a 28% APR. It’s important to consider how much you’ll pay in interest in order to boost your credit score and decide if this type of loan is right for you.
How to Apply
When you arrive at FIGs website, you’ll enter a requested loan amount before getting directed to your credentials, such as an email and password that you’ll need to create in order to proceed. Make sure you also read through the customer disclosures before submitting anything.
You’ll need to provide your social security number and personal banking information on the next page. Review and accept your loan terms and conditions before submitting your application.
Once FIG receives your request, they will asses your application and you’ll receive an email notification with your loan decision within a few business days, at the latest. Generally, you will receive an approval or denial within one business day.
Managing Monthly Payments
If you run into trouble with your loan payments, it’s important to contact FIG right away. They can work with you to secure a payment date that fits with your financial schedule.
Be mindful of that interest rate increase with late payments so that you don’t end up spending more on your loan than necessary. Otherwise, you can count on building your credit with a responsible payment history.
Get Back On Your Feet With FIG Loans
Overall, FIG’s monthly installment payday loans are a great option for people that have a difficult time accessing credit for loans. All you need is your bank account to qualify so long as you live in Texas or Missouri and you get back on your feet with a FIG loan, today!
FIG Loans are similar to quick payday loans without the hassle of racking up interest charges and getting stuck in a repayment cycle. With a loan from FIG, you can keep your finances on track and build your credit score at the same time. Many borrowers report that their credit score jumped anywhere from 47-100 points after just 8 months of reporting from their FIG loans.