Sometimes unexpected things come into our lives, and we have no choice but to deal with them. Fig Loan is one of the solutions. It allows consumers to borrow small sums and pay them back within six months.
These are possible when a person has a medical bill to cover or urgent car repair. Yet, plenty of details should be considered — for instance, the interest rate and credit relation to a specific situation.
Fig Loans Overview
Fig Loan refers to payday alternative lenders. In addition to borrowing, consumers also want to build credit. So, this is an excellent option for those who need a short-time period of credit. However, take into account that it is available only in the following states: Utah, New Mexico, Texas, California, Illinois, Missouri, Ohio, and Florida.
The offer isn’t big and usually equals $200 – $300 at the first application. Later, if you want to use the Fig credit again, you’ll have an opportunity to borrow from $300 to $750. The payback period may be six months max. If you can repay faster, there is a minimum term of 4 months.
To get credit, consumers must provide a range of personal data such as bank account information, address, and Social Security number. When all the requirements are met, the consumer can be qualified for the loan on the same day or within one workday.
Fig covers several events – car repair, medical bills, and urgent home expenses. It is crucial to check whether you have any illegal activity in your transaction history and ensure you weren’t involved in any drug selling and\or purchasing.
While applying for the credit, you have to consider all the terms and conditions. These depend on several factors, such as the state you’re currently living and registered in, the payment period you want to choose, and the borrowed amount.
For example, APR intended for Missouri citizens is 229% for $300 with the 4-month repaying period. To count it up, the interest equals approximately $155, which means a total repayment of $460.
Pros and Cons of Fig Loans
Most bankers recommend applying for the Fig Loan only if it’s necessary. Yet, there are lots of benefits of credit:
- Fast issuing. The request is usually reviewed on the same day or the next day after the application;
- Fixed rates. Like all installment loans, Fig has a fixed price, and each consumer knows for sure how much they owe and what the due date is;
- Flexibility. Fig credit can be changed as often as you wish, only under one condition – your actions should meet the terms of the credit, such as the length of the payback and the amount of borrowed money.
Together with advantages go drawbacks. Unfortunately, no option is perfect enough, and consumers have to obey the given rules or decline them:
- Fixed amount. Once you take a mortgage in a certain amount, it cannot be changed. In case you need more money, you are supposed to open new credit. However, there are no guarantees you’ll be eligible to receive it after all;
- Monthly financial agreement. Consumers have no choice but to deposit fixed milestones each month. Also, if you miss at least one scheduled payment, it will cause a default of the loan and a negative impact on your credit score;
- Fees and penalties. Each person who borrows any installment credit should be aware of the additional payments, such as application fees and prepayment penalties. Still, these depend on the lender you choose.
6 Best Online Installment Loans like Fig Loans
Selection of the right mortgage is essential. Some of them may provide lower interest or don’t charge any fees, which allows for saving up a little and borrowing for your benefit. We have found the best online installment loans like Fig. Here you can get acquainted with all the details and choose the one that matches your needs.
Found in 2003 by Cashback LLC and based in California, Cashback Loans remains available only in that state. It offers small sums starting from $100 and up to $350 with an APR of 460% (annual).
To be eligible for the Cashback OppLoans, consumers must provide a decent credit score – the lender accepts the range between 300 and 640. The minimum annual income supposes to be $13,200 or higher. Otherwise, you won’t be able to get the credit.
Like other installment loans, the cashback comes within one workday or shortly after the application is approved. The significant advantage of this credit is its availability. Consumers can send requests online or choose to confirm them via call.
Check cashing, gift-card, and money transactions are also possible. In case you’re late with one of the deposits, the badcreditloans would ask you to pay a one-time fee that varies from $15 to $45.
Although the range of options isn’t that wide, the credit is good to use, and it can quickly help those in need. Moreover, the application process is convenient and easy to understand, so there should be no problems requesting it. Fast verification only adds positive points to cashback loans.
Moneytree is a good choice because it has no prepayment penalties or high fees. However, it is available in four states, which may require customers to deposit additionally.
On the positive side, the loan allows borrowing small amounts, which are usually enough to cover medical bills and DIY house expenses. Yet, there are also some disadvantages – for instance, high-interest rates and no online application opportunity (but it’s rare and depends on the state).
The range of borrowing is pretty broad. Consumers can start from $50 and go up to $5,000 as set in Nevada. Therefore, APR rises too. Usually, it is a three-digit number that varies according to the state terms. In case you decide to apply for a Moneytree loan, you can choose whether you want to go to the local branch or do it online (works only for Nevada, Idaho, and Colorado citizens) with the following documents:
- Checking account data
- Address and contact number
- Proof of stable annual income
Once the website or the local point of Moneytree gets all the needed information and checks it, they will approve it or vice versa if there are any problems such as criminal background or low rates. The waiting period is short and won’t take longer than three business days.
Power Finance Texas
Power Finance Texas loan is one of the best options across the state and the country. There are plenty of benefits. It has several stores in major state cities such as Dallas, El Paso, Huston, etc.
Also, applications are available both at the point and online ways. In addition, as with most installment loans, Power Finance Texas approves the request on the same day or max. within 24 hours.
Consumers with different credit scores are eligible to apply. The offer varies between $300 and $1,250. The OppLoans can be used for any purpose – a short family journey or an unexpected car repair. Customers shouldn’t worry too much because Power Finance Texas always considers their situation and current liabilities and expenses.
However, to be able to apply for credit, employment, and a minimum of $800 ($1000 if using on the website), monthly income is mandatory. Also, you need an active checking account that was opened at least a month ago.
On the negative side, the loan has very high fees. For example, nominal interest is 10% annually, which equals nearly $11 of total interest from $300. Yet, there are CAB fees as well. For the same amount of debt, it will generate $830. To sum up, customers are obligated to pay $1,141 in general. In addition, the APR level varies between 730% and 790%.
ASCIN is not a lender in comparison to all the previous options. Yet, it can help by connecting the consumer to a possible lender who can cover the consumer’s needs. So, ASCIN doesn’t provide money itself and cannot supply an exact Annual Percentage Rate (APR) if you have already applied for a loan.
Like all the standard operators and companies, Ascin recommends deciding in favor of a payday loan only if it’s necessary, and you need a small amount of money in the short term. This type of credit must be an option only in an emergency situation such as medical and unexpected housing expenses.
Considering that ASCIN plays the role of broker, it doesn’t set the rates. However, it works accordingly to general norms – for example, the operating APR varies between 390% and 790%. Also, if you are late with your monthly deposit, you should pay the late fee, which is usually 15% of the loan balance.
ASCIN advises strictly adhering to states’ conditions and keeping up with all the updates. In addition, take into account that the online broker is available only in the following places: New Jersey, New York, North Carolina, West Virginia, Vermont, Pennsylvania, Maryland, Georgia, Connecticut, Arizona, and Massachusetts.
Majestic Lake Financial
Majestic Lake Financial was created not long ago in California by several corporations. There is one specific feature of this loan – it doesn’t reveal a lot of information about its terms and rates. After certain unpleasant events between Majestic Lake and CBS News, the APR rate was revealed. It’s significantly larger than the APR of competitors – the number varies between 440% and 950%.
Most definers are the same as on other websites. The first possible borrow is any amount you need, between $300 and $1000. The second time, using Majestic Lake Finances, customers can borrow up to $1,500. Applications are reviewed and approved within one business day.
However, there is one significant disadvantage that can’t be neglected. Providers hide the terms and rates and allow seeing them only after applying. Due to violation and not following the Truth in Lending Laws and property disclosure, Majestic Lake can be named and considered as one of the badcreditloans.
Alltru Credit Union
Alltru is another option that consumers can take. In addition, it has plenty of advantages. First, it has no annual and no balance transfer fees. Applicants with any type of credit score are accepted, but the score amount should still be in the range of 600 – 800.
The APR level is lower than Alltu’s Credit Union competitors require – for instance, the purchase APR is only 7.99% – 18%, and the balance transfer is 12.99% to 18%. Moreover, foreign transactions are also possible with just a 1% fee.
To be eligible to get the mortgage, you need to meet basic requirements such as citizenship or permitted residency, ID, banking data, contact number, address, etc. Also, you have to be employed and have a stable annual income or be retired. Alltru has an age requirement as well – customers must be minimum of 18 years old.
What is even more fascinating, the company provides Identity Theft Protection, Auto Rental Collision Damage Wavier, and Fraud Liability. Moreover, Alltru Credit Union is available in every state of America.
If you have unexpected difficulties and urgently need money, then a Fig Loan is the best option for you. Every consumer can ask for a small two- or three-digit sum of up to $300 at the first request and up to $1000 at the second borrow.
Installment credits like Fig Loans are convenient and have a good offer – a comprehensible amount of money and enough time to pay it back – from four to six months. However, always consider the state requirements. Even when there are no fees on the Fig side, the state can set the penalty or ask for additional expenses.