💡 Struggling With Debt? Seek Debt Relief NOW.
Taking a new personal loan can help, but it can also add stress if cash flow is already tight. If you’re overwhelmed by credit cards or existing loans, consider a nonprofit option like Consolidated Credit Canada. They help Canadians consolidate and manage debt without piling on high interest.
What is Fig Financial?
Fig is a fully digital lender in Canada that offers unsecured installment loans. You apply online, get a decision quickly, and if approved, funds can arrive as soon as the next business day. Loan amounts typically range from $2,000 to $35,000, terms from 24 to 84 months, and APRs from 8.99% to 29.49%. Fig is backed by Fairstone Bank, which adds stability.
Who is it for?
Fig is designed for borrowers who want a simple, transparent online process, need a mid-sized lump sum, and prefer fixed monthly payments. It’s a good option if you want to check your rate with no impact to your credit first. Final approval will involve verification and may include a hard credit pull. If you qualify at the lower end of their APR range, it can be a reasonable alternative to a credit card or traditional loan.
Key Features
- Loan amounts: $2,000 to $35,000, terms between 24 and 84 months
- Rates: APRs from 8.99% to 29.49%
- Credit check: Soft check for pre-qualification, hard check if you proceed
- Speed: Offers in seconds, funding in as little as one business day
- Fees: No prepayment penalties
- Reputation: Backed by Fairstone Bank and available nationwide (with some exceptions)
Pros and Cons
| Pros | Cons |
|---|---|
| Simple online process with fast decisions | Top-end APR can be expensive |
| No prepayment penalty and no impact to check your rate | Final approval may involve a hard credit pull |
| Backed by a major Canadian bank | Not available in all regions |
How does Fig compare?
When shopping for personal loans, compare APRs, term flexibility, prepayment rules, and how quickly you can get the money. Here’s how Fig stacks up against some other Canadian lenders:
| Company | Min. Credit Score | APR Range | Loan Type | Notes |
|---|---|---|---|---|
| Fig Financial | Not published | 8.99% – 29.49% | Unsecured personal loans | $2,000 to $35,000, rate check without impact |
| Fairstone | Not published | Unsecured 29.99% – 34.99% | Unsecured and secured loans | Branch support, longer terms on secured loans |
| Spring Financial | Not published | 9.99% – 35% | Unsecured personal loans | $500 to $35,000, credit-builder loans available |
| easyfinancial | Not published | 9.99% – 35% | Unsecured and secured loans | Wide availability and in-person branches |
When to avoid Fig
If you already have high credit card balances or are struggling to keep up with existing payments, taking on a new loan can make things worse. At the higher end of Fig’s APR range, the cost can be significant. In that case, it may be better to look at lower-cost options with your bank or credit union, or talk to a nonprofit credit counselling service.
💡 Need a Better Way Out of Debt?
If your goal is to get out of debt faster, speak with Consolidated Credit Canada for a nonprofit plan that can reduce interest and simplify payments.
Final verdict
Fig makes personal loans easy to apply for and quick to fund. The rate check is low-pressure, there are no prepayment penalties, and the company is backed by a reputable financial institution. If you qualify near the low end of their APR range, Fig can be a solid choice. If you land near the top of the range, be sure to compare against banks, credit unions, and other online lenders before you commit. Always read the agreement carefully and confirm how your loan will be reported.
💬 Fig Financial FAQ (Frequently Asked Questions)
1. Does Fig Financial do a hard credit check?
When you first check your rate with Fig, it is a soft inquiry that does not affect your credit score. If you decide to move forward with the loan, a hard inquiry may be performed during final approval.
2. What loan amounts and terms can I get?
Fig offers loans starting at about $2,000 and going up to $35,000. Repayment terms typically range from 24 months to 84 months, so you can choose a shorter or longer repayment plan based on what fits your budget.
3. How fast can I get the money?
Most borrowers get an instant decision online. Once approved and signed, funds can be deposited into your bank account as quickly as the next business day.
4. Are there any fees or penalties?
Fig does not charge a prepayment penalty. That means you can make extra payments or pay off your loan in full before the term ends without added cost. Other fees, like late payment charges, may apply if you miss due dates, so always read your agreement carefully.
5. Will making payments help my credit score?
Like most personal loans, your repayment history with Fig may be reported to the credit bureaus. Making payments on time can improve your credit over time. Missed or late payments can hurt your score.
6. Who owns Fig Financial?
Fig is backed by Fairstone Bank and its parent group, which gives it more stability compared to many newer fintech startups.
7. Is Fig available everywhere in Canada?
Fig loans are available to most Canadians, but there may be some exceptions in certain territories. The easiest way to know is to check eligibility directly through their website.
8. What interest rate will I get?
Fig’s advertised APR range is between 8.99% and 29.49%. Where you fall in that range depends on your credit history, income, debt-to-income ratio, and other factors. Borrowers with stronger credit profiles tend to qualify for lower rates.
9. Can I pay off my Fig loan early?
Yes. There are no early repayment penalties, so you can pay down your balance faster and save on interest.
10. How safe is it to apply online?
Fig uses encrypted online applications, and you can complete the entire process digitally. Still, you should always make sure you are on the official Fig website before entering personal or banking information.
Mark Turner is a retired financial writer that now enjoys blogging about different financial topics, such as commodities, inflation, debt, retirement, alternative investments and Canadian politics.
