Fig Financial: Solid Mid-Market Personal Loan Option
Fig Financial bridges the gap between traditional banks and high-rate lenders with competitive rates and flexible terms. But is it the right choice for you?
The Quick Version
Fig Financial offers personal loans with APRs starting at 8.99% and terms up to 84 months. Borrow from $2,000 to $35,000 CAD, making it a good fit for those with average credit looking for a mid-range loan. The downside? High maximum rates can hit 29.49%, so watch out if your credit score isn't stellar.
Fig Financial offers competitive rates with flexible terms.
Fig Financial Personal Loan
What You Get
With Fig Financial, you're looking at a loan amount between $2,000 and $35,000 CAD. The APR ranges from 8.99% to 29.49%, depending on your creditworthiness. Loan terms span from 24 to 84 months, providing flexibility in repayment. Unlike some competitors, Fig doesn't charge prepayment penalties, which is a plus if you plan to pay off your loan early.
What's Actually Good
Fig Financial stands out with its flexible loan terms and the absence of prepayment penalties. If you're building credit and need a longer term to manage monthly payments, this flexibility is invaluable. Plus, starting rates at 8.99% are competitive in the personal loan market, especially for those with decent credit scores.
The Catch
The potential downside is the high maximum APR of 29.49%. If your credit isn't strong, you might end up with a rate close to this cap, making the loan less attractive. Additionally, while the terms are long, this could mean paying more in interest over the life of the loan if you don't pay it down quickly.
Who Should Apply
If you have a credit score in the standard range, particularly above 650, and need a loan to cover medium to larger expenses, Fig Financial might fit the bill. It's also a good option if you're not planning to pay off the loan in a short time frame and need the flexibility of extended terms.
The Bottom Line
Fig Financial is a decent choice for those with fair to good credit looking for a flexible personal loan. It's not the cheapest option if your credit is shaky, but for many, it's a solid mid-market option. If you're curious about other personal loan offerings, you might want to check out Is the M&S Bank Personal Loan Worth It for You?
