Fig offers small dollar bridge loans to borrowers who would otherwise resort to payday, title or pawn shop loans. Fig loans build credit and are designed to be repaid. Our mission is to help consumers transition into mainstream credit products.
Fig loans are 4-6 months, have flexible repayment plans and range from $100-$1000. In contrast to payday loans which charge on average ~600% APR, Fig loans are offered at 80% APR. As we build our loan database and scale, we ultimately aim to offer loans at credit card level rates. Fig achieves its lower rate by partnering with financial case coaches for business model innovation. Additionally, case coaches only refer borrowers they believe can repay the loan, thereby selecting higher quality borrowers. In return, Fig provides nonprofits an independent scalable solution that saves case counselors time, preserves precious non-profit funds, and contributes annual donations as part of Fig’s social impact charter.