Payday Loans Are a Rip-Off. Here’s How to Get $500 Right Now — for Way Cheaper

Q: How much can I borrow from Fig Loans?

Fig Loans offers advances ranging from $300 to $500, designed as short four-month installment loans rather than single-payment payday loans.

Q: Does Fig Loans run a credit check?

No — Fig Loans does not perform a traditional credit pull. Instead, it requires proof of direct deposits for at least three months to verify income.

Q: What are the repayment terms and fees?

Repayment is split into four equal monthly payments. First-time advance rates may range roughly from 176% to 190% APR, typically much lower than payday lenders.

Q: Will Fig Loans report payments to credit bureaus?

Yes. Fig Loans reports payments to Experian, Equifax and TransUnion, which can help strengthen or rebuild your credit if you make payments on time.

Q: Which states does Fig Loans serve?

Fig Loans currently operates in Florida, Illinois, Missouri, Ohio, Texas and Utah, with plans to expand to more states over time.

Published by

Clara

Feb 1

Fig Loans: Fast $500 Advances That Beat Payday

Oof. It’s rent day again, and you know the landlord will be coming around like always. But this time, you’re strapped for cash.

You’re really in a bind here. What to do, what to do? Skip paying the electricity bill? Or head to the nearest check-cashing outlet and grab a fast payday loan? A loan that comes with sky-high interest rates and gouges you?

Don’t go that route. There’s a smarter alternative you might not know about. A lender called Fig Loans can lend you up to $500 to tide you over — at a much lower cost.

In a Jam? How to Get That $500 Fast (No Credit Pull Needed)

No, Fig Loans doesn’t issue predatory payday loans that saddle borrowers with outrageously high APRs of 400% or more.

Unlike a payday loan, a Fig Loans advance is more affordable, simpler to repay and can help improve your credit. It’s a four-month installment loan ranging from $300 to $500. You make the same payment each month, so there are no surprises.

Here’s an extra perk: Your payments are automatically reported to the three major credit bureaus — Experian, Equifax and TransUnion. That can help you strengthen your credit profile — or rebuild it if your score needs work.

Fig Loans also doesn’t burden you with excessive fees. (Payday lenders are infamous for tacking on extra charges.) It will even waive late fees in some situations, working with you to set a new repayment date that fits your budget.

So… I Need $500. What’s the Catch?

We get it. You’re wondering where the catch is. The truth is: there really isn’t one.

The interest rate you’ll pay depends on your financial picture, but your rate for a first Fig Loans advance may fall roughly between 176% and 190%. That’s lower than what other short-term lenders typically charge and is under half of the typical payday loan rate.

So yes, there’s a cost, as with any borrowing, but if you need $500 quickly to cover rent or avoid a steep late penalty, you might find the fee reasonable for the convenience.

Fig Loans doesn’t run a credit check, but you must prove you’ve had direct deposits for at least three months. Also note: Fig Loans currently serves Florida, Illinois, Missouri, Ohio, Texas and Utah, though it is working to expand into more states.

Facing a money crunch? The application takes only minutes, and you could see the funds in your account within a day or two.

Jordan Hale ([email protected]) is a senior writer at Savinly.