How to Get a Low Interest Loan from Fig Loans

Finding affordable credit can be challenging, especially for individuals with fair or limited credit histories. If you’ve ever felt stuck between expensive payday loans and traditional banks that reject your application, Fig Loans could be a practical alternative.

Understanding how to obtain a low interest loan from Fig Loans involves knowing their process, eligibility requirements, and strategies to secure the best possible rate.

This guide will walk you through Fig Loans, the steps to apply, tips to reduce your costs, and other alternatives worth considering.

What Is Fig Loans

Fig Loans is a financial services company that focuses on helping borrowers who traditional banks underserve.

Instead of trapping customers in debt cycles, Fig aims to offer transparent, affordable installment loans with clear repayment terms.

One of the unique aspects of Fig Loans is its mission-driven approach. They started by partnering with nonprofits to design loan programs that meet real community needs.

Borrowers often use Fig for emergencies, such as medical bills, car repairs, or covering essential expenses that have been missed.

Compared to payday loans, Fig’s interest rates are significantly lower and structured to help borrowers build credit over time.

How to Apply for a Low Interest Loan from Fig Loans

Getting started with Fig Loans is a straightforward process.

Everything can be done online in a few steps:

1. Check eligibility online – Visit the Fig Loans website and complete a short application. You’ll be asked to provide basic information, including your income, employment details, and bank account history.
2. Receive a lending decision – Fig Loans uses alternative underwriting, which means they may approve borrowers who would typically be denied elsewhere.
3. Review loan terms – You’ll see the loan amount, repayment schedule, and interest rate clearly before accepting.
4. Get funded – Once approved, funds are typically deposited in your bank account by the next business day.
5. Repay over time – Repayment is scheduled in manageable installments, helping you avoid lump-sum payments that payday lenders often require.

Read related blog: How to Get a Personal Loan from Fig Loans

Tips for Securing the Lowest Rate with Fig Loans

Improve Your Credit Score

Even though Fig Loans is more flexible than banks, a better credit score can help you qualify for lower rates. Paying down debt and keeping credit utilization low improves your chances.

Borrow Only What You Need

Fig Loans is designed for emergency expenses. Keeping your loan amount minimal will reduce total interest paid and keep monthly payments affordable.

Show Stable Income

Consistent income reassures lenders that you can make timely repayments. Setting up direct deposit can make the process even smoother.

Compare Options at Beem

Beem allows you to compare Fig Loans with other lenders to ensure you’re getting the most competitive offer available for your profile. Download the app now!

Set Up Autopay

Scheduling automatic payments not only prevents late fees but also helps you establish a stronger repayment history, which in turn boosts your credit over time.

Alternatives to Fig Loans

While Fig Loans can be a great option, it’s smart to explore other lenders that might offer lower interest rates, larger loan amounts, or longer repayment terms. 

Here are some fig loans alternatives:

SoFi

SoFi is one of the most popular online lenders in the US, known for offering some of the lowest interest rates on personal loans. Borrowers with good to excellent credit scores often get the best deals, making it a strong choice if you’re financially stable and looking to save on interest.

Beyond competitive rates, SoFi offers additional perks that distinguish it from others. For example, it offers unemployment protection, meaning if you lose your job, SoFi can temporarily pause your payments and even help you find new employment. This gives borrowers peace of mind, something many lenders don’t provide.

The application process is quick, with prequalification available online. You’ll see your estimated rate without hurting your credit score, allowing you to make an informed decision. Loan amounts range from a few thousand dollars to $100,000, making SoFi suitable for a wide range of needs, from medical expenses to large home improvements.

Borrowers also benefit from no origination fees or prepayment penalties, making repayment more flexible. If you want a loan that combines low costs, flexibility, and extra benefits, SoFi is a smart alternative to Fig Loans.

OppLoans

OppLoans caters to borrowers who may not qualify for prime loans due to poor or fair credit. Unlike payday lenders, which often charge sky-high rates, OppLoans offers installment loans with clear repayment terms and lower APRs, making it a safer option.

One of OppLoans’ strongest features is speed. Many borrowers receive approval within minutes and funding as soon as the next business day. This makes it especially useful for urgent financial needs, such as emergency repairs or paying overdue bills.

OppLoans also focuses on financial education, offering resources to help borrowers improve their credit and budgeting habits. Over time, making on-time payments with OppLoans can boost your credit score, giving you access to even better lending options in the future.

While interest rates are higher compared to traditional banks, the ease of approval, transparent terms, and quick funding make OppLoans a practical alternative to Fig Loans, particularly for borrowers who want to avoid predatory payday loans.

Universal Credit

Universal Credit offers personal loans designed to help borrowers with less-than-perfect credit gain access to affordable financing. It offers loan amounts ranging from $1,000 to $50,000, making it versatile for handling both small and large expenses.

One of the biggest advantages of Universal Credit is its focus on accessibility. Even if your credit history isn’t strong, you can often qualify by showing steady income and repayment ability. The lender also provides tools, such as credit monitoring and free educational resources, helping borrowers improve their financial health while repaying their loans.

The application process is straightforward, with prequalification available online. This allows you to check your rate with a soft credit pull that won’t affect your credit score. Once approved, funds are usually disbursed within a few business days.

Universal Credit is particularly attractive for borrowers looking to consolidate high-interest debts. By combining multiple payments into a single loan with a lower interest rate, you can simplify your finances and potentially save money. For people rebuilding their financial standing, Universal Credit is a solid alternative to Fig Loans.

Upgrade

Upgrade is a well-established online lender that provides personal loans with fixed rates, making budgeting easier. Borrowers can access loan amounts from $1,000 to $50,000, with repayment terms ranging from 24 to 84 months. This flexibility allows you to tailor the loan to your financial situation.

A standout feature of Upgrade is its debt consolidation option. If you’re carrying balances across multiple credit cards, Upgrade can pay off those accounts directly, rolling everything into one monthly payment. This not only simplifies repayment but also helps you save on interest over time.

Upgrade also includes free credit monitoring and financial tools to help you track your progress. Borrowers with fair credit may qualify; however, those with stronger credit scores typically receive the lowest rates. The online application process is straightforward, and prequalification allows you to explore rates without impacting your credit.

If you’re looking for a lender that offers flexible repayment options, debt consolidation, and helpful financial tools, Upgrade is a strong alternative to Fig Loans.

MoneyKey

MoneyKey specializes in smaller installment loans and lines of credit, making it a suitable choice for borrowers who need quick access to cash but prefer a longer repayment cycle over the short-term nature of payday loans. Loan amounts and terms vary by state, but the company prioritizes accessibility.

The application process is fast and entirely online. Once approved, many borrowers receive their funds by the next business day, which can be crucial during emergencies such as car repairs or medical bills. MoneyKey’s repayment schedules are designed to be manageable, with multiple installments instead of a single lump-sum payment.

While interest rates are higher than those of banks, the flexibility of repayment and transparency make MoneyKey less risky than payday lenders. It’s best suited for borrowers with fair or limited credit who need smaller amounts of funding to bridge financial gaps.

For someone who needs speed, flexibility, and straightforward terms, MoneyKey can be a useful alternative to Fig Loans.

Reach Financial

Reach Financial focuses heavily on debt consolidation loans, helping borrowers combine multiple payments into a single monthly installment. This is especially beneficial if you’re juggling several high-interest debts and want a simpler, more affordable way to manage your finances.

The lender offers loan amounts ranging from $3,500 to $40,000 with fixed rates. Many borrowers find that consolidating through Reach Financial lowers their total interest and makes budgeting easier. It also provides direct payment to creditors, which helps ensure your old debts are taken care of immediately.

Approval is relatively quick, with funds disbursed within a few business days. While Reach Financial generally caters to borrowers with fair to good credit, prequalification is available, allowing you to check your rate without affecting your credit score.

If your main goal is consolidating debt and reducing financial stress, Reach Financial is one of the most practical alternatives to Fig Loans.

Elevate

Elevate is designed for borrowers who may not qualify with traditional banks but still want more affordable loans than payday options. It positions itself as a middle ground, offering installment loans with clear repayment schedules and lower APRs than predatory lenders.

Borrowers often turn to Elevate when they need urgent funds, as the online application is quick and funding can be received as soon as the next business day. Loan amounts vary depending on your state and eligibility, but they’re structured to be repaid in affordable installments rather than lump sums.

A key benefit of Elevate is that it reports payments to credit bureaus. This means responsible repayment can help borrowers build or improve their credit scores over time. Combined with fast funding and transparency, Elevate serves as a reliable alternative to Fig Loans.

OneMain Financial

OneMain Financial is one of the few lenders that still maintains a robust branch network across the US, making it an ideal choice for borrowers who prefer in-person service. It offers both secured and unsecured personal loans, with amounts typically ranging from $1,500 to $20,000.

The biggest advantage of OneMain is its flexibility. If you don’t qualify for an unsecured loan, you may still get approved by offering collateral, such as a car. This makes it possible for more borrowers to access credit, even if their credit score isn’t high.

Approval decisions are quick, and many borrowers receive funds the same day they’re approved. Repayment terms are structured in monthly installments, making budgeting manageable. While rates are not always the lowest, the accessibility and personal service make OneMain Financial a trusted option.

For individuals who prioritize face-to-face interaction and flexibility in loan types, OneMain Financial offers a strong alternative to Fig Loans.

Braviant

Braviant focuses on helping underserved borrowers who may struggle to access traditional credit. By using advanced technology and alternative underwriting methods, it can approve applicants with limited or poor credit histories.

The company offers installment loans designed to be repaid over time, which makes them safer than payday loans. Borrowers benefit from transparent terms, manageable repayment schedules, and quick funding once approved.

Braviant’s main appeal lies in its willingness to look beyond just a credit score. Factors like income and banking history are considered, giving more people a fair chance at approval. On-time payments also help build credit, creating opportunities for better borrowing options in the future.

If you’ve been turned away elsewhere, Braviant can be a useful alternative to Fig Loans with a focus on accessibility and transparency.

Mariner Finance

Mariner Finance offers personal loans through both online applications and its network of physical branches. Loan amounts can range from $1,000 to $25,000, with terms tailored to your financial situation.

One advantage of Mariner is flexibility. Borrowers with fair or average credit may still qualify, and secured loan options are available if needed. This makes Mariner a good fit for people who don’t have perfect credit but want more personalized service.

Funding can be fast, sometimes even the same day, and repayment is structured in fixed monthly installments. Mariner also stands out for its personalized approach, as branch staff can help tailor loans to individual needs.

For borrowers who prefer a combination of digital convenience and in-person support, Mariner Finance is a strong alternative to Fig Loans.

Read related blog: How to Find Loans with Lowest Interest Rates in 2025: A Complete Guide

Benefits of Choosing Fig Loans

1. Transparency – Clear loan terms with no hidden fees.
2. Credit Building – Payments are reported to credit bureaus, helping borrowers improve their credit history.
3. Fast Funding – Loans are usually disbursed by the next business day.
4. Flexibility – Designed for borrowers who may not qualify at banks.
5. Community-Driven Approach – Fig’s partnerships with nonprofits show a mission to help underserved communities.

FAQs on Getting a Low Interest Loan from Fig Loans