Fig Financial Review (October 2026) – Pros, Cons, Features, & Pricing

Fig Financial offers personal loans with interest rates starting at 8.99%*. Their loan offers are for people who want a quick, digital lending process and competitive rates. However, their loans are only accessible if you have a credit rating of 700+.

This Fig review will guide you in making informed decisions before applying for a loan. 

What makes Fig Financial a good option?

Lending money requires experience and expertise, and Fig ticks that as it was founded by former banking executives and is backed by Fairstone Bank.

Fairstone has almost 100 years of lending experience allowing Fig to combine the best of both worlds – the agility and scrappiness of the start-up world and the experience, stability and resources of the corporate world.. 

Our Fig review will now detail the perks that make them a good option for you.

1. Higher loan amounts

Fig Financial offers loans up to $35,000 to differentiate itself in the market and attract borrowers who need larger loans. They believe that offering larger loans gives you more flexibility to cover bigger expenses, consolidate debt, or finance larger projects. 

Since Fig Financial Canada operates with the support of Fairstone Bank, this provides a strong foundation for their $35,000 loan offer. This makes it a more attractive and secure option for you.

2. Faster application process

Fig Financial has a value for time during application processing, which makes it easier and faster to acquire a loan. Our Fig review identifies the application process as straightforward and efficient, taking around 1–2 business days from submission to funding. Here’s how it works at Fig: 

• 10 seconds – To see your loan offer after you apply online*
• 10 minutes – Time to complete your application, on average
• 1-2 days – To access your funds (average business days)

3. More flexible repayment terms

Fig Financial personal loans offer repayment terms that range from 24 to 60 months, giving you more options to choose from.

Their system provides a customizable repayment plan where you choose a schedule that suits your budget and financial goals.

They’ve equally introduced an absence penalty for early payment, which is indeed an incentive for borrowers to pay off their loans faster.

This way, Fig Financial allows you to pay upfront or pay off your loan in full ahead of time, which can help them:

• Save on interest charges
• Reduce their overall debt faster
• Improve their credit score

4. Wider availability

Fig Financial loans are available throughout Canada (except the Northwest territories, Yukon, and Nunavut), making them a more accessible option for borrowers in different regions. 

5. Payment Protection Insurance

Fig Financial offers payment protection insurance that protects borrowers in case they default on the loan, for various reasons such as: job loss, critical injury or death. 

6. Borrower Benefits

Fig Financial offers benefits to borrowers, such as the ability to build credit, flexible repayment terms, and access to higher loan amounts. Overall, having knowledge of your personal loan rights can help keep you from defaulting.

Pros and cons of Fig Financial

The pros and cons in this Fig review have been simplified to help you weigh the good and the bad sides of Fig Financial. 

The pros of Fig Financial

These are some of the pros we find relevant in our Fig review:

1. Offers credit-building tools: 

Fig Financial reports loan payments to credit bureaus, like Equifax (coming soon) and TransUnion, to help you improve your credit scores. They do this by reporting timely payments and providing your credit scores and reports so you can track your progress.

2. Provides flexible repayment terms

You can choose from various repayment plans to fit your budget and  needs. These repayment plans include weekly, bi-weekly, or monthly payments, customizable payment schedules and early payment options without penalties.

3. No hidden fees

Fig Financial is transparent about their fees. They clearly disclose them on their website and loan agreements, with no hidden charges for interests or origination fees.

4. Offers personalized support

Their customer support helps you manage your loan and address any questions or concerns you may have. They do this through email and online chat support.

5. Provides financial education resources

Fig Financial provides access to resources and tools. This includes online help centre articles to help you manage your finances effectively.

The cons of Fig Financial

These are some of the cons you should be aware of on our Fig review:

1. Debt traps

If you might struggle to repay larger loans, this could potentially lead to debt traps and financial hardship.

This is often brought about by borrowing more than you can afford to cover expenses, thereby creating a debt cycle for yourself. Unfortunately, missed payments or high credit utilization can negatively affect credit scores.

3. No physical branch

Since Fig Financial is an online lender, you will not have access to physical branches or in-person support.

In cases of financial emergencies or when dealing with complex financial issues, you may need in-person assistance and won’t get it. Now this is limiting, as you can’t readily find assistance available at a physical branch.

Fig products and services

Our Fig review shows that Fig Financial offers unsecured personal loans with the following features:

• Loan amount: $2,000 to $35,000
• Interest rate: Starting at 8.99%* (annual percentage rate, APR)
• Full APR range: 8.99% to 24.99%

This means that you can apply for a loan with a minimum amount of $2,000 and a maximum amount of $35,000. The interest rate on these loans will be between 8.99% and 24.99% per year, depending on your creditworthiness and other factors.

Here are some other details:

• Unsecured loan: This loan has no backup in terms of collateral like a car or house. Instead, the lender places confidence in your credit history and source of income when determining your ability to repay the loan.
• Fixed interest rate: After you’ve agreed and signed the loan repayment term, the interest rate on the loan remains the same throughout the loan term, which can range from 24 to 60 months. 
• APR range: The APR range of 8.99% to 24.99% indicates that the total cost of the loan can vary significantly depending on the borrower’s credit profile and loan terms.

It’s important to note that this offer excludes residents of Northwest Territories, Nunavut, and Yukon, which means that individuals living in these regions are not eligible for these loans.

*You will only receive an offer if you meet Fig’s current credit standards. Any offer received is conditional to Fig’s standard review which includes, amongst others, verification of your identity, of information obtained or provided as part of your application and of your ability to pay. Fig loans range from $2,000 to $35,000 with terms from 24 to 60 months and Annual Percentage Rates (APR) between 8.99% to 24.99%. Loan amount and APR offered will depend on assessment of your credit profile. Offer excludes residents of Northwest Territories, Nunavut and Yukon.

Fig product and service quality

The Fig Financial team has extensive experience in the financial industry, demonstrating expertise in lending and customer support.

While they appear to be a reputable lender, our Fig review has scanned its product and service quality as it’s essential before selecting a financial service provider. 

Professionalism

Fig Financial communicates clearly and transparently about their loans and terms. Their team has extensive financial industry expertise, provides excellent customer support and are members of reputable industry associations who hold necessary licenses and accreditations. 

Fig Financial prioritizes customers’ privacy and security, adhering to regulatory requirements. They have a transparent fee structure and continuously improves their processes, demonstrating a commitment to excellence.

Legitimacy

Fig Financial holds necessary licenses and accreditations, showcasing compliance with regulatory requirements protecting customers’ privacy.

This includes customers’ data protection under the Personal Information Protection and Electronic Documents Act (PIPEDA). They equally hold necessary licenses and accreditations, showcasing compliance with regulatory requirements.

How to get started with Fig

In this Fig review, we’ve provided a step-by-step overview of how Fig Financial, backed by Fairstone Bank, processes your loan application:

• Apply for a loan on their website.
• Fig Financial will review your application to see if you qualify.
• Upon qualification, Fig Financial presents you with a loan offer, including the loan amount and interest rate.
• If you choose to accept the loan offer, you can complete the rest of your application online within minutes.
• Once your application is complete, the loan amount is disbursed to your bank account, usually within 1-2 business days.
• You repay the loan according to the agreed-upon schedule, with Fig Financial managing the loan servicing and providing support as needed.

Fig Financial may request additional documentation or information during the application process to verify your identity, income, and creditworthiness. They include:

Identification

• Valid government-issued ID (driver’s license, passport, etc.)
• Proof of age and identity

Income verification

• Pay stubs (recent 2-3 months)
• Employment letter or contract
• Notice of Assessment (NOA) from the CRA (if self-employed)

Proof of address

• Utility bills (hydro, water, gas, internet, etc.)
• Lease agreement or mortgage statement
• Bank statements with your address

Financial information

• Recent bank statement (3-6 months preferably)
• Proof of income from investments or other sources (if applicable)

Credit history

• Consent to perform a hard credit inquiry (if necessary)

Other documents

• Void cheque or direct deposit form (for loan disbursement)
• Proof of insurance (if applicable)

Fig Financial will guide you through the process and inform you of any additional documentation needed.

Alternatives to Fig

You can consider other alternatives to the Fig personal loan if their terms are a bit too high for you. Here are some of the top picks from our Fig review that you should check out;

iCash

iCash is a Canadian lender that offers same-day short-term loans of $100 – $1,500 to over half a million customers across Canada.

If you’re considering an alternative to Fig Financial, iCash might be a better option if you need a smaller loan amount. They’ll provide you with more flexible repayment options and you can as well earn cashback on your loan repayment.

iCash stands out in the following areas compared to Fig Financial:

• Loan Amount: iCash offers smaller loan amounts (up to $1,500) compared to Fig Financial (up to $30,000).
• Funding Speed: iCash provides same-day funding via e-Transfer within minutes, while Fig Financial takes longer (up to a few days).
• Repayment Flexibility: iCash allows customers to repay in one or multiple payments, while Fig Financial has a more traditional loan repayment structure.
• Credit Check: iCash performs soft credit checks, whereas Fig Financial may perform harder credit inquiries.
• Cashback Incentive: iCash offers up to 20% cashback on loan repayments, which is not a feature offered by Fig Financial.

Loans Canada

Loan Canada performs loan aggregation on their platform by connecting you with a network of lenders, who offer a range of loan options. This is usually between $500 to $50,000.

They operate by providing a simple online application process, where you can submit your loan request and get matched with suitable lenders. 

With Loan Canada, your credit score is not a barrier to getting a loan as they only carry out soft checks, making it accessible to everyone.

Once approved, funds can be received in as little as one hour. You’ll be enjoying a flexible repayment term ranging from months to years with Loan Canada’s network of lenders. 

By using Loan Canada’s platform, you can benefit from competitive interest rates, no hidden fees, and a streamlined application process.

Additionally, Loan Canada’s lenders offer loans to borrowers with good credit, bad credit, or no credit, making it a viable option for those with diverse financial backgrounds. 

Overall, Loan Canada provides a convenient and accessible way for Canadians to secure loans from a variety of lenders, all in one place.

Fig review conclusion

Overall, Fig Financial’s unsecured personal loans appear to be designed for those who need access to funds for various purposes, such as debt consolidation, home improvements, large purchases or unexpected expenses. 

This approach aligns with Fig Financial’s goal of providing consumer-friendly loan solutions and promoting responsible lending practices.

By giving you the flexibility to manage your payments without incurring additional costs, Fig Financial empowers you to take control of your finances and make progress towards achieving your financial goals.

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