There's no way around it: Payday loans are expensive. If you need cash immediately, it's one of the easiest ways to get it right then without worrying about your credit score. Most payday loan companies give you 14 or 30 days to pay back the loan, but Fig Loans offers more flexible terms than this.
Fig Loans is a small-dollar loan company that operates online only, so you can't get the cash in hand the same day you apply, but you can expect funds in your checking account the following business day. The benefit to using Fig is that it offers essentially an installment loan that you pay back in several small payments, making it easier on your pocketbook. Plus, you can choose your repayment schedule, which is far more flexible than traditional payday loan services.
Another benefit of this payday loan company is that you're looking at a much lower overall annual percentage rate (APR) than the national average for payday loan companies, which runs at about 391 percent. However, borrowing a small amount, such as $300, is costlier in the long run with Fig Loans than with a traditional payday advance service. So, you have to weigh what's important to you. If you want to make small payments every two weeks for a couple of months to pay back the loan, Fig is for you. You can treat a Fig Loans advance as a typical payday loan if you want and pay it off within two weeks – you won't be penalized.
While Fig Loans offers a much lower APR, it's still a business that needs to make money. Fig Loans isn't a direct lender in San Antonio; rather, it's a Credit Access Business (CAB), which means it is the go-between for a lender and a borrower. As a middleman, it charges a fee for every $100 you borrow, on top of the interest you pay to the lender. If you need to extend your loan, you may end up paying extra fees, which increases the APR on your loan. Also, if you miss a payment or have insufficient funds in your bank account when you're scheduled to make a payment to Fig Loans, you could be charged late fees and a "returned check" fee from Fig, plus an NSF fee from your bank.
Similar to another online payday loan company, Fig Loans rewards you for being a good borrower. Once you pay off a loan in full, you start your next loan at a lower APR. The more you borrow and pay back, the lower your APR goes. Also, Fig Loans reports your payments to credit agencies, which can help you build good credit over time.
Fig Loans only offers payday loans to residents of Texas, but it's all handled online. You can get a payday advance with no credit, and the company offers flexible repayment terms, making it easier for you to pay back the loan.