Fig

Smarter Loans Expert Review for Fig

Reviewed by: Vlad Sherbatov, Personal Finance Analyst at Smarter Loans

Our Take

Fig is a modern Canadian online lender built around transparency, simplicity, and borrower trust. Backed by Fairstone Bank and developed in partnership with Koru, part of the Ontario Teachers’ Pension Plan, Fig combines institutional stability with a clean, digital-first lending experience.

Fig focuses on unsecured personal loans designed primarily for debt consolidation, home improvement projects, and everyday financial needs. Loan amounts range from $2,000 to $35,000, with terms between 24 and 60 months and rates starting as low as 8.99%. Borrowers can check their rate without impacting their credit score, get approved in minutes, and manage everything online with no hidden fees or early repayment penalties.

Fig’s positioning is clear. It aims to be a straightforward, trustworthy alternative to both banks and higher-cost non-prime lenders.

Who Fig Works Best For

Fig works best for Canadians with fair to good credit who want a structured personal loan with predictable payments and competitive rates. It is especially well suited for borrowers looking to consolidate high-interest credit card balances into a single, lower-rate installment loan.

It can also be a strong option for homeowners or renters planning moderate home improvements or larger personal expenses who prefer an entirely online process without branch visits or phone calls.

Fig is less suitable for borrowers with very poor credit, those seeking very small loan amounts, or anyone needing same-day funding. Approval standards are more selective than inclusive lenders, and applicants must demonstrate stable banking activity.

What We Like

Transparency is one of Fig’s strongest points. The ability to check rates without affecting your credit score lowers the barrier to entry and builds trust early in the process. Borrowers see clear terms, no hidden fees, and know upfront that there are no penalties for early repayment. Because Fig requires higher than average credit score to quality, they may offer a lower interest than other online personal lenders.

We also like the flexibility around repayments. Borrowers can choose weekly, biweekly, semi-monthly, or monthly payment schedules and make additional or early payments at any time through their online account.

The digital experience is well executed. Applications are fast, funding typically arrives within one to two business days after final approval, and customer support is available without forcing borrowers into branch visits.

Where Fig Could Improve

Speed may be a limitation for some borrowers. While approvals are quick, funding is not instant, which may be a drawback for those facing urgent, time-sensitive expenses. Fig also requires a higher credit score in high 600’s or 700’s in order to get approved.

Loan amounts also start at $2,000, which means Fig is not designed for very small borrowing needs. Borrowers looking for micro-loans or short-term cash advances will need to look elsewhere.

Finally, applicants who have been declined recently or who already have an active Fig loan are not eligible to reapply immediately, which can be frustrating for some users.

Is Fig Right For You?

Fig is an excellent choice if you want a clear, no-nonsense personal loan with competitive pricing and strong institutional backing. It works particularly well for debt consolidation and planned expenses where structure, transparency, and cost matter more than instant funding.

If you qualify for bank loans with lower rates, those may still be cheaper. If you need ultra-fast cash or have very weak credit, more inclusive lenders may be easier to access.

For Canadians who want a trusted, digital-first personal loan without surprises, Fig delivers a balanced and borrower-friendly experience.

Alternatives to Fig

• easyfinancial
• Money Mart
• Mogo

Explore more