Credit Builder

Fig's credit builder loan offers a low cost way to begin building a positive credit history

There's a one-time fee to open the account and then 12 monthly payments to build your credit.

That's 1 payment for us and 12 for you!

See how it works...


Your Credit Journey

Credit Journey

How's a Credit Builder different from a traditional loan?

Transparent Terms

Credit Builder

Upon approval and payment of the one-time account opening fee, the lender sends your funds to a 3rd party bank to hold for you. You make payment similar to a traditional loan. Upon completion of your loan, the lender releases the funds from the 3rd party to you.

Credit Reporting

Traditional Loan

Upon approval, the lender sends your funds directly to you. Afterwards you make payments until your loan is paid off. Nothing occurs upon the completion of your loan.

Learn More!

Frequently Asked Questions

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Can I close my loan early?

Yes! If you choose to close your account, we authorize the 3rd party to disperse the loan funds to you minus any payments you haven't made plus the non-refundable account opening fee. For example, suppose you borrowed a $1200 12-month monthly-payment credit builder at 0% (to make the math easier) and want to cancel your loan after the 10th payment. Upon cancellation, we authorize the 3rd party bank to send you the loan amount ($1200) - the principal you didn'tmake (2 payments * $100 principal per payment) or a $1,000.

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Are there late fees?

We do not charge late fees! If at any point you have a payment that is about to become 30 days delinquent, Fig will close the loan before it has a chance to hurt your credit and refund you the principal that you've paid in so far. The only thing we take out is the interest that has accrued on the late payment, so that we can legally report the account as closed and not delinquent.

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What is the account opening fee?

This is a one-time, non-refundable fee that you pay at the beginning of the loan for us to open the account on your credit report. We charge this fee because this is the part that requires the most work on our part. This also allows us to give you an interest rate below 4%! Also, once the account is open, every payment you make increases your score!

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I really need money today!

We completely understand. You want to apply for a traditional Fig loan vs the credit builder. Please click here.

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How much will my credit score increase?

This is a surprisingly difficult question. There are a number of major "credit scores" lenders use and what feels like a new one every year. We do not control how these scores are calculated. The only thing we can promise is to faithfully report your payments to build your credit history, the data lenders use to calculate your scores.

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Who do you report to?

We report to TransUnion and Equifax (through a non-profit named Credit Builders Alliance). We're also onboarding Experian this year.

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What does the 3rd party do with my funds?

Nothing! It just sits in bank account until you complete or cancel your loan. We know it's a leap of faith to make payments without receiving your funds first. That's why you can cancel your loan at any time and receive the pro-rated portion of your principal.

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Why take out a credit builder over a traditional loan?

Our research has shown that longer larger loans have a greater impact on your credit score. Our traditional loan is not designed be large or long term. Imagine a $1,000 dollar loan at 190% APR over 12 months. That's almost $1,300 dollars in fees! We're not that kind of lender and we don't think you should pay through the nose to build your credit.

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Why do you give my funds to a 3rd party bank?

A large part of your fees in a traditional loan goes to pay for non-paying borrowers. By sending the funds to a 3rd party to hold, there is no risk of non-payment, which saves everyone money.

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