Texas-based Fig Loans—not to be confused with Quebec-based Fig Financial—was launched in 2014 to help working-class Americans build credit and cover immediate cash needs. Fig Loans can be good for US borrowers who may not have an extensive credit history or aren’t eligible for personal loans elsewhere. Amounts range from $50 to $1,000, and term typically run from four to six months.
If you live in Canada, you can’t get funding from Fig Loans. Plus, the company’s high interest rates, which range from 35.99% to 211%, may deter those looking to keep the cost of borrowing down.
We break down loans like Fig Loans in Canada to help you get the funding you need at a cost you can afford.
Cashco loans offer short- and long-term financing for borrowers in Ontario, British Columbia, Alberta, Saskatchewan and New Brunswick. Cashco works with good and bad credit applicants as well as newcomers to Canada who don't yet have a Canadian credit history. Apply online, over the phone or in store. If you're approved, you'll get funds within 24 hours.
Fast bad credit loans
Flexible terms
No collateral required
No prepayment penalties
High rates
Not available in all provinces
Loan amount
$500 – $7,000
APR
20% – 48.99%
Term
6 - 60 months
Min. credit score
300
Fees
Up to 10% of your loan amount to set up your loan, NSF and late payment fees of $25.
Loans Canada is a broker that collects your information in a single application and connect you with suitable loan options from its extensive network of partner lenders. The platform is totally free to use, and there are options for both good and bad credit borrowers.
Loans for good and bad credit
Compare multiple lenders
APRs starting at 9.9%
Get funded in one to three business days
High rates for bad credit
Not a direct lender
Limited to Loans Canada's partner network
Loan amount
$300 – $50,000
APR
9.9% – 46.96%
Term
4 - 60 months
Min. credit score
300
Fees
No application, origination or brokerage fees
Origination fee
0
Turnaround time
Receive funds in as little as 24 hours.
Alternative for bad credit borrowers: Spring Financial
Like Fig Loans, Spring Financial loans are designed for those who aren't eligible for personal loans from traditional lenders like banks. It's easy to apply online, even if you have poor credit, and you'll get funds within 24 hours if approved. Save on interest by repaying your loan early with no prepayment penalties.
High-risk applications are okay
Flexible loan amounts from $500 to $35,000
No early repayment fees
Interest rates of up to 46.99% for bad credit
You may be offered a credit builder loan (The Foundation loan) instead of a personal loan
If you want a short-term loan with a more reasonable interest rate than Fig Loans offers, LoansLoans.ca is worth checking out. Rates are capped at 32%, and you don't need to undergo a credit check. If approved, you'll get your money within 24 hours.
Bad credit is okay
Fast access to funds
Easy online application
No collateral required
No early repayment fees
Brokerage fee applies
Self-employed workers are not eligible
Requires a minimum monthly income of $1,200
Loan amount
$500 – $1,000
APR
28% – 32%
Term
3 - 12 months
Min. credit score
300
Fees
Late payment fee (2.66% per month), $45 NSF fee, broker fee
Have low or no credit and need access to a small loan to cover unexpected costs? A Nyble line of credit provides up to $250, which, if repaid responsibly, can help improve your credit score. Through your Nyble account, you'll also get to see your Equifax credit score and report. There are no late fees, and funds are available instantly.
Get funds within 30 minutes
Build your credit history
No interest or late fees
Easy application process
Rewards program
Option to extend your payment deadline
May take up to 3 business days to get funds if you're not a member
Monthly membership fee ranging from $4.99 to $11.99
Amount may not be enough
Loan amount
$30 – $250
APR
Starting at 0%
Term
30 days, extendable
Fees
0% interest with optional fees
Origination fee
$11.99
Turnaround time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
Another option for managing small unforeseen expenses, KOHO Cover offers fast access to an interest-free cash advance of up to $250. Repay what you borrow any time, not just on your next payday. There's no credit check or minimum income required, but you'll have to pay a small monthly subscription fee.
No credit check
No interest
Instant access to funds
No income required to qualify
Monthly subscription fee starting at $2
May have to pay a monthly KOHO plan fee
$250 may not be enough
Won't improve your credit score
Loan amount
$20 – $250
APR
Starting at 0%
Term
Flexible
Fees
0% interest with a subscription fee starting at $2/month
A Bree cash advance is a mini lifeline when financial surprises hit. Skip credit checks and apply online for an interest-free cash advance of up to $350. Express transfers are available for a fee, otherwise you'll receive funds within a few business days.
Easy to apply
No credit check required
No interest charges
Monthly membership fee
Extra fee for express funding
Small amount may not suit your needs
Loan amount
$20 – $350
APR
Starting at 0%
Term
Next pay cycle (65 days max)
Fees
0% interest with a $2.99 monthly membership fee
Turnaround time
Receive funds within 5 minutes with express delivery (the fee is based on the advance amount) and up to 3 business days for standard delivery.
Fig Loans is a US-based online lender that offers installment loans as a payday loan alternative. Fig Loans doesn’t use credit scores to make lending decisions and may help borrowers in the US build credit. The company states that 94% of its borrowers get their funds the following business day and the rest within three business days.
Fig Loans offers high loan amounts, but with high interest rates. Fig Loans offers small-dollar, short-term loans with APRs ranging from 35.99% to 211%, depending on the state.
Pros
No credit score required
Easy application process
Funds usually deposited the next business day
Cons
Not available in Canada
High APRs up to 211% depending on the US state
Small loans
Short payback periods
Alternatives to payday and installment loans
Payday and installment loans can come with high interest rates. A typical $500 payday loan in Canada can come with $70+ in fees. Consider these alternatives instead:
1. Use a cash advance app
Cash advance apps like Nyble, Bree and KOHO Cover provide small loans of up to several hundred dollars with 0% interest and little, if any, fees. You may not need a credit check to qualify, and funds are usually available fast. One downside is that you can’t borrow a large amount. But cash advances can be useful if you need a small amount quickly to cover unexpected, short-term expenses.
2. Apply for an auto title loan
If you own a completely paid off vehicle, you may be able to use it to secure a loan. Auto title loans are easier to qualify for than unsecured loans, and it’s possible to get approved with less-than-good credit. But be aware that if you fail to make repayments, you’ll lose your vehicle.
3. Get a credit card cash advance
You can withdraw money from your credit card balance. Cash advance interest rates are often higher than regular credit card purchase rates but lower than payday loan rates. This option is best for people who already have a credit card and haven’t maxed out their limit.
4. Pick up a side hustle
If you have time to invest in a side hustle, it’s much better to increase your income rather than go into more debt. Examples of side hustles include filling out surveys, dog walking, translating and virtual assisting. Learn more in our how to make money online guide.
Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family. See full bio
Dhara Singh was a freelance personal finance writer at Finder specializing in loans. Formerly she was a top 10 journalist at Yahoo Finance with more than 38+ million content views where she covered retirement and mortgages. She has also written for Bankrate, and CNET and continues to write for a variety of outlets, such as Investopedia and Worth magazine. Her articles focus on equipping readers with the right information and data so they can make the most informed decisions related to their finances.
Dhara previously worked as an insights analyst for Finder’s PR team, where she started the Deadliest Cities to Drive series in 2018, connecting interesting data analysis to a suite of car insurance products. When she’s not writing, Dhara coaches small business owners through her Stories to Sales programs and empowers them to use their life experiences to help other people. She has also self-published a poetry book on Amazon called Tell her She’s Lovely.
Dhara holds a B.S. in Finance and Supply Chain Management from Rutgers University and a M.S. in Journalism from Columbia University. See full bio
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Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
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