Fig Financial Review Canada 2026: Rates, Fees & Eligibility

September 09, 2026

Our Review of Fig Financial Canada

Last Updated: September 2026

If you’re considering an online personal loan, this Fig Financial review Canada explains what you should know before applying.

Fig is a Canadian digital lending platform offering unsecured personal loans from $2,000 to $35,000. Current advertised APRs range from 8.99% to 29.49%, with repayment terms from 24 to 84 months.

You can check whether you pre-qualify without affecting your credit score. A hard credit check comes later if your application is approved and you consent to it.

That makes Fig relatively easy to investigate before committing to a full loan application.

However, the lowest advertised rate won’t be available to everyone. Your actual offer depends on Fig’s assessment of your financial and credit profile.

Our view: Fig stands out for its wide loan range, fixed repayment structure, transparent published APR range and soft-check pre-qualification. However, borrowers should compare their personalized offer with other lenders before accepting it. A loan at the upper end of Fig’s APR range can still be expensive.

Fig Financial at a Glance

Feature	Fig Financial
Loan type	Unsecured personal loan
Loan amount	$2,000–$35,000
Advertised APR	8.99%–29.49%
Term	24–84 months
Collateral	Not required
Pre-qualification	Soft credit check
Full approved application	Hard credit check with consent
Early repayment penalty	None
Application	Online
Funding	Advertised as early as 1 business day
Availability	Canadian provinces; territories excluded
Provider	Fig Financial

Fig’s published terms make it easier to understand the basic product before applying. Your actual amount, APR and approval will depend on your individual application.

What Is Fig Financial?

Fig is an online Canadian lending platform focused on personal instalment loans.

Unlike a loan comparison service that sends your application to different lenders, Fig provides its own Fig personal loan product.

According to Fig Financial, its platform is backed by Fairstone Bank, a Schedule 1 Canadian bank, and the Ontario Teachers’ Pension Plan.

The process is digital. You can check for an offer, choose your loan amount and repayment term and complete the application online.

Fig personal loans are unsecured, which means you don’t need to use your house, car or another asset as collateral.

Common reasons someone might consider an unsecured personal loan include:

• consolidating debt
• paying for a large purchase
• home improvements
• dealing with an unexpected expense

If you’re looking to borrow rather than simply research how loans work, you can also compare personal loan options in Canada through FatCat Loans.

Borrowing still creates a repayment obligation, so the important question isn’t simply whether you qualify. It’s whether the repayments and total borrowing cost fit your budget.

Our Personal Loans Canada guide explains how personal loans work before you compare individual providers.

How Much Can You Borrow From Fig?

Fig currently offers personal loans between:

$2,000 and $35,000

Terms range from:

24 to 84 months

Fig says your loan amount and APR depend on its assessment of your credit profile.

You shouldn’t assume that you’ll qualify for the full $35,000 simply because that is the advertised maximum.

The amount offered can depend on your individual financial circumstances and Fig’s lending criteria.

Fig Financial Interest Rates

Fig currently publishes APRs of:

8.99% to 29.49%

Fig states that the APR is the same as the interest rate for these loans.

The 8.99% rate is the advertised minimum, not a rate every applicant receives.

Your actual rate will depend on Fig’s assessment of your application.

This distinction matters.

Consider two borrowers taking the same loan amount. If one receives an APR near the bottom of the range and another receives an APR near the top, their borrowing costs could be very different.

That’s why you should compare:

• APR
• monthly payment
• loan term
• total cost of borrowing
• amount borrowed

rather than choosing a loan based only on the monthly payment.

A longer term can make each payment smaller while increasing the amount of time you’re paying interest.

Fig Loan Cost Example

Here’s a simple illustrative example showing why the APR matters.

Suppose you borrowed $10,000 for 36 months.

Using a standard monthly loan calculation, a loan at 8.99% APR would cost approximately $318 per month, or about $11,447 in total.

At 29.49% APR, the payment would be approximately $420 per month, or about $15,126 in total.

These are simplified illustrative calculations and aren’t Fig loan quotes. Actual payments can differ depending on the loan agreement and repayment schedule.

The difference illustrates why checking the APR and total repayment cost matters before accepting any personal loan.

Does Fig Charge Fees?

One attractive feature of Fig’s current product is its approach to repayment fees.

Fig says borrowers can make additional payments or repay the entire loan early without an early repayment penalty.

This can be useful if your financial position improves and you want to clear the loan ahead of schedule.

However, always review the loan agreement provided with your individual offer rather than relying solely on general website information.

Terms can change, and your agreement is what governs your loan.

Who Can Apply for a Fig Loan?

Fig’s terms state that applicants must be residents of a Canadian province and have reached the age of majority where they live. Its current personal-loan disclosure excludes residents of Yukon, Northwest Territories and Nunavut.

Fig also says applicants need:

• Canadian government-issued photo ID
• a primary personal Canadian bank account in their name
• income paid into that account

The application process uses bank-account information to help verify identity, account ownership and financial information.

Meeting the basic requirements doesn’t guarantee approval.

Fig assesses factors including your credit profile, income and employment information when determining an offer.

What Credit Score Do You Need for Fig?

Fig doesn’t publish a simple minimum credit score on the current pages we reviewed.

Be cautious of third-party websites that quote a specific minimum Fig credit score unless the figure can be verified against information published by Fig.

Fig says its offer is based on factors including your:

• credit profile
• income
• employment status
• application information.

So rather than asking, “What score guarantees approval?”, it makes more sense to view your credit as one part of the assessment.

If your credit history is making it harder to qualify for a standard loan, you can also compare bad credit loan options in Canada. These loans can have higher borrowing costs, so compare the APR, fees and total repayment carefully before applying.

If you’re struggling with your credit profile, our What Counts as a Bad Credit Score in Canada? guide explains how Canadian credit scores are generally interpreted.

Does Fig Do a Credit Check?

Yes, but there are two stages.

Checking Your Offer

Fig initially performs a soft credit check.

According to Fig’s explanation of its credit-check process, the initial eligibility check uses a soft credit inquiry, which doesn’t affect your credit score.

This means you can see what Fig may offer without immediately creating a hard inquiry.

Completing the Loan

If your application is approved, Fig says it requests your consent before completing a hard credit check.

Fig also states that it doesn’t perform the hard inquiry if your application is declined.

A hard inquiry is recorded on your credit report and may affect your credit score.

The Financial Consumer Agency of Canada (FCAC) explains that credit checks by lenders are recorded as inquiries on your credit report and that hard inquiries count toward your credit score.

Our Soft vs Hard Credit Checks in Canada guide explains the difference in more detail.

How to Apply for a Fig Loan

The application is completed online.

If you prefer to compare digital lenders before applying, you can also explore online loans in Canada to see how different online borrowing options work.

Step 1: Check Your Rate

Enter the requested personal, employment and financial information.

Fig performs its initial soft credit check and may present you with a pre-qualified loan offer.

Step 2: Review Your Offer

If an offer is available, review:

• loan amount
• APR
• payment
• repayment frequency
• term
• total borrowing cost

Don’t focus solely on whether you’ve been approved.

The cost of the offer is what tells you whether the loan makes sense.

Step 3: Complete Verification

Fig may ask you to verify your identity using Canadian government-issued ID and connect your primary bank account.

Fig says it uses Flinks for bank-account verification.

Step 4: Complete the Application

If you decide to proceed, complete the remaining application requirements.

If approved, Fig obtains consent for the hard credit inquiry.

Step 5: Receive Your Funds

Fig advertises funding as early as one business day on its main website.

Its support centre is slightly more conservative and says that once a loan has been booked and confirmed, funds should arrive in the connected bank account within two full business days, with timing depending partly on the bank.

For that reason, I’d treat “one business day” as the earliest advertised possibility rather than a guaranteed funding time.

Fig Financial Pros and Cons

Pros

Wide borrowing range
Loans currently range from $2,000 to $35,000.

Published APR range
Fig clearly publishes its current 8.99%–29.49% APR range.

Soft-check pre-qualification
You can investigate a potential offer before a hard inquiry is performed.

No collateral
Fig’s personal loans are unsecured.

No early repayment penalty
You can repay the loan early without a penalty.

Longer repayment options
Terms can extend to 84 months, which provides flexibility when selecting a repayment schedule.

Cons

Lowest APR isn’t guaranteed
8.99% is the bottom of Fig’s advertised range. Your offer could be considerably higher.

Hard credit check if approved
Completing an approved application involves a hard credit inquiry with your consent.

Bank account connection required
Applicants need to connect their primary Canadian bank account as part of Fig’s verification process.

Not available in the territories
Fig’s current offer excludes Yukon, Northwest Territories and Nunavut.

Higher-rate offers can be expensive
An APR approaching the top of Fig’s advertised range can create a substantial borrowing cost, especially over a longer term.

Is Fig Financial Legit?

Yes, Fig Financial is a real Canadian digital lending business, but “legit” shouldn’t be confused with “the right loan for everyone.”

Fig identifies itself as a Canadian digital lending platform and says it is backed by Fairstone Bank and the Ontario Teachers’ Pension Plan.

It also publishes its loan range, APR range, terms and application disclosures on its website.

For additional context, Fig currently has a 4.8/5 rating from more than 1,300 reviews on Trustpilot. Online reviews are user-generated and can change over time, so they should be treated as customer feedback rather than proof that a financial product will suit you.

The more useful question is:

Is the particular Fig loan you’re offered suitable and affordable for you?

That depends on the APR, amount, term, total borrowing cost and your ability to make every payment.

Fig Financial vs Other Personal Loan Options

Fig isn’t the only way to borrow in Canada.

You may also be able to explore:

Banks and credit unions
Worth comparing if you have an established relationship or qualify for competitive terms.

Other online lenders
Application requirements, loan amounts and pricing can vary considerably.

Loan comparison services
These can help you explore potential options from more than one provider, although the actual loan agreement will be with the lender.

If you want to compare your options rather than apply directly to one provider, you can compare lenders through the FatCat Loans lender network before deciding which option may suit your needs.

Who Might Consider Fig?

Fig may be worth comparing if you:

• want an unsecured personal loan
• need between $2,000 and $35,000
• prefer an online application
• want to see a potential rate before a hard credit inquiry
• want the option to repay early without a penalty
• can comfortably afford the repayments

If you’re considering Fig to combine several debts into one payment, you can also compare debt consolidation loans in Canada and look at the APR, repayment term and total borrowing cost before deciding.

Fig may be less suitable if:

• you live in one of Canada’s territories
• you don’t want to connect your bank account
• the APR you’re offered is too high
• the monthly payment doesn’t comfortably fit your budget
• taking on additional debt would worsen an existing debt problem

If you’re already having difficulty making debt payments, another loan isn’t automatically the answer. Our Debt Consolidation vs Consumer Proposal vs Bankruptcy in Canada guide explains some of the alternatives when debt has become difficult to manage.

What Should You Check Before Accepting a Fig Loan?

Before signing, check the actual offer rather than relying on headline advertising.

Make sure you know:

1. How much you’re borrowing
2. Your APR
3. Your payment amount
4. How often payments are taken
5. Your repayment term
6. The total cost of borrowing
7. What happens if a payment is missed
8. Whether the payment still fits your budget if other expenses increase

Fig itself advises borrowers not to take on more debt than they need or borrow more than they can afford.

That’s sensible guidance for any personal loan.

Frequently Asked Questions About Fig Financial

How much can I borrow from Fig Financial?

Fig currently offers personal loans from $2,000 to $35,000. The amount available to you depends on Fig’s assessment of your application and credit profile.

What interest rate does Fig Financial charge?

Fig currently advertises APRs from 8.99% to 29.49%. Your actual APR depends on your credit profile and the offer you receive.

Does checking my Fig rate affect my credit score?

Fig says its initial eligibility check uses a soft credit inquiry, which doesn’t affect your credit score. If your loan is approved and you proceed, Fig requests consent before performing a hard credit inquiry.

How quickly does Fig Financial fund loans?

Fig advertises funding as early as one business day. Its support centre says confirmed loan funds should generally reach the connected bank account within two full business days. Bank processing times can affect the timing.

Can I pay a Fig loan off early?

Yes. Fig says borrowers can repay early without an early repayment penalty.

Is Fig Financial available everywhere in Canada?

Fig’s current disclosure says its personal-loan offer excludes residents of Yukon, Northwest Territories and Nunavut.

Our Verdict: Is Fig Financial Worth Considering?

Fig has several things we like to see in an online personal-loan provider: a published APR range, clear loan limits, soft-check pre-qualification and no penalty for repaying early.

The ability to check a potential offer without immediately affecting your credit score is particularly useful when comparing lenders.

But Fig isn’t automatically a cheap loan.

Its advertised APR currently extends to 29.49%, so the cost can vary substantially between borrowers.

For someone who qualifies for competitive terms and can comfortably afford the payments, Fig could be one option worth comparing.

For someone offered a high APR or already struggling to meet existing debt payments, taking another loan deserves much more caution.

The best test isn’t simply whether Fig approves you. It’s whether the actual offer improves your financial position and remains affordable for the entire term.