Understanding Interest and Fees on Your Fig Loan

Fig is dedicated to providing our borrowers with a clear and easy to understand breakdown of loan costs. Payments will be applied to the interest owing and principal balance on a regular basis until your loan balance reaches zero. A detailed breakdown of interest and principal payments can be found in your Fig account: How do I view my loan payments?

Transparency is at the core of what we do, and we are proud to say that Fig charges no additional fees to borrow, not for processing your application, not for early repayments, not for administration fees, none!

Interest

Calculated Daily

Interest on your Fig loan is calculated daily, this means that each day, a fractional percentage of your annual interest rate is added to your existing loan balance. This also means that reducing the balance with lump sum payments will decrease the overall interest you pay for the term of the loan. 

Note: To calculate this fractional percentage, we divide your interest rate evenly by 365 (days in the year).

Paying Off Your Loan

Interest accrues daily on your loan, that means once paid off, interest accumulation stops! At Fig, we prioritize ensuring your loan works for you, and that doesn't stop until your loan is paid off. By following the instructions in our help centre for making a manual payment, you can pay off the remaining balance on your loan. 

Whether it's a smaller lump sum or a full repayment, manual payments cover any interest accrued from your last payment until the date of your manual payment, with the remainder applied to your principal balance. Once your loan balance reaches zero dollars, there's no balance left to accumulate interest on, and your account will be closed.

Fees

None!

When you book a Fig loan, you can trust that your loan payments are applied to only interest and your principal balance. There are no additional fees hidden or otherwise associated with booking and regularly repaying your loan. 

In the event a payment fails, a $45 NSF fee is charged by Fig, if you can remake this payment within 3 days, we will waive this fee. You can contact our support team if you have any questions related to making up a failed payment.