How Do I Increase My Loan Balance?

Some Fig customers may be eligible to access additional funding through a loan amount increase. This option allows you to borrow more if you did not take the full amount originally offered when your loan was first approved.

What Is a Loan Amount Increase?

A loan amount increase gives eligible customers the opportunity to increase their loan balance by borrowing an additional amount. This increase is based on the difference between your originally approved maximum and the amount you initially borrowed.

If your request is approved, your existing loan will be closed, and a new loan will be opened that reflects both your current balance and the additional amount borrowed. Your repayment schedule and total loan amount will be updated accordingly.

You’ll also receive a "Loan is Booked" email confirming that your previous loan has been closed and outlining the terms of your new one.

If you’re currently enrolled in payment protection, you’ll need to re-enroll during the loan increase process. If you’re not enrolled, you’ll have the option to add it at that time.

Who Is Eligible?

To qualify for a loan amount increase, you must:

• Have booked your current loan within the past 30 days
• Be in good standing with no missed or failed payments
• Have originally borrowed at least $2,000 less than your maximum approved offer

You can check your eligibility by logging into your Fig account and clicking Request a loan amount increase.

Who Is Not Eligible?

You are not eligible if:

• You have already requested a loan amount increase on your current loan
• Your loan was booked more than 30 days ago
• You borrowed within $2,000 of your pre-approved loan limit
• Your account is not in good standing

How Much Can I Borrow?

• The minimum additional loan amount is $2,000
• The maximum is the difference between your original loan amount and your original approved loan offer

Example: If your approved offer was $15,000 and you borrowed $10,000, you may be eligible to borrow up to an additional $5,000.

How Are Funds Delivered?

If approved, the additional funds will be deposited into your linked bank account. Any unpaid interest or fees will be subtracted from the total before disbursement.

Example: If you’re approved to borrow an additional $2,000 and have $20 in unpaid fees, you would receive $1,980.

As part of the application process, a soft credit inquiry will be conducted. This does not affect your credit score, and no hard credit check will be performed.

If you believe you're eligible and want to explore a loan amount increase, log into your Fig Account or contact our support team at support@fig.ca.