Missed or Failed Payments on Your Fig Loan

If your scheduled payment for your Fig loan is missed or fails to process, your loan account will remain in bad standing until the payment is successfully made. A failed payment means your scheduled payment did not go through, and your outstanding balance remains unchanged.

Below are some common reasons why a payment may fail.

Insufficient Funds

Your bank account didn’t have enough money at the time of the scheduled withdrawal.

Stop Payment Request

A stop payment may have been placed on your bank account, either by you or someone else authorized on your bank account, preventing us from processing your loan payment.

Funds Not Available

Your financial institution flagged your funds as unavailable due to a hold, pending transaction, or other limitation.

Closed Account

We attempted to withdraw your payment from a bank account that has been closed.

Payment on Hold by Your Bank

Sometimes your financial institution may place the payment on hold. In this case, we recommend contacting your bank directly and asking them to release the payment to Fig.

What Happens When a Payment Fails?

• You will receive an email notifying you of the failed payment attempt.
• Fig will attempt to contact you by SMS and phone to help resolve the issue.
• If the missed payment is not made within 3 days, a $45 NSF (Non-Sufficient Funds) fee will be added to your next scheduled payment.
• If the payment remains unpaid for 30 days or more, the missed payment will be reported to TransUnion, which may affect your credit score.
• Daily interest will continue to accrue on your total outstanding balance, including any missed payments and fees.

Need Help Resolving a Missed Payment?

If you’re unsure why your payment failed, or if you’d like help bringing your account back into good standing, please contact our support team at support@fig.ca. We’re here to help!