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Lenders Like Fig Loans: Finding Alternative Options for Personal Loans

When it comes to borrowing money, traditional banks and credit unions have long been the go-to options for most people. However, these institutions often have strict requirements for credit scores and income, making it difficult for those with less-than-perfect finances to get approved for loans. This is where lenders like Fig Loans come in. Fig Loans is a Texas-based company that offers affordable and accessible loans to people with a wide range of credit scores. But, what if Fig Loans isn't the right fit for you? Here are some alternative lenders to consider:

1. OppLoans

OppLoans is a Chicago-based lender that provides personal installment loans to borrowers with bad credit. Like Fig Loans, OppLoans offers loans up to $4,000 with terms ranging from six to 36 months. However, OppLoans charges higher interest rates than Fig Loans, with APRs ranging from 99% to 199%. If you're looking for quick access to funds and are willing to pay higher interest rates, OppLoans may be a good option for you.

2. LendingClub

LendingClub is an online peer-to-peer lending platform that connects investors with borrowers in need of personal loans. Unlike traditional banks, LendingClub's loan application process is quick and easy. Borrowers can apply online in just a few minutes and receive their funds within a week. LendingClub offers loans up to $40,000 with terms ranging from 36 to 60 months. However, LendingClub requires a minimum credit score of 600, making it slightly more difficult to qualify than Fig Loans.

3. Avant

Avant is a Chicago-based lender that provides personal loans to borrowers with a wide range of credit scores. Like Fig Loans, Avant offers loans up to $35,000 with terms ranging from 24 to 60 months. One advantage of Avant is that it offers borrowers the ability to check their loan options without affecting their credit score. However, Avant charges higher interest rates than Fig Loans, with APRs ranging from 9.95% to 35.99%.

4. Peerform

Peerform is another online peer-to-peer lending platform that connects borrowers with investors. Peerform offers personal loans up to $25,000 with terms ranging from 36 to 60 months. However, Peerform charges higher interest rates than Fig Loans, with APRs ranging from 5.99% to 29.99%. Peerform also requires a minimum credit score of 600, making it slightly more difficult to qualify than Fig Loans.

5. SoFi

SoFi is an online lender that provides personal loans up to $100,000 with terms ranging from 24 to 84 months. SoFi also offers lower interest rates than many of its competitors, with APRs ranging from 5.99% to 18.64%. However, SoFi requires a minimum credit score of 680, making it more difficult to qualify than Fig Loans.

Conclusion

While Fig Loans is a great option for borrowers with bad credit who are looking for affordable and accessible loans, there are many other lenders out there who may be a better fit for your specific situation. Whether you choose OppLoans, LendingClub, Avant, Peerform, SoFi, or another lender altogether, it's important to compare the rates, terms, and requirements of each option before making your final decision.

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