Can I Pay Off My Fig Loan Early?

Yes, you can pay off your Fig loan at any time! Fig loans are open loans, which means there are no penalties for paying early, whether you make extra manual payments or close your loan entirely before the end of your term.

Are There Any Fees for Paying Early?

Absolutely not. Fig does not charge:

• Early repayment fees
• Loan closing fees
• Payment processing fees

Interest Charges and Long-Term Savings

• Interest on your Fig loan is calculated daily based on your remaining balance.
• Each payment covers interest accrued since your last payment, and the rest reduces your principal.
• Making extra or early payments helps reduce your loan principal faster, which in turn lowers the total interest you'll pay over the life of the loan.
• Once your balance reaches $0, no further interest will be charged.

Bank Payoffs and Debt Consolidation

While Fig does not offer debt consolidation loans, we understand that some customers may work with another financial institution to pay off their Fig loan as part of a refinancing plan.

If your bank wishes to pay off your loan on your behalf:

• Contact our support team at support@fig.ca and we’ll provide a bank payoff statement with the exact amount required to close your loan.

Need Help Making a Manual Payment?

You can make a manual payment anytime through your Fig Account. For instructions, visit our support article: How to Make a Manual Payment

If you have questions or require additional assistance, feel free to contact our customer support team at support@fig.ca and we’ll be happy to assist.