How do I increase my loan balance?

With a loan amount increase, eligible Fig customers with active loans are able to access additional funding by borrowing an additional amount. The maximum additional amount that can be borrowed is equal to the difference between the maximum loan amount that was originally offered and the original loan amount

How does it work?

When you book a loan amount increase, your original loan will be closed, and a new loan will be opened that takes into account your current loan balance and the additional amount requested.

Who is eligible for a loan amount increase?

Fig customers who have booked a loan in the past 30 days and meet other criteria as defined by Fig, including credit requirements, can qualify for a loan amount increase. If you have booked a loan in the past 30 days, you can check your eligibility by logging into the Fig portal and clicking on “Request a loan amount increase”.

Who is not eligible for a loan amount increase?

Fig customers who booked their loan more than 30 days ago, or opted for a loan amount that is less than $2,000 below their approved maximum at the time of booking, will not be eligible for a loan increase. If you have booked a loan within the last 30 days, your loan must also currently be in good standing, among other eligibility requirements.

How much additional funding can I receive?

You can borrow up to the difference between the maximum loan amount that was originally offered and your original booked loan amount.

The minimum additional loan amount for qualifying customers is $2,000. 

e.g. if you received a loan offer of $15,000 and took a $10,000 loan, you may be eligible to borrow an additional amount between $2,000 and $5,000.

Any interest or fees that have not yet been paid will then be subtracted from the funds you will receive. 

e.g. if you chose to borrow an additional $2,000 and have $20 in unpaid interest and fees, you will receive $1,980 upon booking a loan amount increase.