Why Was My Application Declined?

We understand that receiving a decline on your loan application can be challenging to navigate. While we may not be able to provide exact details about individual application outcomes, we want to provide some details on reasons why your loan application may not be approved.

Common Factors Considered

When reviewing applications, Fig assess several key factors, including but not limited to:

• Credit History: Missed payments, defaults, or a limited credit history can negatively impact your application's outcome.
  
  
• Credit Score: While we do not disclose a specific minimum credit score required to book a Fig loan, your credit score is an important factor in determining your application’s outcome.

• Existing Debts: Using information available from your credit report, we take into account your existing loans or debts when evaluating your application.
  
  
• Accuracy of Information: Errors or discrepancies in your application details, such as income or personal information, can lead to declines. Always ensure your application information is accurate and up-to-date..

• Employment Details: Information regarding your current employment and payroll details, verified through automated bank review, can affect your loan application.

Fig will evaluate your overall credit profile, comprised in part of the above factors, rather than focusing exclusively on one specific requirement. This means that a combination of multiple factors—including credit history, credit score, debt levels, and affordability—is collectively assessed to determine eligibility. Even if one particular aspect of your profile appears strong, other areas could impact your overall qualification for the loan.

Our credit decision was based, in part, on information obtained from the following credit bureau(s):

Transunion

1-800-663-9980

English speakers in all provinces except Quebec:
TransUnion Consumer Relations Department

P.O. Box 338, LCD1

Hamilton Ontario

L8L 7W2

French speakers in all provinces and English speakers in Quebec:

TransUnion Centre de relations au consommateur

P.O. Box 338, LCD1

Hamilton Ontario

L8L 7W2

Equifax

1-800-871-3250

Mailing address:
Equifax Canada Co.
National Consumer Relations

Box 190
Montreal, Quebec H1S 2Z2

You have the right to access and correct the information in your credit file. You may request a free copy of your credit report from the credit bureau(s) listed above. If you find any inaccuracies or incomplete information, you have the right to dispute it with the credit bureau.

Improving Future Applications

If your application has been declined, it can be helpful to review your personal financial situation. You can:

• Ensure your financial information is accurate and up-to-date.
• Work towards improving your credit profile by paying bills on time and reducing debts.
• Reviewing your existing financial obligations.

Our Commitment

While we cannot manually change application outcomes, Fig is committed to transparency and providing guidance that can help strengthen future applications.

We encourage you to reapply after 32 days. This will be enough time for your credit profile to evolve, potentially leading to a different outcome.