What happens if I don't repay FigLoans on time?

Here is the step-by-step timeline of consequences:

Days 1-30 (The Grace Period):

• Your payment is marked as missed in FigLoans' system
• Interest continues to accrue daily on your principal balance 
• You are NOT reported to credit bureaus yet (30-day grace period) 
• FigLoans will contact you via email or SMS to remind you

Days 31+ (After Grace Period):

• The missed payment is reported to TransUnion 
• Your credit score may drop
• Late fees may apply (varies by state)
• Interest continues accumulating daily

The Interest Problem:

FigLoans charges interest that accrues daily . This means every day your principal balance remains unpaid, more interest adds to what you owe. With APRs ranging from 35.99% to 279%, daily interest can add up quickly .

Example: If you have a 500loanat200

500loanat2000.27 per day. Over 30 days, that is 8ininterestalone.Over90days,

8ininterestalone.Over90days,24. This does not include late fees.

What FigLoans Will NOT Do:

• They will not take your car (they do not offer title loans)
• They will not send "enforcers" to your home
• They will not threaten violence or criminal prosecution

What They CAN Do:

• Report you to credit bureaus
• Charge NSF fees ($45 per failed payment, waivable within 3 days) 
• Send your account to a third-party collection agency
• Sue you for the debt (though rare for small loans)