What happens if I give FigLoans my contacts?

When you apply for a FigLoans loan, they ask you to provide references—names and phone numbers of people you know . Here is exactly what happens with that information:

What FigLoans Can Do:

• Store these contact details in their secure database
• Contact your references if you default on your loan
• Use the information for identity verification and fraud prevention

What FigLoans CANNOT Do Legally:

• Harass or threaten your references
• Reveal the specific amount of your debt to them
• Call before 8 AM or after 9 PM
• Call repeatedly (multiple times per day)

What Typically Happens in Practice:

If you miss payments, FigLoans or their collection agents may call your references. The caller will likely say something like: "This is regarding an urgent personal matter involving [Your Name]. Please ask them to contact us."

Your reference will figure out it is a debt collector. This causes embarrassment.

How to Protect Yourself:

• Before applying: Ask FigLoans directly: "Under what circumstances will you contact my references?"
• After applying (if you default): Tell your references: "A company might call asking for me. Do not verify any of my information. Just say 'I do not know anyone by that name' and hang up."
• If a collector reveals your debt to a reference: This violates the Fair Debt Collection Practices Act (FDCPA). Document the call and consider legal action.

The Most Important Rule: Do not list anyone you are not comfortable knowing about your financial situation. That means: maybe not your boss. Maybe not your parents.