Fig Financial Launches Fully Digital Personal Loan Service for All Canadians

Toronto’s Fig Financial announced today that they have launched their fully digital alternative to banks for personal loans to all Canadians.

To date, Fig has helped over 9,000 Canadians with over $135 million in funded personal loans through various partnerships as a form of embedded lending.

Today’s launch makes Fig’s services directly available to consumers through its website.

The traditional personal loan application process is often hindered by lengthy paperwork, slow approval times, and stringent eligibility criteria.

Fig’s online portal enables loan approvals in just 10 seconds and completes the entire application process in under 10 minutes.

As Canadians increasingly feel the pinch from job insecurity and inflation, with half of the population living paycheque-to-paycheque, Fig is making the process of applying for and securing personal loans much less complicated, promoting transparency with no hidden fees and genuine customer service. 

“We are providing a true alternative to banks for every Canadian who needs better lending options. And we are doing what the banks won’t: making this experience entirely online,” said Francois Cote, CEO, Fig Financial.

“If you need to cover unexpected bills and expenses, make home improvements, or pay off your debt faster–whether it’s 3pm or 3am–Fig is available to you.”

Fig is backed by Fairstone Bank and Koru, a venture studio owned by Ontario Teachers’ Pension Plan.

Fairstone has almost 100 years of lending experience allowing Fig to combine the best of both worlds – the agility and scrappiness of the start-up world and the experience, stability and resources of the corporate world.

Fig’s founding executive team has experience leading digital strategies across Canada’s leading financial institutions, including RBC, Capital One, Manulife, and Credit Karma.