Is technology a benefit or a hindrance to society? There's nothing to argue about from a personal standpoint. Every day, we reap the benefits of ever-improving technology. Machine learning and artificial intelligence technologies are becoming more affordable, allowing all transactions, including loan taking, possible.
Figure Technologies is reimagining the consumer financing experience. It takes Figure just a few days to execute a loan application instead of the weeks that banks often require. Another good thing about Figure is that there is no need for a physical property inspection or a lengthy documentation process.
Besides, the company's customer service is rated at the highest level. With its current HELOC, Mortgage Refinancing, and Student Lending Refinance offerings, Figure intends to keep expanding its loan portfolio.
Is that enough? No.
Read on to know specific innovative technologies used by Figure.
Collaboration on Blockchain Initiatives
Figure on several initiatives that use the Provenance blockchain technologies is built exclusively for everyone’s business. This relationship builds on Apollo's strategy of collaborating with best-in-class Fintech organizations to leverage the operational and economic savings that blockchain and other emerging technologies may provide.
Apollo is leading alternative asset management on a global scale. The collaboration between Figure and the latter is based on the latter's concentration on and experience of financial services. Figure aided in the development of Provenance. "Apollo's size, scale, and competence, together with Figure's Provenance Blockchain-based applications, have the potential to change financial services.
The Figure uses Provenance, the company's proprietary blockchain platform, to process all of its loans, which prominent financial institutions will soon use throughout the world.
No Time-consuming Paperwork for Your Application
No time for queuing? Many people find that Figure Loan is the option to try. When one applies early, they will know if they qualify for the loan in a few minutes. After the recession period expires, one gets funded three business days later. This would save a lot if it were done manually. Knowing that one has already had one acceptance gives them a sense of serenity.
The odds are also a significant advantage. The EA and ED applications have a more significant acceptance percentage in highly selective institutions than the typical application pool. During these rounds, the number of applicants is lower. Therefore applicants can apply at high rates during such periods.
By creating electronic forms, one can maintain control over the quality of the data they collect. One can also implement controls to guarantee that individuals submit valid email addresses, phone numbers, etc. This results in more accurate data. Additionally, the form fields can be coupled with existing databases, seamlessly synchronizing data across all platforms. This ensures that information is error-free and always current.
Solutions Designed for Wide Array of Customers
The Figure has unveiled its new mascot, "Blockchain," an animated puppet that lives in real life and educates consumers about how fast and convenient it is to apply for and close a loan through Figure. It also educates on how the authority of blockchain makes the post-loan framework more efficient, secure, and cost-effective.
The most popular product enables consumers to borrow against their home equity without the extended verification process required by most lenders. Figure offers five-day approval and finance via the internet. Figure simplifies and expedites the process of locating the best loan for people.
The Bottom Line
The online application process is simple. You can apply online and receive an approval within minutes. Figure's automated application enables you to connect your banking, investment, and retirement accounts, which expedites the verification procedure.
Depending on your creditworthiness and loan payback period, you may qualify for an APR as low as 5.75 percent if you choose auto-pay. This saves 0.25 percent. Loans with a higher credit limit are also available.
Further, a personal loan's maximum amount is $50,000, based on your location and creditworthiness. By comparison, several of the lenders' bank rates analyzed provide loans of up to $35,000 or $40,000.