Figure
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Figure is an online lending company that leverages advanced technologies to bring speed and efficiency to their financial services.
They currently offer borrowers a variety of personal loans products.
Borrowers can access up to $50,000 for their personal loan. The application is all online and completely automated, which speeds up the entire process so you can get approved and funded quickly.
Figure Loan Types and Terms
| Loan types | Personal Loan |
| Loan amount | $5,000 – $50,000 |
| Repayment terms | 3 or 5 years |
| APR | 5.75% to 22.94% |
| Minimum credit score | 680 FICO |
| Lender type | Direct Lender |
| Good for: | Good Credit |
Who Figure is Good For
Those with good credit
With a 680 FICO score minimum, not everyone will qualify for a personal loan with Figure. For those who do qualify, you’ll need a good credit score to get qualified for the full loan amount and access to the best rates, which range from 5.75%-22.94%.
Additionally, applicants will only be approved if they have a debt-to-income ratio that’s less than 40%.
Figure Pros
- Everything is online
- Fast application process
- Fast funding
- Competitive rates
- Great customer service
- Autopay discount available
Figure Cons
- 680 FICO score minimum
- Origination fees
- Not available in all 50 states
Company video
How to Apply
You can get pre-qualified and see what your rates are by filling out their short online form, which won’t affect your credit score¹. It’s only once you move forward with the loan that a hard credit inquiry will be made, which could temporarily bring down your score a few points.
Here are a few important details you’ll need to fill out on the preliminary form:
- Your home address
- Financing purpose (debt consolidation, home improvement, major purchase, etc)
- Living arrangement (homeowner or renting)
- Citizenship and employment status
- Gross income and assets
- Contact information
Once you submit this information, you’ll be able to immediately see how much you qualify for and what the terms are, which include the fixed term, APR, and estimated monthly payments.
If you opt into autopay, the rate will include a 0.25% APR reduction once your account is opened.
You can adjust the loan amount which would also automatically adjust the terms. When you select a term, you’ll be able to see the one time origination fee.
To move forward with an application, you’ll need to verify your identity, link income sources, sign some documents, and speak with their eNotary. The process is straightforward and you can expect to receive funding in just a few days.
Terms & Requirements
Let’s take a look at the terms and requirements when securing a personal loan with Figure.
Loan Requirements
- Minimum credit score of 680
- Debt-to-income ratio needs to be less than 40% (excluding household expenses)
- No bankruptcy or foreclosure on record
- Valid U.S. issued ID
- Must be employed
Loan Terms
- APR rates range from 5.75% to 22.94%
- Origination fee between 0-53%
- Personal loans are fixed-rate
Repayment Terms
- The repayment terms of the loan are 3 or 5 years
Privacy & Security
Figure uses your personal data and information to business related services and communications as well as to market products to you. They may share this data with affiliate third parties without notice to you, however they do not sell your data.
Figure uses industry standard precautions when it comes to the security of user information and data which complies with federal law.
Customer Support
You can get in touch with a representative from Figure easily via phone, email, and even live chat, which is helpful if you have any questions or need help navigating the loan process. When reaching out to their customer support through live chat, an agent was quick to respond, friendly, and helpful.
Additionally, Figure offers visitors a robust blog page under their Education tab which has a wealth of articles on a variety of topics, like home improvement, renovation ideas, and borrowing.
There is also a FAQ page on their website but it doesn’t yet include information about their personal loan product.
Final Thoughts
While not everyone will qualify for a personal loan with Figure, those who do will find favorable rates if their credit is good.
Borrowers can use the loan for anything they’d like, including major purchases, debt consolidation, or home improvements.
The application process is all conveniently online. Thanks to their use of blockchain and machine learning technology, the whole process is fast and easy, and you can get pre-qualified in just a few minutes.
Address
Figure Lending LLC dba Figure
15720 Brixham Hill Ave, Suite 300
Charlotte, NC 28277
Figuring Lending LLC is an Equal Opportunity Lender, NMLS #1717824
*Terms and conditions apply. For further information, visit figure.com.
Figure disclaimer: Figure Personal Loan is available in all 50 states including Washington DC.
¹To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit. Figure’s APRs start at 4.00% for the most qualified applicants and are higher for other applicants. Loan example, for a borrower with a CLTV of 45% and a credit score of 800, a five-year Figure Home Equity Line with an initial draw amount of $50,000 would have a fixed annual percentage rate (APR) of 5.75% and a 3.00% origination fee. Your total loan amount payment would be $51,500. Origination fees range from 0-5.75% of your initial draw depending on your credit score and the state in which your property is located. The advertised rate is available only to borrowers using primary residences as collateral. Your actual rate will depend on many factors such as your credit, combined loan to value ratio, loan term and occupancy status. * For Figure Home Equity Line, APRs can be as low as 3.00% for the most qualified applicants and will be higher for other applicants, depending on credit profile and the state where the property is located. For example, for a borrower with a CLTV of 45% and a credit score of 800 who is eligible for and chooses to pay a 5.75% origination fee in exchange for a reduced APR, a five-year Figure Home Equity Line with an initial draw amount of $50,000 would have a fixed annual percentage rate (APR) of 3.00%. The total loan amount would be $52,495. Alternatively, a borrower with the same credit profile who pays a 3% origination fee would have an APR of 4.00% and a total loan amount of $51,500. Your actual rate will depend on many factors such as your credit, combined loan to value ratio, loan term, occupancy status, and whether you are eligible for and choose to pay an origination fee in exchange for a lower rate. Payment of origination fees in exchange for a reduced APR is not available in all states. In addition to paying the origination fee in exchange for a reduced rate, the advertised rates include a combined discount of 0.50% for opting into a credit union membership (0.25%) and enrolling in autopay (0.25%). APRs for home equity lines of credit do not include costs other than interest. Property insurance is required as a condition of the loan and flood insurance may be required if your property is located in a flood zone.