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Figure Review
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This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Advertiser Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

Figure Reviews

8
Lauren Le-Hair

WRITTEN BY

Lauren Le-Hair
Prequalify online in minutes to get fast rates
Prequalify online in minutes to get fast rates
About Figure

Founded in 2018, Figure specializes in offering personal loans to individuals with good credit scores. The online lending company provides larger-than-normal amounts for personal loans at very competitive APR rates. Figure operates an online-only business that uses cutting-edge technology to make decisions on personal loans quickly. Based in Charlotte, North Carolina, the company has grown rapidly and is now home to over 500 employees.

While this review will focus on personal loans, it is worth noting that Figure is embracing blockchain technology in other financial service fields.

8.0

LS SCORE

8.0

CREDIBILITY

7.8

SUPPORT

7.5

ACCESSIBILITY

Figure Personal Loans Review

Currently offering borrowers a wide variety of personal loan products, the online lending company leverages advanced technologies to bring efficiency and speed to its financial services.

Applicants can access up to $50,000 for personal loans with Figure. While the application process is all online and completely automated, it speeds up the entire process so you can swiftly get approved and funded.

Figure Personal Loans Highlights

LOAN AMOUNT

$5,000 - $50,000

LOAN REPAYMENT TERM

3 or 5 years

MIN CREDIT SCORE

680

APR FIXED RATE

5.75% - 22.94%

FUNDING TIME

2 business days days

ORIGINATION FEE

None

PREPAYMENT FEE

None

OTHER FEES

Yes

SOFT CREDIT PULL

Yes

LENDER TYPE

Marketplace

Pros & Cons
  • Everything is available online
  • Speedy application process
  • Fast funding
  • Super competitive rates
  • Excellent customer service
  • Autopay discount available
  • 680 FICO score minimum
  • Origination fees

Loan Purpose
  • Credit Card Refinance
  • Debt Consolidation
  • Home Improvement
  • Major Purchase
  • Medical Expenses
  • Relocation
  • Vacation
  • Wedding

Figure Personal Loans Terms & Requirements

Let’s take a closer look at the terms and requirements you should consider when securing a personal loan with Figure.

Loan Requirements

  • A minimum credit score of 680
  • Your debt-to-income ratio needs to be less than 40% (excluding household expenses)
  • No bankruptcy or foreclosure on record
  • Valid US-issued photo ID
  • You must be employed

Loan Terms

  • APR rates range from 5.75% – 22.94%
  • Origination fee between 0 – 3%
  • Personal loans are fixed rate

Repayment Terms

  • The repayment terms of the Figure loan are 3 or 5 years

How to Apply

Figure has a fully automated loan application process, making it easy and quick to apply for a personal loan.

The opening screen required us to enter our personal information, including salary and purpose for financing. After this screen, Figure’s automated software was able to submit a soft credit check to see whether we could be eligible for a personal loan. This process, including returning the soft credit check, was swift, taking less than five minutes.

Step 1

User information

The next step was requesting a loan of between $5,000 and $50,000. Figure offer 3 and 5-year borrowing terms, and adjusting the slider amount changed the APR and estimated monthly payments to show us the updated financing figures. Once we selected an amount, we then accepted the origination fee, and we could choose to use autopay, saving 0.25% on our APR.

We then had to give our SSN for the hard credit pull and got to review the fine details of the personal loan before applying. Doing so slightly impacts your credit score, so ensure that you want to proceed here. Next, we had to verify our identity and income, which we could easily do online.

After verifying income and identity, we set up where we wanted the loan amount to be sent. We then signed the Loan Agreement and Terms and Conditions, completing the process.

Qualification Requirements

Min. credit score and credit history The credit score must be above 680

No bankruptcy or foreclosure on record
Debt-to-income ratio 40% or lower
Citizenship Available for US citizens only
Age Minimum age of 18
Job Status Must have a full-time job
Bank Account Proof of bank account is required during the onboarding process

Required Information

To process an application for a Figure personal loan, you will need to provide the following information:

  • Name
  • Address
  • Date of birth
  • Social Security Number
  • Phone number
  • Email address
  • Monthly income details and proof of income (e.g., pay stub, W-2 form)
  • Employment history
  • Bank account details

Application Steps & Time Frames

Figure’s personal loan application process was one of the smoothest we have experienced in the market. This preliminary approval took less than five minutes to return whether we would be eligible for a personal loan. The following steps, including identity and income verification, took 15 minutes. After completing the loan, funding was in our account the next working day.

State Availability

Available - Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.

Not Available - Mississippi.

Figure Mortgages Review

Headquartered in San Francisco, CA, Figure is dedicated to helping people leverage their home equity quickly – without ever needing to leave home. They offer competitive home equity lines of credit (HELOCs) throughout the USA and have, in fact, helped customers unlock over $4 billion in equity. Most HELOCs can take several months to finalize, but Figure can approve theirs within a couple of weeks – or less.

Figure Mortgages Highlights

MORTGAGE AMOUNT

$15,000 - $2,000,002

REPAYMENT TERM

15-30 years

MIN CREDIT SCORE

620

FUNDING TIME

5 days

ORIGINATION FEE

3%-4.99%

PREPAYMENT FEE

None

UNDERWRITING FEE

None

OTHER FEES

None

SOFT CREDIT PULL

Yes

NMLS

1717824

LENDER TYPE

Direct

Mortgage Type
  • Mortgage Refinance
  • Home Equity Line of Credit
  • Jumbo

Figure Refinance Highlights

REFINANCE AMOUNT

$15,000 - $2,000,000

Pros & Cons
  • Several refinancing options available, including cash-out refinancing
  • Secured online application and quick funding time
  • Can receive up to 80% of the home’s value
  • Low fixed-rate options (dependent on credit score)
  • Some properties are not eligible, including commercial properties, multifamily properties, manufactured homes, timeshares, and non-traditional homes (ex. earth homes or houseboats)
  • Must have good or excellent credit
  • Fixed rates mean you won’t benefit from lower interest rates if the market changes
  • Fully digital application process may not be for everyone

Figure Mortgages Terms & Requirements

To qualify for either a HELOC or refinancing, you’ll need good credit history, no active or major delinquencies, and verifiable income. You’ll also need to own an eligible property – such as a single-family home, condo, or townhome – and use it as your primary residence. Your creditworthiness determines the interest rate, terms, and borrowing amount, as does the amount of home equity available.

Overall, Figure’s terms are competitive in the industry. There are very few fees, other than an origination fee for HELOCs.

Qualification Requirements

  • Own single-family residence, planned urban development, condo, or townhome
  • Primary residences only (sole or joint)
  • Hazard insurance for all properties
  • Employed, self-employed, or retired (with verifiable income)
  • 620 credit score for HELOC, 700 credit score for Jumbo loans
  • 50% maximum DTI (or 43% for Jumbo loans)
  • 2+ years of solid credit history with no active or major delinquencies

Required Information

Figure has a prequalification process that doesn’t impact your credit. Everything is done online, from prequalification to the official application to signing and notarizing documents. You’ll need some standard information, such as:

  • Proof of identity (ex. SSN, photo ID, date of birth)
  • Contact information
  • Bank account information
  • Proof of income and/or employment
  • Proof of hazard insurance (for refinancing)
  • Credit check (soft inquiry with prequalification, hard inquiry with the official application)

If you have any questions during the process, you can contact a representative.

State Availability

Available - Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Vermont, Washington, Wisconsin, Wyoming.

Not Available - Hawaii, New York, Utah, Virginia, West Virginia.

Figure Student Loans Review

Figure has made quite a splash in the student loan market with its alternative methods to loan funding. The financial company offers student loan funding through Home Equity Lines of Credit (HELOC), allowing you a line of credit for major purchases or expenses, such as providing funding for a student through college. Its HELOC offer, competitive interest rates, and lightning-fast application process have made Figure an attractive proposition under the right circumstances. As Figure does not offer a dedicated student loan, the options available can be limited.

Figure Student Loans Highlights

LOAN AMOUNT

$20,000 - $400,000

APR FIXED RATE

6.10% - 14.74%

APR VARIABLE RATE

Min 6.10%

MIN CREDIT SCORE

640

LOAN REPAYMENT TERM

5, 10, 15, or 30 years

FUNDING TIME

5 days

ORIGINATION FEE

None

PREPAYMENT FEE

None

OTHER FEES

None

SOFT CREDIT PULL

Yes

LENDER TYPE

Direct

Pros & Cons
  • HELOC loan, so funds can be used for a student loan or refinancing
  • Quicker application process than a traditional student loan
  • Competitive rates of interest available
  • Not available in all US states
  • No co-signer option
  • Only certain housing types are eligible

Student Loans Type
  • Private student loans
  • Student loan refinance

Figure Student Loans Terms & Requirements

As Figure offers HELOC funding instead of a traditional student loan, the requirements are slightly different from that of a conventional student loan. Instead, they are based around the home that you own. Obviously, you must own your property and have equity available to draw down on. The amount that you can draw down is dependent on your credit rating, with tiers are follows:

  • 640-659 credit score – up to 75% of your home’s equity
  • 660-699 credit score – up to 85% of your home’s equity
  • 700+ credit score – up to 95% of your home’s equity

The following homes are not eligible for funding via HELOC:

  • Multifamily real estate
  • Co-op real estate
  • Commercially zoned real estate
  • Timeshares
  • Mixed-use properties

In addition, HELOC is only available on the primary or secondary residence, and you must have bought your property over 90 days prior for it to be eligible.

Once you receive your HELOC, it can be used for student loan funding for your children or your own student loan refinancing.

How to Apply

One of the main advantages of using Figure for student loan funding via HELOC is the application process. We tested this and found it to be one of the easiest and quickest ways to obtain student loan funding.

We started the process by heading to the Home Equity Line of Credit section of Figure’s website and selecting “Find my rate”.

Figure step 1: find my rate
Step 1

Find my rate

After providing this information, Figure ran a soft credit check and showed the indicative rate offer available to us. We chose to kickstart the official application process, which included verifying our ID and linking a bank account. At this point, we were able to apply for our HELOC formally.

Once our loan was approved, we could choose to notarize the loan in person or via an e-notary online. We chose the online option for ADDED convenience. Funding was received four days later, which is incredibly fast to obtain a student loan. Overall, the whole process was quick and stress-free.

Required Information

To have your application considered for HELOC funding from Figure, you will need to provide the following information:

  • Name
  • Address
  • Date of Birth
  • SSN
  • Proof of ID
  • Proof of home ownership
  • Email address
  • Proof of income

State Availability

Available - Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Utah, Vermont, Virginia, Washington, Wisconsin, Wyoming.

Not Available - Delaware, Hawaii, Kentucky, Maryland, New York, South Carolina, Texas, West Virginia.

Privacy & Security

The company may use any personal data and information you provide for business-related services and communications, as well as to market and promote products to you. Figure may also share this data with affiliate third parties without notifying you first. Yet, Figure will never sell your private data.

Furthermore, the online lending company utilizes industry-standard user information and data security precautions, all of which comply with federal law.

Customer Support

With ample customer support options, prospective borrowers can quickly get in touch with a representative from Figure via phone, email, and even live chat. The latter is particularly helpful if you have any urgent questions or need help navigating the loan process. Similarly, when reaching out to Figure’s customer support services through live chat, the agents were quick to respond, friendly, and helpful.

Moreover, Figure offers visitors a robust blog page under its “Education” tab, which boasts a wealth of articles on various topics, like home improvement, renovation ideas, and borrowing.

Phone Support
(888) 819-6388
Mon - Sun
6:00 AM - 6:00 PM

In Conclusion

Ultimately, if you have a good enough credit score to qualify for a personal loan from Figure, you will find a simple process to follow to obtain a loan with reasonable APR rates. There are no restrictions on what you can use the loan for. You’ll also find a discount in place for making monthly payments via autopay.

FAQ

Does my credit score need to be good to get a Figure personal loan?
Yes, your credit score must be 680 or higher, with a debt-to-income ratio lower than 40%.
How long does it take to receive money if I am approved for a figure personal loan?
In most cases, money will be in your account within 1-2 business days after loan approval.
Are there fees payable with Figure personal loans?
Yes, an origination fee of up to 3% is payable. This amount is added to the loan amount and is not payable upfront.

Figure Disclaimer

Figure Disclaimer: Figure Lending LLC dba Figure. 15720 Brixham Hill Avenue, Suite 300, Charlotte, NC 28277. (888) 819-6388. NMLS ID 1717824.

For licensing information, go to www.nmlsconsumeraccess.org. Equal Opportunity Lender. Equal Housing Opportunity. This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.

As a representative example, an eligible borrower obtained a loan amount of $15,000 with a 5% origination fee at an interest rate of 9.65% for 36 months. That would include an origination fee of $750.00 for an APR of 13.204%. They would receive $14,250.00 and make 36 monthly payments of $481.55. Loan amounts range from $5,000 to $50,000; loan term lengths are 36 months or 60 months.

California loans are made and arranged according to a Finance Lenders Law License. Licensed by the Department of Financial Protection and Innovation under the California Finance Lenders Law (License 60DBO81967). To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. Yet, 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 Personal Loan APRs range from 5.75% to 31.44%, inclusive of a 0.25% discount for enrolling in autopay. The lowest APRs are for the most qualified applicants based on factors such as credit score, debt-to-income ratio, credit utilization, and credit inquiries; rates will be higher for other applicants. The advertised APR is only available for applicants who are eligible for and select 3-year loan terms; longer terms have higher rates. Rates frequently change, so your exact rate will depend on the date you apply.

You will be responsible for an origination fee of up to 5.00% of your loan amount, depending on your credit profile and the state where you reside. Loan terms and prices are also subject to change. Figure’s Personal Loan amounts range from a minimum of $5,000 to a maximum of $50,000. You may not be eligible for our maximum amount, as the minimum and maximum loan amounts vary depending on the state in which you reside and your credit profile.

Figure’s Personal Loan Referral Program is unavailable for borrowers or applicants in Kentucky, Ohio, or Rhode Island and does not apply to any of Figure’s other loan products. For either party to be eligible to receive the $150 gift card, they must fund the referred loan. Once complete, it may take up to 5 business days to fulfill the gift card orders, which will be delivered electronically to the email addresses associated with each account.

Next Day Funding requires the application to be approved and documents signed before 4 p.m. PST or 7 p.m. EST. Please check with your institution to ensure funds availability before attempting to access the funds. Limit one $100 bonus per customer. The bonus will be deposited in the Figure Pay account within 30 days of the second consecutive deposit, satisfying the requirements for the bonus.

Disclosure

This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

WRITTEN BY

Lauren Le-Hair

As an experienced content writer, Lauren’s passion for the finance sector is only exceeded by her love of writing. Lauren specializes in the financial industry, drawing on her knowledge and experience to deliver top-quality, specialized content with an expert tone of voice and a unique flair. She also holds a First Class (Hons) Batchelor’s degree from Staffordshire University.

8.0

LS SCORE

8.0

CREDIBILITY

7.8

SUPPORT

7.5

ACCESSIBILITY
Opening Hours
Mon - Sun
6:00 AM - 6:00 PM
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