Figure Student Loan Refinancing
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Figure is new to the student loan refinancing scene, issuing its first loans in this category in the fall of 2019. The company started in 2018 with home equity lines of credit. They are known for fast funding and a quick application process.
While student loan refinancing features are limited with Figure, the loan process uses technology to process loan data and is fully automated. This direct lender offers competitive fixed and variable interest rates.
Figure Student Loan Refinance Overview
| APR (fixed interest rate) | 2.036% – 6.33% with autopay discount & payment of optional origination fee |
| APR (variable interest rate) | 3.50% – 6.33% with autopay discount |
| Eligible loan types | Federal and private student loans |
| Refinance amount | 5, 7, 10, 15, or 20 years |
| Repayment terms | $5,000 to $250,000 |
| Minimum credit score | 680 |
| Lender type | Direct lender |
| Good for: | Former students who have a bachelor’s degree and want a source of fast funding to refinance their student loans |
Figure’s Pros
- Fast funding in as little as five days
- Entire loan process online
- A high maximum debt-to-income ratio of 65%
Figure’s Cons
- Can’t apply with a cosigner
- Loans not available in New York, Colorado, or Mississippi
- Must have graduated with a bachelor’s degree
Application Process
You can find out if you qualify for student loan refinancing through Figure on their website with only a soft credit check. If you decide to proceed after learning your APR, you’ll fill out a longer application and grant Figure access to your online accounts and current student loans. Without access to those accounts, Figure can’t verify your income and debts, making you ineligible for refinancing with them.
Unlike other student loan refinance lenders, Figure completes all its loan processing online. There’s no need to upload copies of documents.
The formal application requires a hard credit pull, which could reduce your credit scores by a few points. You could get funding for your student loan refinancing in as little as five days.
Terms & Requirements
You’ll need good credit to use Figure’s student loan refinancing services. However, they allow a higher-than-normal debt-to-income ratio than many other lenders.
Loan Requirements
- Must be a U.S. citizen
- Must live in a state other than Colorado, Mississippi, or New York
- Must have at least a bachelor’s degree
- Loans must be for education received at a school that gets federal aid
- A minimum credit score of 680
- No minimum income
- Can qualify with a bankruptcy filed more than seven years ago
Loan Terms
With Figure, you can refinance private and federal loans. Remember that you won’t be able to access federal loan forgiveness programs or change your payments based on your income if you refinance your federal loans with a private loan like Figure’s.
- Fixed rates start at 2.036% APR including a discount for autopay and payment of optional origination fee
- Variable rates start at 3.50% APR including a discount for autopay
- Loan minimum:$5,000
- Loan maximum: $250,000
- No prepayment penalties, late fees, or application fees
- Optional origination fee allowing you to reduce your fixed interest rate (included in the loan payment schedule)
Repayment Terms
Standard repayment terms include fixed monthly loan payments that continue throughout the life of the loan.
Choose from 5, 7, 10, 15, or 20-year terms. Figure does allow forbearance of the loan for up to 12 months in three-month increments. Not all student loan refinance companies offer the option of forbearance, so if this is important to you, verify that it’s provided with any companies you evaluate.
Figure also offers loan deferment options if you decide to return to a Title IV school full time. If you choose to defer your loan payments, interest will accumulate.
Get my ratePrivacy & Security
Figure has 671 reviews on Trustpilot, 92% of which are “excellent.” They have a five out of five-star average. Unhappy customers say the company had problems verifying their income electronically. Other reviewers note that the 100% online verification process allowed them to receive their loan approval and get their refinanced student loan funded in just a few days.
The Better Business Bureau (BBB) does not have a listing for Figure student loan refinancing.
Figure’s privacy policy is available on their website. It covers all your interactions with the company, including information you share through the Figure app. The company requires personally-identifying information such as your Social Security number, bank account routing numbers, credit data, and date of birth to process your application for student loan consolidation.
They get your consent to conduct a hard credit inquiry to determine whether they can approve you for the loan and to set your interest rate.
Figure may share your personal information, including your address, age, email address, Social Security number, passport number, marital status, I.P. address, device I.D.s, search history, educational information, and purchasing behavior with their affiliates and partners.
They also use your personal information to provide customer service, market their products to you and conduct market research.
The company won’t share your personal information except for business transfers, processing transactions, maintaining databases, and performing business-related tasks.
Customer Support
Figure is a direct lender, so you’ll work with them if you have questions about the loan application process or issues after your refinanced loans are funded. You can contact Figure customer service by calling (888) 819-6388 Monday through Saturday between 6 am and 6 pm Pacific Time.
You can also email your questions or concerns to loans@figure.com. If you want to send a complaint or inquiry via U.S. Mail, use this address:
Figure Lending
P.O. Box 40534
Reno, NV 89504
Final Thoughts
Figure Lending offers a few benefits that competitors may not be able to provide. For example, if you think you may want to return to school for a graduate degree, you can take advantage of their loan deferment program. Their forbearance program offers some relief if financial hardship makes it difficult to make your loan payments on time.
Overall, the company has excellent reviews online. Their current borrowers seem happy with the fast application process and funding. Figure Lending uses the latest blockchain technology to approve loans and safeguard information, so if you have great credit and are ready to consolidate your student loans, this company belongs on your shortlist.
Address
Figure Lending LLC
100 West Liberty Street, Suite 600
Reno, NV 89501
Equal Opportunity Lender
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Disclaimer:
¹The advertised APR of 2.036% includes an autopay discount of 0.25% and a rate reduction of 1.714% purchased at origination. Customers have the option to purchase an interest rate reduction on fixed rate loans by paying an origination fee ranging from 1%-3% of the original loan balance. As of 04/27/2020, fixed APRs start at 4.00% for customers that do not opt in to autopay or purchase a rate reduction. These rates are for the most qualified applicants and are higher for other applicants. To be eligible for the advertised rate, an applicant must have more than $5,500 in discretionary income and a credit score of 800 or higher. Figure calculates monthly discretionary income by reducing monthly income by a state income tax factor, and then subtracting estimated housing expenses, transportation expenses, and other expenses listed in your credit report. The advertised rate is only available for applicants who select 5 year loan terms; longer terms have higher rates. Rates change frequently so your exact interest rate will depend on the date you apply. Loan terms and fees are also subject to change.
²The advertised variable APR includes an autopay discount of 0.25%. As of 04/27/2020, variable APRs start at 3.50% for customers that do not opt in to autopay. These rates are for the most qualified applicants and are higher for other applicants. To be eligible for the advertised rate, an applicant must have more than $5,500 in monthly discretionary income and a credit score of 800 or higher. Figure calculates monthly discretionary income by reducing monthly income by a state income tax factor, and then subtracting estimated housing expenses, transportation expenses, and other expenses listed in your credit report. The advertised rate is only available for applicants who select 5 year loan terms; longer terms have higher rates. Because the rate is variable, it could move lower or higher based upon the LIBOR Rate (as published in the Wall Street Journal). Rates change frequently so your exact interest rate will depend on the date you apply. Loan terms and fees are also subject to change. Figure is available in all 50 states including Washington DC.