Figure Personal Loans Review

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Contributor, Benzinga
September 14, 2021
Figure Personal Loan
Overall Rating:
securely through Figure Personal Loan's website

Figure’s online personal loan application process eliminates the painstaking process of following up your paperwork to scan or send to the lender. With an entirely online application, you can get your prequalification rate without impacting your credit score. You’ll get approval within a few minutes and await funding in as little as 2 business days — up to $50,000 you can direct toward what matters most.

Figure personal loans come with multiple fixed term options so you can map out your payment schedule so that it doesn’t strain your finances. Figure also offers some perks for spreading the word out to others. You’ll receive a $150 gift card for every friend you refer, and they too will get a $150 gift card when their loan funds.

Figure’s home equity line of credit lets you turn your home equity into up to $250,000 cash in as few as 5 days. Rates start as low as 2.88% APR1, and you can choose among 5-, 10-, 15- and 30-year fixed term options. You can also get up to $500,000 cash-out in mortgage refinance, all with custom rate and payment options.

While you can easily land better rates with a higher credit score, Figure also has options for applicants with less than perfect credit. You may secure a HELOC with a credit score as low as 620 (except in Oklahoma where the minimum is 720).

Best For
  • Online loan application
  • Unsecured loans
  • Affordable loan fees
  • 100% online application
  • Quick funding
  • Competitive rates
  • Stellar customer service
  • Multiple fixed term loan options
  • A gift card for every referral (personal loan only)
  • Personal loan offered in all 50 states
  • Products not available in some states
  • Personal loans capped to $50,000

Figure Personal Loan Ratings at a Glance

Figure Loan Options

Personal Loans

Figure lets you access up to $50,000 in personal loans. Complete the online application in minutes and wait for funding in a little as 2 business days. You can start the loan application process by checking your rate, which doesn’t impact your credit score. Just provide a few details about yourself, and you’ll get your prequalification rate for the Figure loans that best suit your situation.

Figure’s automated application lets you connect all your accounts to speed up the entire process and receive your funds without any hassle. Personal loans come with multiple fixed term options that let you plan your payments and know exactly when you’ll clear your loan.

Figure will reward you with a $150 gift card for spreading the word to your friends, and they will also get a $150 gift card when their personal loan funds. 

Customer service is available at 888-243-1099 Monday through Saturday, 6 a.m. to 6 p.m. PT.

Home Equity Line of Credit (HELOC)

Homeowners can access Figure’s HELOC facilities on their condos, single family residences and townhouses. With a fast, easy and 100% online application, you’ll get approved in 5 minutes — no in-person appraisal required. And you’ll receive your funding in 5 days2.

Figure lets you lock in a rate as low as 2.88% APR1 with the option to redraw up to 100%. You can enjoy 0 prepayment penalties with optional discounts and origination opportunities to lower your payments, if you qualify based on your credit profile and the state you live in.

Figure’s advertised rate of 2.88% APR1 includes a combined 0.75% APR rate reduction. You’ll receive a 0.25% discount for option into Autopay, which lets your monthly payment be automatically deducted from your payment account. 

You’ll also get a 0.50% APR rate reduction for enrolling into a Credit Union Membership. This rate also includes the payment of a 4.99% origination fee in exchange for a reduced APR.

For most states, Figure provides lines of credit starting at $15,000 up to $250,000, except Alaska and Wisconsin where the minimum loan amount is $25,001. You’ll also qualify for a line of credit with a credit score of 620. But keep in mind, in Oklahoma your score must be 720. 

For 5-, 10- and 30-year terms, the Figure loan limits are as follows:

  • FICO score of 630 to 850, the minimum loan is $15,000
  • FICO score of 620 to 679, the maximum loan is $75,000
  • FICO score of 680 to 759, the maximum loan is $150,000
  • FICO score of 760+, the maximum loan is $250,000

HELOC applicants will enjoy superb customer support with an average response time of less than 45 seconds. Phone support is available Monday through Saturday, 6 a.m. to 6 p.m. PT. Online video notary sessions are also available in some locations.

Mortgage Refinance

Figure offers rates. It creates a soft inquiry to generate your pre-qualified rate, which won’t impact your credit score. Only single family homes and townhouses are eligible for 15- and 30-year mortgage refinance, with lending supported for primary residences only.

Most applicants can complete their mortgage refinance application in about 10 to 20 minutes, and you’ll wait for about 20 days to receive a decision. Figure allows up to 30 days to complete your application once you’ve selected your initial terms. Both conforming loan and jumbo loan refinancing are available.

Figure’s 15 and 30-year fixed mortgage refinance options come in these options:

  • A 15-year conforming loan has a refinance loan range of $100,000 to $822,375 subject to the county limits and including an option to cash out.
  • A 30-year conforming loan has a refinance loan range of $100,000 to $822,375 subject to county limits and including the option to cash out.
  • For a 30-year jumbo loan, Figure lets you borrow up to 75% of your home’s value (maximum of $1,000,000) for a cash-out refinance and up to 80% of your home’s value (maximum of $1,500,000) on a rate refinance.
  • As of this writing, jumbo doesn’t offer 15-year jumbo loans.
  • Figure accepts a minimum FICO score of 620 for conforming loans and at least 700 for jumbo loans.

Figure loans aren’t subject to prepayment fees — you may pay back your loan at any time. You may also apply for multiple loans provided you meet the minimum requirements for each loan.

Figure Fees

Figure loans come with convenient and transparent fees as follows.

  • Personal loan: Figure’s only fee on its personal loan product is a standard origination fee ranging from 0% to 3% depending on your local and state laws. You’ll see the origination fee on the loan offer page when you choose a loan term. There are no prepayment fees for paying back your loan early.
  • Home equity line: If you’re looking to apply for a home equity line of credit, Figure won’t charge you an account opening fee, maintenance fee or a prepayment penalty. The only charge you’ll incur is an origination fee. You may qualify for a home equity line at 3% or 4.99% origination fee of the initial draw amount depending on your credit profile and where you live.

In a case where you’re eligible for multiple origination fee options, you may be able to reduce your monthly payment and fixed APR offers. You may also pay a recording fee depending on your county of residence, as well as a subordination fee if you request Figure to change its lien position.

  • Mortgage refinance: Mortgage refinance fees include the charges that are often associated with a typical mortgage application, like the appraisal fee, title, settlement, recording fees and discount points. These costs will only add up to 2% of your total loan amount.

Figure Mobile App

The Figure mobile app is available on App Store and Google Play. The app’s features provide an experience as fluid as accessing the platform via the web.

Log into the app to see what you owe on your Figure loans, view your payment history, make extra payments and view important documents. Unfortunately, users are still unsatisfied with its eNotary video feature.

Figure Customer Service

Figure boasts excellent customer support, with all its loan products having a dedicated customer support line.

  • Home equity line and personal loan application phone support is available at 888-819-6388 Monday through Saturday from 6 a.m. to 6 p.m. PT, except all major U.S. holidays.
  • Mortgage refinance application support is available at 888-697-1506.
  • Active loan support is available at 888-819-6388 Monday through Friday from 6 a.m. to 6 p.m. 
  • General support is available through the email
  • Notices, complaints and inquiries can be mailed to the address: P.O. Box 40534, Reno, NV 89504

Figure Overall Rating

Figure is a solid online lender whose product offerings are a bargain for most people. Its entirely online application process takes the hassle of extensive paperwork, and the fees for its products are incredibly pocket friendly. 

Each of Figure’s products has a dedicated customer support line available Monday through Saturday. Even so, Figure still needs to work on its mobile app, which has received several complaints for being glitchy.

Start your loan application today to see which rates you qualify for. You can quickly get your Figure loans funded and receive additional service as needed.

Disclosure: Most funding occurs within 1 to 2 business days after completing your application.

Figure Lending LLC dba Figure | NMLS #1717824 - NMLSCONSUMERACCESS.ORG

Figure Home Equity Line is available in AK, AL, AR, AZ, CA, CO, CT, DC, FL, GA, IA, ID, IL, IN, KS, LA, MA, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SD, TN, VA, VT, WA, WI, WY with more states to come.

Figure Mortgage Refinance is available in AK, AL, AR, AZ, CA, DE, FL, GA, IA, ID, IN, KS, LA, MA, MI, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, SD, TN, WA, WI, WV with more states to come.

Figure Personal Loan is available in all 50 states.

1 For Figure Home Equity Line, APRs can be as low as 2.88% 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 4.99% 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 2.88%. The total loan amount would be $52,495. 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 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.

2 For the Figure Home Equity line, approval may be granted in five minutes but is ultimately subject to verification of income and employment. Five business day funding timeline assumes closing the loan with our remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing.

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