Struggling to get a loan despite having a good credit score? Let Figure Loans help you figure out the right path. At Figure, you can borrow a large sum of money quickly without having to follow the long and complex route of conventional lending. Read on to know more!

What is Figure?

Figure is an online lending platform based in North Carolina that offers personal loans, home equity lines of credit, and refinance mortgages to individual borrowers. You can take personal loans from $5,000 up to $50,000 at a relatively lower annual percentage return (APR). You need a minimum FICO score of 680 to apply.

What services do they offer?

Figure is ideal for prospective borrowers with a decent credit score who want to avoid the conventional and time-consuming financing route. Available personal loan services include:

  • Home Equity Line of Credit (HELOC)

HELOC is suitable for homeowners looking for quick financing on their single-family residences, townhouses, and condos. Obtaining the credit facility is quick and simple with 100% online application and no requirement for in-person approval. Get approval within 5 minutes and funding within 5 days.

Enjoy an APR as low as 3.99% with the option for 100% redraw. For a one-time origination fee, you can borrow up to $400,000. The origination opportunities and optional discounts vary depending on the state you live in and your current credit score.

HELOC applicants can enjoy a responsive customer support service with an average response time of less than 45 seconds. The customer support team is available Monday through Sunday between 6 am and 6 pm PT. Online video sessions are available in certain locations.

  • Refinance or Purchase

Figure discontinued its mortgage refinance service on March 1, 2022. Since then, they have partnered with Homebridge Financial Services, Inc. to provide purchase and refinance services. Check out the Homebridge offerings from the official Figure website.

  • Crypto Mortgage Plus

Figure is looking to launch a new personal loan service called crypto mortgage plus. In this option, you can get a credit of up to $3 million using your ETH or BTC as collateral. Join the waitlist at the Figure platform and stay informed about the latest updates on such service.

How does Figure Loans work?

The procedure to apply for a personal loan at Figure is completely online and quite simple. The process starts with prequalification to ensure that you are eligible for a personal loan and the applicable rates and terms.

Once you are on the official Figure website, click on the “find your rate” option to start the prequalification process. Checking out your eligibility won’t affect your credit score. Start by filling out an online application form requiring some basic details such as your living arrangement, desired loan amount, the purpose of such loan, present income, etc.

As you progress through the application process, you can monitor the stage you are in and what is coming next from the left sidebar of the screen. As a part of the application process, you can perform the following options:

  • Choose and customize the prequalified loan offer according to your preference.
  • Furnish additional documents to verify your identity.
  • Upload and link your income sources, including tax returns, paystubs, etc.
  • Sign the loan documents and finalize your loan.

Once you have made your selection to go with an offer, a hard credit check will be performed to verify the details you provided. Keep your financial details handy to ensure that the application process takes no more than a couple of minutes.

To qualify for a Figure personal loan, you need to have the following:

  • An identity card issued by the US Government. This can include a copy of your state ID, driving license, passport, or your permanent resident card.
  • A minimum FICO score of 680. This is considered a good credit score.
  • A debt-to-income ratio of lower than 40%, excluding housing. The DTI is calculated based on the percentage of monthly income that is spent on paying off debts.
  • Proof of employment (unless you have retired).

If you already have an existing personal loan with Figure, you need to ensure good standing with the service provider. The maximum permissible loan amount will depend on the credibility of your application, including sound credit history.

The personal loan taken from the Figure platform can be used for some common purposes such as consolidating debt, meeting immediate expenses, repairs, and renovations to your home, paying for relocation, and so forth. Stemming from this, using the loan for funding illegal activities, including purchasing drugs is completely prohibited.

Rates and fees

Prospective borrowers can choose from multiple fixed rates for personal loans ranging from 3.99% to 22.94%. Also, if you choose the autopay option, you will be given a discount of 0.25 percentage points.

There might be an origination fee ranging from 0% to 3% depending on the state from where the loan application is made. If the loan includes an origination fee, it will be listed in the loan offer. Apart from the origination fee, there are no other fees imposed on the borrower, including prepayment penalties.

Repayment terms

Qualified applicants who choose a loan with 3-year repayment terms can enjoy the lowest APR. Usually, the loan terms vary from 36 months to 60 months. The first payment is due about 30 days after the funding of the loan. Subsequent payments are due the same day every month thereafter.

Pros & Cons


  • The entire application process is online with no in-person approval.
  • Access to loans of up to $3 million.
  • Check your prequalification without impacting the credit score.
  • Select from a wide range of repayment options.
  • Get a 0.25 percentage point discount on your APR by using the autopay option.


  • Unemployed borrowers are ineligible to apply.
  • A minimum FICO score of 680 is required to qualify for a loan.
  • There might be an origination fee of up to 3% of the loan amount depending on the state where you live.
  • Loans are not funded during weekends.


How long does it take to get a personal loan at Figure?

The application process for a Figure personal loan takes only about five minutes to complete. While it can take up to five business days for funding a loan, the average time taken varies from one to two business days.

Does Figure impose prepayment penalties?

There are no prepayment penalties imposed by Figure for paying off the loan before the due date. The only fee that is charged by the service provider is the origination fee depending on the state from where the application was made.

How to contact the customer service of Figure?

For any queries relating to Figure personal loan services, you may contact the customer support team via email or phone. Send an email to for any general queries relating to the platform. For queries relating to personal loan applications, contact or call at 888-819-6388 Monday through Sunday between 6 am and 6 pm Pacific Time, excluding any major US holidays. For more details on the customer support options, visit the contact page on the website.

Is Figure a reputable lender?

Yes, Figure is a proven lender, although it is not accredited by Better Business Bureau. It received a C rating from BBB because of its failure to respond to a complaint filed against it. Figure has a customer rating of 4.7 out of 5 stars which is considered excellent, based on the reviews from more than 1,400 users. Moreover, to date there have been no complaints registered by the Consumer Financial Protection Bureau against Figure.

Is there a hard credit check with Figure personal loans?

As long as you are in the application stage, there will be no hard credit check. Getting pre-qualified requires only a soft check which does not affect the credit score. But once you have submitted your application, a hard credit check will be performed to verify the details you provided.

About the author Greg Lorenzo

Greg is a financial expert who has been advising his audience on loans for over 10 years. He has a wealth of knowledge and experience in the area, and he is passionate about helping people get the best possible deal on their loans. Greg is an expert in negotiating loans, and he has a proven track record of getting his clients the best possible terms. He is also a strong advocate for financial literacy, and he regularly gives workshops and seminars on the topic.

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