Figure is a Charlotte, NC-based online lender that provides personal loans, mortgage refinances, and home equity lines of credit to individual borrowers. Personal loans are available for amounts ranging from $ 5,000 to $ 50,000, unless limited by state law, to borrowers with FICO scores of at least 680.
- Apply online for approval in just five minutes.
- Receive your funds within 1-2 business days of approval.
- Access loans of up to $ 50,000.
- Check to see if you prequalify without hurting your credit score.
- Choose from various fixed rate repayment options.
- Use automatic pay for a 0.25 percentage point discount on your annual percentage rate.
- Figure does not fund loans on weekends.
- Borrowers cannot be unemployed and get a Figure personal loan.
- You must have a minimum FICO score of 680 to qualify.
- The lender may charge you an origination fee of up to 3% of the loan amount, depending on where you live.
You can spend your Figure Personal Loan on anything you want, although the company recommends using it for “something responsible,” like paying immediate expenses, reducing debt, or doing home repairs.
Figure also offers other loans, including:
- Home equity lines of credit up to $ 250,000.
- Refinance mortgages.
- Mortgage loans for the purchase of a future home.
Figure uses a simple 100% online app that allows you to check the rates and terms you qualify for without affecting your credit. The lender will withdraw your full credit report, which could adversely affect your credit score, if you continue with your application.
Most borrowers must provide a copy of a valid government issued ID to apply. You will also need to link your checking account to your figure request to verify your income. If your checking account cannot verify all of your income, you may need to link the tax return or other information.
You have up to 14 days to complete the summary of the request, then an additional 14 days for the full request. When you’re done, you can use Figure’s digital notary to sign the application without printing anything or leaving the webpage.
If you miss the deadline and your application expires, you can reapply. But the rate for which you prequalified may have changed.
A personal loan can be approved in as little as five minutes, and you could receive your funds one to two business days later. If your loan is approved on a Friday, your money won’t arrive until the following week. Figure will send you an email when your fundraising process begins.
Common uses of loans can include:
- Cover immediate expenses.
- Debt consolidation.
- Pay for a move.
- Home renovations or repairs.
Borrowers cannot use loans to finance illegal activities, including the purchase of drugs.
Choose from several fixed rate terms for personal loans with APRs of 5.75% to 22.94%. These rates include a 0.25 percentage point discount if you opt for automatic payment.
The lowest APRs are available to the most qualified applicants who choose a loan with three-year repayment terms. The term of the loan is 36 or 60 months.
Figure personal loans can charge origination fees of up to 3% of your loan amount, depending on your state. If your loan includes origination fees, these will appear on your loan offer. You will only pay an origination fee on a Figure personal loan and no other fees, including prepayment penalties.
Your first payment is due approximately 30 days after your loan is funded, with subsequent payments due the same day each month thereafter.
Encrypted personal loans require you to have a job, plus:
- A FICO credit score of at least 680, which is within the correct credit range.
- A debt ratio of less than 40%, not counting your housing expenses. Your DTI is the percentage of your monthly income that goes to pay off debts.
- A valid government issued ID. A copy of your driver’s license, identity card, passport or permanent resident card is acceptable, as long as it has not expired.
- Be in good standing with all previous Figure loans.
You need a credit score of at least 680 for a Figure Personal Loan. The lender also examines your DTI, credit usage, financial history, and employment status to determine approval.
Figure personal loans are available in Washington, DC and in all states except Mississippi.
Figure is not accredited by the Better Business Bureau and has a C rating due to the lack of response to a complaint filed against the company. Trustpilot scores 4.7 out of 5 stars, which is an excellent rating, based on over 1,400 reviews.
The Consumer Financial Protection Bureau is not reporting any complaints in 2020 regarding Figure personal loans.
Figure offers customer support for personal loans by phone or email. For general assistance, contact [email protected].
For help with personal loan applications, contact [email protected] or 888-819-6388 6 a.m. to 6 p.m. Pacific Time, Monday through Sunday, excluding major holidays in the United States. If you have a loan and need help, contact [email protected] or 888-527-1950 6:00 a.m. to 6:00 p.m. Pacific Time, Monday through Friday, excluding major holidays in the United States.
Figure’s personal loan application process can be done entirely online, including uploading documents and obtaining a notary signature.
You can pre-qualify online, get approved in minutes, and receive funding electronically in one to two business days.
Your loan can be managed on the company’s website or mobile app. Once logged into your account, you will find statements, tax forms and other documents.
- People who have a good FICO score of at least 680.
- People who prefer to use online lenders.
- People who need electronic financing quickly.