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Figure is an especially solid pick for customers who want a speedy loan process that won’t involve any in-person interaction. Its biggest selling point is speed: You can prequalify for a loan in five minutes and receive your funds in as little as five business days. Figure’s rates are lower than the national average – and you can score some savings by enrolling in auto pay and/or joining select credit unions. However, you’re going to need to factor in a hefty origination fee and the fact that the HELOC functions more like a home equity loan, with a fixed rate and a large lump-sum withdrawal.
Headquartered in Charlotte, North Carolina, Figure is a leader among online lenders. It has funded more than $12 billion of home equity loan products since 2018. In addition to a HELOC offering, Figure has expanded into crypto-backed lending to allow people to borrow against their holdings in Bitcoin and Ethereum.
In October 2024, Figure launched a “piggyback HELOC,” for use by both homeowners and homebuyers.
Because of Figure’s low rates and its rate discount offers, the company receives a perfect score for affordability.
Because Figure is available in most of the country, accepts credit scores below 700 and originates loans as small as $15,000, the company received a 4.5 for availability.
Figure offers a fast online prequalification process and has strong feedback from past customers, but the lack of transparency for fees and rates, along with the lack of physical branches, knocks the company down to a 3.2 for its borrower experience.
You can tap into your home equity — the difference between your home's worth and what you owe on your mortgage — with a home equity loan or a HELOC. With those funds, you can tackle a variety of expenses, like debt consolidation or home renovations.
However, before you dive in, it's important to figure out your loan-to-value ratio (LTV). Lenders use your LTV to determine how much of your equity stake you can actually borrow. (It’s typically 80 percent, although some lenders allow you to access as much as 90 percent.) The amount of equity they’ll let you tap is one consideration when choosing a lender. Be it a retail bank, online lender or credit union, it may offer different home equity loan rates and terms, too. That’s why it’s important to shop around for the best deal.
Figure has an outstanding reputation based on Trustpilot reviews, and only 25 complaints have been filed about the company since its founding with the Consumer Financial Protection Bureau. However, in mid-2024, Figure became the defendant in a class-action lawsuit. Filed in North Carolina, the key issue is the company’s requirement that borrowers withdraw the full approved amount of their HELOC upfront, which generates a bigger origination fee. The complaint alleges that the HELOC is essentially a home equity loan, and that Figure mischaracterizes the product.
“Efficient, quick and easy,” sums up most comments about getting a loan from Figure, especially given the “experienced and knowledgeable officers to guide you through the process.” A few did grouse about lack of follow-up and “way too many convoluted hoops to jump through” — a lot seems to depend on one’s comfort level with an “everything-done-electronically” experience.
Figure offers fixed-rate home equity lines of credit (HELOCs) between $15,000 and $400,000 with repayment terms of five, 10, 15 or 30 years. They’re available to qualified borrowers in 49 states and Washington, D.C.
Unlike most other HELOCs, Figure offers fixed rates, meaning each draw has a fixed interest rate based on the prime rate at the time of the draw. Because of this, different draws have different rates, but the rate you lock in with each draw will not change over the repayment period.
Once approved, you’ll receive the initial draw amount in as little as five business days. As you repay the initial draw amount, you can make additional draws from $500 up to 100 percent of the initial draw amount plus the origination fee. You can make these additional draws for two years to five years after you open the line of credit, depending on the length of your repayment term.
You need a credit score of at least 640 to be eligible for a HELOC from Figure (or at least 680 if you’re tying the line of credit to an investment property or second home). If you have a higher credit score, you’ll have access to a larger line. Most property types are eligible, although you won’t be able to take out a HELOC against a co-op, multi-family building or manufactured home.
If you’re unsure about your eligibility, Figure can prequalify you without impacting your credit score.
You can apply for a HELOC with Figure online or by phone at 888-819-6388. Home equity application support is available Monday through Sunday from 6 a.m. to 5 p.m. PT, except on major national holidays. You can also email the company at loans@figure.com.
Figure Home Equity FHE Visuals
Images courtesy of Figure Lending as of 1/24/2024.
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Figure
NMLS: 1717824
Bankrate score
4.2
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
3.3
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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Bankrate score
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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Bankrate score
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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Loan amount |
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$15,000-$400,000 |
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Min. credit score required |
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640 (680 if on a second home) |
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Repayment terms |
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5 years to 30 years |
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Funds available in |
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5 days |
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Recent customer review |
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Easy to work with, closed quickly Overall the experience was good. The daily interest rate is not a good long term solution. if you plan to use them, pay it back within a few years. Darien |
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NMLS: 1717824
3.3
38 ratings
55% of customers would recommend this lender.
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To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
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