Figure Personal Loans: 2021 Review

At a glance

4.6

Bankrate Score

  • Availability
  • Affordability
  • Customer Experience

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About Figure

  • Loan amount

    $5,000–$50,000

  • Min. credit score

    680

  • APR from

    5.75%–22.94% (with autopay)

  • Funds available in

    As soon as one to two business days after approval

Figure features

Here's a breakdown of some of the benefits and drawbacks of Figure personal loans.

Pros

  • Quick online application
  • Larger loan amounts available
  • Low APRs

Cons

  • Origination fee may apply
  • Unemployed people not eligible

Figure offers personal loans to borrowers with good credit. Depending on where you live, loan amounts can be up to $50,000, which is higher than some of its competitors in the personal loans space. Low APRs that start at 5.75 percent are available to creditworthy borrowers who are eligible for and select three-year repayment terms.

Those interested in obtaining Figure personal loans can get prequalified online first. Prequalification doesn’t require a hard credit pull, so it won’t impact your credit. If you’d like to get extra funds to use toward whatever you like, Figure offers a personal loan referral program that gives you and those you refer each a $150 gift card once their loan funds (not valid for residents of Kentucky, Ohio or Rhode Island).

Figure snapshot

Loan amount $5,000 – $50,000
APR 5.75% – 22.94% (with autopay)
Minimum credit score 680
Time to receive funds As soon as one to two business days after approval

Pros and cons of Figure personal loans

Before getting a personal loan with Figure, consider its benefits and drawbacks.

Pros:

  • Quick online application: You can get approved online within minutes of applying. Figure’s automated application lets you link your banking, investment and retirement accounts, which can save you time in the verification process.
  • Larger loan amounts available: The maximum amount for a personal loan is $50,0001, depending on where you live and your creditworthiness. In comparison, some of the lenders reviewed by Bankrate only offer up to $35,000 or $40,000.
  • Low APRs: Depending on factors such as your creditworthiness and loan repayment term, you might be eligible for an APR as low as 5.75 percent2 if you opt for autopay, which shaves off 0.25 percent.

Cons:

  • Origination fee may apply: Depending on the state you live in, the loan origination fee can be up to 3 percent of your loan amount.
  • Unemployed people not eligible: If you’re out of work and considering a personal loan to cover everyday living expenses, you’ll have to find a different lender.

Lending terms

Figure offers personal loans that range from $5,000 to $50,000, though the minimum and maximum amounts you’re eligible for depend on your credit profile and the state you live in (loans are not available in Mississippi). These loans carry a fixed annual percentage rate (APR) of 5.75 percent to 22.94 percent2 if you opt for autopay, which reduces your APR by 0.25 percent.

Your APR hinges on how creditworthy you are. To determine this, Figure looks at your credit score, credit inquiries, credit utilization and debt-to-income ratio. Your repayment term also can impact your APR. Loan repayment terms are either three or five years. If you’re eligible for a three-year term, you can lock in the lowest rates.

To be eligible for a personal loan through Figure, you’ll need to be employed (unless you’re retired) and have a valid U.S. ID, a FICO credit score of at least 680 and a debt-to-income ratio below 40 percent (not including housing expenses). If you have had Figure loans in the past, you must be in good standing on those loans.

Fees and penalties

Figure charges an origination fee that’s up to 3 percent of your loan amount. The fee depends on the state you live in. If you decide to pay the loan off early, there are no prepayment fees.

How to apply for a loan with Figure

You can get prequalified on Figure’s website, which will give you an estimate of the loan amount, repayment term and APR you are eligible for.3 The entire application process is fully automated and can also be done online.

To apply, you’ll need to provide a valid, government-issued ID and basic personal information such as your name, address, date of birth and income information. A credit check, which results in a hard pull, will also be done. You have up to 14 days to complete the application. Once you’re approved, the money from the loan can be deposited into your account within one to two business days.

How Bankrate rates Figure

Overall score 4.6
Availability 4.2
Affordability 4.7
Customer experience 4.9

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

Figure Personal Loan is available in AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY with more states to come.

California loans are made and arranged pursuant to a Finance Lenders Law License. Licensed by the Department of Financial Protection and Innovation under the California Finance Lenders Law (License 60DBO81967).

1 Figure’s Personal Loan amounts range from a minimum of $5,000 to a maximum of $50,000. You may not be eligible for our maximum amount, as minimum and maximum loan amounts vary depending on the state in which you reside and your credit profile.

2 Figure’s Personal Loan APRs range from 5.75% to 22.94%, inclusive of a 0.25% discount for enrolling in autopay, and is determined at the time of application. The lowest APRs are for the most qualified applicants based on factors such as credit score, debt-to-income ratio, credit utilization and credit inquiries; rates will be higher for other applicants. The lowest APRs are only available for applicants who are eligible for and select 3 year loan terms; longer terms have higher rates. Rates change frequently so your exact rate will depend on the date you apply. You will be responsible for an origination fee of up to 3.00% of your loan amount, depending on the state in which you reside. Loan terms and fees are also subject to change.

3 To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.