Figure Personal Loans: 2022 Review

Written by
Rebecca Betterton
Updated on Jan. 1, 2022
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At a glance

4.5
Bankrate Score
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Availability
4.2
Affordability
4.8
Customer Experience
4.6

About Bankrate Score

Figure offers personal loans to borrowers with good credit. Depending on where you live, loan amounts can be up to $50,000, which is more than what some competitors offer. APRs that start at 5.75 percent are available to creditworthy borrowers who are eligible for and select three-year repayment terms. Because of this, Figure is best for borrowers who have an excellent credit score and can repay their loan quickly.

Moneybag
Loan amount $5,000–$50,000
Rates
APR from 5.75%–22.94% (with autopay)
Clock Wait
Term lengths 36 to 60 months
Credit Good
Min Credit Score 680
This lender is best for borrowers with good credit.
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Figure: in the details

Loan Amount
$5,000–$50,000
APR from
5.75%–22.94% (with autopay)
Min. credit score
680
Term lengths
36 to 60 months
Funds available in
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

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    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.

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    Larger loan amounts available: The maximum amount for a personal loan is $50,000,1 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.

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    Low APRs: Depending on factors like 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

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    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.

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    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 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, which is either three or five years, can also impact your APR. 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 4.5
Availability 4.2 Figure has a relatively high minimum loan amount and minimum credit score, though the approval process is quick.
Affordability 4.8 Figure is free of fees, with the exception of an origination fee.
Customer Experience 4.6 While Figure’s online experience is generally good, it loses some points for its poorly rated mobile app.

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.