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, except where limited by state law, to borrowers with FICO scores of at least 680.
- Apply for approval online in as little as 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 autopay to get a 0.25 percentage point discount on your annual percentage rate.
- The figure does not fund weekend loans.
- Borrowers cannot be unemployed and obtain a Figure personal loan.
- You must have a minimum FICO score of 680 to qualify.
- The lender might 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, though 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 line of credit up to $250,000.
- Refinance mortgages.
- Mortgages for the purchase of an upcoming home.
Figure uses a simple, 100% online application that lets you check the rates and terms you qualify for without affecting your credit. The lender will remove your full credit report, which could hurt your credit score, if you continue with your application.
Most borrowers must provide a copy of a valid government-issued ID to apply. You’ll also need to link your checking account to your app for Figure to verify your earnings. If your checking account can’t verify all of your income, you may need to link a tax return or other information.
You have up to 14 days to complete the application summary and then an additional 14 days for the full application. 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 you prequalified for 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 email you when your funding process begins.
Common uses of loans may include:
- Cover immediate expenses.
- Debt consolidation.
- Pay to move.
- Home renovations or repairs.
Borrowers cannot use the loans to finance illegal activities, including the purchase of drugs.
Choose from several fixed rate terms for personal loans with APRs from 5.75% to 22.94%. These rates include a discount of 0.25 percentage points if you opt for automatic payment.
The lowest APRs are available to the most qualified applicants who select a loan with three-year repayment terms. Loan terms are 36 or 60 months.
Figure Personal Loans may charge an origination fee of up to 3% of your loan amount, depending on your state. If your loan includes origination fees, these will be indicated on your loan offer. You will only pay origination fees 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, and subsequent payments are due on the same day each month thereafter.
Figure personal loans require you to be employed, plus:
- A FICO credit score of at least 680, which is in the good credit range.
- A debt ratio of less than 40%, not including your housing expenses. Your DTI is the percentage of your monthly income that is used to pay 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 on all previous Figure loans.
You need a credit score of at least 680 for a Figure personal loan. The lender also reviews your DTI, credit usage, financial history, and employment status to determine approval.
Figure personal loans are available in Washington, DC, and all states except Mississippi.
Figure is not accredited by the Better Business Bureau and has a C rating due to a failure to respond to a complaint filed against the company. Trustpilot scores the 4.7 out of 5 star figure, which is an excellent rating, based on over 1,400 reviews.
The Consumer Financial Protection Bureau reports no 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 assistance 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 U.S. holidays. If you have a loan and need help, contact [email protected] or 888-527-1950 6 a.m. to 6 p.m. Pacific Time, Monday through Friday, excluding major U.S. holidays.
The Figure personal loan application process can be completed entirely online, including uploading documents and obtaining a notary signature.
You can prequalify 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.