Figure is a personal loan provider that was founded back in 2018 by former SoFi CEO Mike Cagney. As a relatively new lender, it also offers HELOCs (or home equity lines of credit) and mortgage refinances to people in most US states, depending on the product. However, their newest product is personal loans, which we will detail in this review. The company headquarters are located in San Francisco.
As a borrower, you can get up to $50,0002 if you apply for a personal loan from this company if approved. Moreover, you may receive your funding in only two days.
Their personal loan application process is fully digital, very smooth, and quick. This is possibly one of the biggest reasons why it has attracted so many clients in such a short time. When it comes to the fees and rates that they can offer, it must be said that a possible future customer must contact the company directly. Figure will send you an estimate as quickly as possible and you can start from there.
Application process
As previously mentioned, the application process for a personal loan on Figure is fully digital. This means that it also includes E-signatures and an E-notary. In order to get started, you will need to provide basic personal info like your name, address, e-mail, date of birth, type of property, income, and your reason for applying. Almost instantly, the company will do a soft credit check and come up with a rate offer. All clients will be asked to also provide an official ID, like a US passport, a state ID, or a driver’s license.
If all is well, you will be able to apply and a hard inquiry will be done on the credit report. As a client, you will need another account which you will have to link with this one. Figure requires this for verification purposes. They also need it for your loan disbursement setup.
Once your application is approved, you will enter a one-on-one video session with an E-notary. You will go through another verification process and you will be able to check and sign your loan document.
About their loan types
The Figure loan types are very clearly displayed and explained on the official website, www.figure.com. As a client, you have the possibility to choose among a Home Equity Line, a personal loan, and a mortgage refinance.
Firstly, there is the personal loan possibility through which you can access cash easily and quickly. This way, you can borrow up to $50,0002 and receive your funding in just two days' time. Moreover, in case you are able to recommend this loan to a friend, don’t hesitate! Figure rewards referrals. Last but not least, the rates for the personal loan are only 5.75% APR1.
The Home Equity Line on Figure allows clients to borrow up to $250,000 with a one-time origination fee3. The biggest combined CLTV (loan-to-value ratio) that the company allows is 95%. However, it’s important to know that your own limit is determined by your credit score.
Last but not least, the mortgage refinance offers 15 and 30-year terms and you can access the cash-out option of up to $500,000 using your equity. Figure also offers jumbo loans; for a rate refinance, you can borrow up to 80% of your home’s value (max $2,000,000.)
Repayment options
When it comes to the repayment terms for the Figure personal loan, those are 3 or 5 years and you will pay them back on a pre-determined payment program. It’s also important to note that their origination fee is up to 3% if applicable. The APR varies between 5.75% and 22.94%, including a 0.25% autopay discount1.
Interesting benefits
Another interesting benefit of getting a personal loan from Figure is their referral program. You can tell a friend about your experience with this company and if they follow your advice and fund a loan, you will get a reward. Once your friend’s loan is funded, you will both get a $150 gift card each. The only thing that you need to do is log in, add the e-mail address of your friend and wait for your gift. Your referred friend will receive a special link which they can access and start a personal loan procedure on Figure.
customer support
The customer service support system on Figure is professional and definitely useful. Any client can contact the team via their email address, phone, or live chat. In case you choose to call Figure, someone will answer you from Monday to Sunday. Their working hours are from 6 AM to 6 PM except for major holidays.
Advantages
Their fees are transparent
With Figure, you can see what you are going to pay right from the get-go. Unlike other similar services that have all sorts of fees, this company only charges an origination fee, if applicable, ranging between 0% and 3%, depending on state and local laws. You will see the origination fee on your loan offer page when selecting a loan term. You pay this whenever you decide to take out your loan. In fact, Figure doesn’t charge any other type of fee and this is truly a great advantage that it has over the competition.
They are fast
If you choose Figure, you will get your funding in as little as 2 working days. This is another great advantage. Plus, it’s important to note that this company truly knows how to move fast and do things efficiently. Figure’s entirely online application process makes applying quick and easy.
Note: Figure does not initiate funding on weekends. If an application was approved Friday then funds will be pushed the following week. You will receive an automated email when the fund transfer process is initiated.
They are flexible
Flexibility is another huge benefit of Figure’s services. The fact that the personal loan procedure is fully digital allows a lot more people to access it more easily. Plus, you can see your pre-qualified rate without worrying that it will affect your credit score4. You may see this soft inquiry on your credit report, but it’s only visible to you and not to other creditors or users of your credit report. However, submitting your application will result in a hard inquiry and may affect your credit score.
Disadvantages
Personal loan cap
Probably the biggest disadvantage that many people may find is their personal loan cap that’s only $50,0002. Some people might find this sum a little too small, depending on what they need it for. Of course, this is just a personal detail that each possible future client can decide on. On a similar note, some people might find their minimum required amount of $5,000 to be too high for a personal loan. This is certainly up for each possible client to decide.
Summary
All in all, we can safely say that Figure has it all figured out in terms of loans. This is a great service for those people who want a quick, transparent, and efficient personal loan. While the cap might not be huge, it’s still an extremely good alternative if you need some money fast. It’s all done online without the hassle of staying on the road and potentially wasting precious time.
However, in case you are looking for real interaction, or a more traditional type of loan, this may not be for you. Figure prefers a more technologically advanced approach that is more in tune with today's standards in terms of speed and efficiency. It aims to deliver affordable loan services that help people deal better with their expenses in the long run.
* 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.
* 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 the minimum and maximum loan amounts vary depending on the state in which you reside and your credit profile.
* You will be responsible for an origination fee of up to 4.99% of your initial draw, depending on the state in which your property is located and your credit profile. You may also be responsible for paying recording fees, which vary by county, as well as a subordination fee if you ever ask Figure to voluntarily change the lien position.
* 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.
