Figure review

26 reviews
Top10.com Staff

In a Nutshell

Figure is a Silicon Valley fintech company that started off in 2018 by providing a home equity product and reverse mortgage alternative. Figure leverages blockchain, AI, and data-analytics technology to develop its loan products, enabling it to approve loan applications automatically without any human involvement and to fund the borrower within 5 days.

pros

  • Approval in a matter of minutes
  • Competitive rates
  • Fully digital process

cons

  • Only available in 38 states
  • Still a relatively young company and concept

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Figure at a Glance

Loan types
Home Equity Lines of Credit
Loan amount
$15,000 to $150,000
Repayment terms
5 - 30 years
APR
2.99% - 11.50%
Minimum credit score
600
Best for
Borrowers with good-to-excellent credit

Best For?

Figure caters to borrowers with good to excellent credit, rewarding them for their financial responsibility with lower-than-average APRs. It’s best for borrowers who don’t have any issues with applying for a loan online. 

Loan Features

The biggest selling-point is Figure’s super-charged online lending software, which reviews and approves/rejects proposals in minutes. Aside from that, here are some of Figure’s highlights:

  • Figure's home equity product  can be used to pay for debt consolidation, home improvements, student loans, or other major purchases or expense
  • All loan documents are signed by eNotary, without need for face-to-face meeting
  • Extensive FAQ section, minimizing need to contact customer support

The Application Process

Applying for a loan with Figure is as quick and simple as with any of the best lenders in the industry. Because all your information passes through Figure’s advanced automated platform, the entire process should take only a few minutes of your time and you really will only be asked for a very minimal amount of documentation. 

You’ll be asked to enter basic information about yourself and your loan. This includes: 

  • name
  • email address
  • home address
  • date of birth
  • salary
  • loan purpose (e.g. debt consolidation, home improvements or renovation, paying off student loans, major purchase, other)

Figure’s automated system will attempt to pull up your credit score based on the information you provide in the online form, but if it can’t, it will ask you to enter your Social Security number. At the end of the form, you’ll be asked to read and accept Figure’s terms and conditions.

Figure’s automated system will run a soft credit check, meaning it’ll find out your score without damaging your credit. Once it’s run its credit check, which takes just a few seconds, it’ll display your pre-qualified rates with separate columns for APR, monthly payment, and terms. You’ll see options for different terms, ranging from 5 years to 7, 10, 15  and 30 years. Of course, shorter terms mean lower APRs and longer terms mean higher APRs. If you like the look of one of the loans, select it to move to the next screen.

To complete the process, you’ll need to verify your identity with photo ID. You may upload an existing image of your ID or take a screenshot. Next, you’ll need to enter your bank details so Figure can get you the funds. The last part is a video chat session with an eNotary, where you’ll e-sign your loan documents in the presence of the eNotary. 

That’s really all there is to it. The entire process takes just a few minutes, and your funds should be with you within 5 business days. 

How Much Can You Borrow? 

The minimum loan amount is $15,000, which is fairly standard in the industry. The max loan amount is $150,000. With such high loan amounts, Figure is a suitable lender for borrowers looking to pay off particularly large expenses such as home improvements or renovations. 

Repayment Terms

Figure offers APRs at lower than the industry average, within a narrow range of 2.99% - 11.50%. It offers 4 repayment options: 5 years (60 months), 7 years (84 months), 10 years (120 months), 15 years (180 months) and 30 years (360 months). Figure doesn’t charge any prepayment penalties whatsoever.

Privacy & Security  

Figure is licensed to provide loans in all 34 states in which it offers consumer credit products. It uses a range of security and encryption techniques to keep customer data secure. When you apply for a loan, Figure sends a link to your email to authenticate your account. 

Help & Support

Figure offers customer support Monday to Saturday between 6am and 6pm Pacific Time through phone, email or live chat. Figure is primarily an online lender created so borrowers don’t necessarily need to speak with a human representative. Answers to more questions can be found on the FAQ section of its website.

How Figure Compares

APR
2.99% - 11.50%
3.49%-35.99%
5.99% to 18.83% (with AutoPay)
Minimum credit score
620
680
680
Loan amounts
$15,000 to $150,000
$1,000 to $100,000
Up to $100,000
Loan term
5 - 30 years
24-84 months
24-84 months
Best for
Long repayment terms
Low loan amounts
Recent college graduates

Figure is the newest in a growing breed of hi-tech-powered lenders. It goes a step further than its competitors by employing the latest blockchain and AI technology to make the application process as quick as we’ve seen it go. The main advantage Figure offers over its rivals, such as Credible and SoFi, is its low maximum APR that it offers with its loans, which are secured. Whereas most personal loan lenders typically have max APRs of 35.99%, Figure promises a lower maximum rate—provided the borrower meets their tight requirements including a minimum credit score of 600.

FAQs

Does Figure offer any rate discounts? Yes, to customers who opt in to AutoPay. This allows Figure to automatically deduct your monthly payment from your account.

Can you apply again after being declined? Yes, your credit history and financial standing can change over time. If you were declined previously, you can apply again.

Can you apply for multiple loans? Yes, however the limit is $150,000 per borrower.

How does eNotary work? You’ll need a camera on your computer to conduct a video session with an eNotary. The eNotary will confirm your identity via the ID you provided earlier and will ask you a set of knowledge-based authentication questions. Then you’ll e-sign the documents opposite the camera and the eNotary will electronically notarize your documents. The whole process can be completed in minutes. 

Summary

Figure really does show us where the future of lending is heading, a home equity product on a hi-tech, automated lending platform. A loan from Figure is all about saving you time: the application is quicker, the signing process is quicker, and the funding is pretty quick as well.

Visit Site

Physical Address

Figure Technologies, Inc.

650 California St, Suite 2700

San Francisco CA, 94108


NMLS #1717824

Top10.com's editorial staff is a professional team of editors, writers and experts with dozens of years of experience covering consumer, financial and business products and services.

Figure customer reviews

Based on 26 reviews

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Top Reviews

Cecilia, CA
a year ago

Ease of use

Brand satisfaction

Value for money

Service quality

They are always delightful to help. They are very quick with assisting with my help. They know what they are doing.

Hans, NC
9 months ago

Because it is easy to use a good value for the money. Customers ratings are high. Customers satisfaction is high.

Lawrence, WI
9 months ago

My overall experience with Figure was excellent. I loved how digitally advanced it was and every step of the process was easy and quite effortless.

Kisha, GA
9 months ago

The figure is great. It was very easy to use. It was very useful that I would recommend this to everyone who needs additional funds.

Victoria, AZ
7 months ago

It is a good loan company and easy to work with, we got approved so happy.

Alex, FL
9 months ago

It was a good tool to use it allowed me to put my own information in and it was up to me to figure out.

Anthony, MN
10 months ago

It's a very good service. I agree with my rating. It is a fabulous tool that is used to get things done.

John, MD
9 months ago

Like I said earlier, they are very easy to use. Great customer awareness. Nothing to dislike about them at all.

Katlymme, VA
10 months ago

Figure helps me figure everything easily. It has been a huge step in the right direction.

Kristen, AL
10 months ago

The customer service representatives are friendly and the wait time is not very long. The website is easy to use.

Bea, MD
a year ago

I really like the customer service and the products. The price can be a bit steep but overall a good company

Cate, VA
a year ago

Wasn't what I expected, more difficult process. Higher expectations, too much work to do with it. The outcome was good though.

Nancy, OH
10 months ago

It was great I would definitely recommend it to anyone to use it's a great website to help assistance.

Molly, FL
a year ago

I spoke to very nice people, but ultimately was not approved.

Terri, OH
7 months ago

Great customer service and they provide the best quality they can for their customers. Dedicated to you.

Alana, TN
7 months ago

Figure was easy to navigate, very user friendly. I am overall satisfied by it. I can't imagine it could be improved in any way.

Bryan, TX
6 months ago

Figure is amazing and they always make sure to answer any questions we have and solve any issues.

Justin, TX
9 months ago

The person I spoke to was well informed and knew exactly what I was looking for instead of trying to get me to things I don't need

Nina, MI
8 months ago

They are an easy company to work for and navigate through their system. They have quick response time for questions

Jon, NJ
a year ago

It was easy to apply and get rates but ultimately did not seem competitive to other offers.