Figure Review StaffApr. 21, 2020

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In a Nutshell

Founded in 2018, Figure is a fintech company that has made a name for itself by using AI and blockchain to assess applications for home equity loans and mortgage refinancing. Now it is adding student loan refinancing to its list of products – with the promise of assessing refinance applicants quickly and with minimum hassle. Figure’s main target audience is Millennials with $55,000+ household income and a desire to buy their own home.


  • Quick, hassle-free application decision
  • No prepayment or late fees
  • Auto-pay discount of 0.25%


  • Not available in New York and Mississippi
  • Rates not published on website

Figure at a Glance

APR 3.49% (with autopay)
Loan types Consolidation of federal and private student loans
Refinance amount $5,000 - $250,000
Repayment terms 5-20 years
Minimum credit score Not stated
Best for Aspiring homeowners looking to pay off student debt before applying for a mortgage
Direct Lender or Marketplace Direct lender

Best For?

As mentioned, Figure is targeting people aged 28-35 who are college educated, have at least $55,000 in annual household income, and are motivated by the desire to pay off their student debt so they can move into the next stage in life: home ownership. Figure aims to give aspiring homeowners an easy way to save money with a quick, pain-free student loan refinance at a lower interest rate than their original loans.

Loan Features

Figure stands for simplified student loan refinancing: simplified application, simplified fees, and a simplified single repayment instead of the multiple federal and private student loan payments you’re probably stuck with at present. Powered by advanced technologies like blockchain and artificial intelligence, Figure represents a new phase in consumer credit products – where automation works to the borrower’s advantage.

These are the highlights of Figure’s student loan refinancing service:

  • No prepayment or late fees
  • 0.25% APR discount when you set up auto pay
  • Automated, paperless application, where Figure does all the legwork of collecting your documents
  • Refinancing of federal loans, private loans, or both
  • Lets users securely link their current student loan account(s) to apply
  • User-friendly personal dashboard that lets you track your application and payment status
  • Unlike some competitors, Figure services its own loans and supports borrowers the whole way through

What You Need to Qualify:

  • Credit Scores 680+
  • Min 12 months credit file
  • No delinquencies in the last 30 months
  • No unpaid collections
  • No bankruptcy  in 7 years
  • No undischarged bankruptcy
  • No unpaid charge- offs over $1500
  • DTI max 65>#/p###

The Application Process

One noticeable aspect of the Figure student loan refinancing application process is that it’s quick. Figure’s mission is to make it easier for student debt holders to refinance and it delivers on this by approving most applicants in minutes.

To get started, applicants need only fill out the bare basics to get an offer: name, date of birth, address, contact details, and annual gross income plus bonus. Figure’s powerful automated online assessment tool goes to work to pull up the rest of your details and make an assessment. If it can’t identify you from the information provided, it will ask you for your social security number or individual taxpayer identification number to help it complete the assessment.

To be eligible for student loan refinancing from Figure, you must be a US citizen or permanent residents that has graduated from a four-year or graduate Title IV school in the United States. Checking your rate won’t affect your credit score. However, if you decide to take a loan, Figure may conduct a hard credit pull – which will affect your score. On the downside, Figure doesn’t state its minimum credit score requirement. The only way to find out if you qualify is to apply.

Loan Terms, Amounts, and APR

Figure offers loan amounts of anywhere from $5,000 to $250,000. Repayment term options are 5, 7, 10, 15, or 20 years. Figure doesn’t publish APRs on its website; to find out your pre-qualified rate, you must submit an application. However, it holds out the promise of a superior APR to your old student loans.

*Student Loan Refinance products only available in the following states: 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, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY 

How Safe Is It?

By automating the collection and uploading of your personal information, Figure keeps the exchange of personal details to a minimum – streamlining the application process and keeping applicants safer and more secure. Instead of asking you for extensive details, Figure extracts and uploads your details securely to its system. According to Figure, it uses a range of security and encryption techniques throughout the process to keep your data secure.

Rather than force each user to set up a password, Figure provides a link via email to access your account. To log into your dashboard, simply press the login button on the Figure website, enter your email address, and then go to your inbox to find the authentication link. By eliminating the need for passwords, Figure makes its system less vulnerable to hacking.

Help & Support

Although primarily an online operation, Figure provides telephone and email support. It enjoys a 4.8-star rating on Trustpilot, with 93% of customers rating it “Excellent” and only 3% “poor” or “bad”. Although Figure had only just launched its student loan refinancing platform before this review was published, it’s fair to assume its student loan platform will have the same strong level of customer service as its home equity and mortgage refinancing platforms.

To speak to a customer support rep about student loans refinancing, contact:

Phone: 888-819-6388, Mon-Sat, 6am – 6pm Pacific Time (not for use by New York borrowers).



Figure is known for disrupting the home equity loan and mortgage refinancing markets and now it is aiming to do the same to student loan refinancing. While Figure doesn’t necessarily offer the lowest rates or loosest eligibility requirements, it does offer one of the most attractive overall refinancing packages – with a approval process and no fees aside from the APR itself. It even offers a discount for setting up auto-pay, helping to reduce the overall cost of your student loans even further.

Physical Address

2019 Figure Technologies, Inc.

650 California Street, Suite 2700

San Francisco CA, 94108


The advertised variable APR includes an autopay discount of 0.25%. As of 04/03/2020, variable APRs start at 3.74% for customers that do not opt in to autopay. These rates are for the most qualified applicants and are higher for other applicants. To be eligible for the advertised rate, an applicant must have more than $5,500 in monthly discretionary income and a credit score of 800 or higher. Figure calculates monthly discretionary income by reducing monthly income by a state income tax factor, and then subtracting estimated housing expenses, transportation expenses, and other expenses listed in your credit report. The advertised rate is only available for applicants who select 5 year loan terms; longer terms have higher rates. Because the rate is variable, it could move lower or higher based upon the LIBOR Rate (as published in the Wall Street Journal). Rates change frequently so your exact interest rate will depend on the date you apply. Loan terms and fees are also subject to change.

Figure customer testimonials

ExcellentReviews 916
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  • author
    Thomas Siedelmann
    3 days ago
    The process was very quick

    The process was very quick, very easy and those that I worked with were helpful. Highly recommend Figure!


  • author
    anthony weyland
    3 days ago
    Thank you Laine!!’…

    This process was an online challenge for me. I got initially frustrated until Ms. Laine Black got involved. She was highly professional and very patient with me. I can assure everyone at Figure that this deal would never have happened without Laine’s assistance. She’s a jewel!


  • author
    Artem Chetverikov
    3 days ago
    Forever processing, always 'in a meeting'

    My mortgage application has been processing for over 90 days and every time I contact them, I get 'Sorry the processor is in a meeting they will get back to you soon' only to never be contacted. This has been the response for the last 2 months. If you want a refinance to happen sometime in the next 3 months. Go somewhere else.


  • author
    Sep 15, 2020
    Stress-free funding

    We started the process on a Monday and had the funds in our account the following Monday. Easy and stress-free. Thanks!


  • author
    Joan Dobesh
    Sep 15, 2020
    When we received the info in the mail

    When we received the info in the mail, we thought it was too good to be true - that we could get a loan for that small of interest rate. And the process was so easy!! It was exactly what we were looking for and it will save us lot in interest.