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Bottom line: Figure has a history with home loans and student loans — and good customer service. Expect a completely online application with prequalification, but a high starting amount and only two term options.
$50,000
Max. Loan Amount
5.99% to 15%
APR
680
Min. Credit Score
Product Name | Figure personal loan |
---|---|
Min. Loan Amount | $5,000 |
Max. Loan Amount | $50,000 |
APR | 5.99% to 15% |
Interest Rate Type | Fixed |
Min. Credit Score | 680 |
Origination Fee | Up to 5% |
Origination Fee | 0% to 5% |
Loan Term | 36 months or 60 months |
Turnaround Time | As little as 2 business days |
Review by
Kellye Guinan is a writer and editor with Finder and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.
Figure is now offering personal loans. While the product is new, Figure is a well-established lender in the mortgage refinancing and home equity spaces — so you’re likely to get a relatively buttoned-up process.
The application is completely online, with just seven steps to fully complete it. And Figure offers prequalification, so you won’t hurt your credit checking your rates.
Not sure Figure is right for your finances? See even more options by comparing other personal loans.
According to Figure, borrowers can expect a fixed APR between 5.99% and 15%. This includes an origination fee of 0% to 5% — standard for online lenders.
Loans start at $5,000 — higher than the industry average of around $2,000 — and go up to $50,000. Figure offers terms of either 36 months or 60 months. And like many lenders, it also offers an autopay discount of 0.25%, which can help lower your APR.
Select your credit score and state to view even more loans you can apply for today.
BBB accredited | No |
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BBB rating | F |
BBB customer reviews | 2 out of 5 stars, based on 12 customer reviews |
Trustpilot Score | 4.7 out of 5 stars, based on 1,014 customer reviews |
Customer reviews verified as of | 18 December 2020 |
Figure earns high praise on its Trustpilot page for professional customer service and a simple application for its other loans. However, customers on its BBB page aren't so happy, but there are much fewer reviews with the agency.
Figure requires you to meet a few basic requirements to qualify for its new personal loan:
You will also need to prove that you have open cash flow of either $1,000 per month for its three-year term or $1,500 for its five-year term.
To apply for a personal loan, click Go to site on this page or head over to Figure's website and select Find my rate. The first step of the application allows you to see what rates and terms you prequalify for. Figure won't perform a hard credit check when you prequalify — but it will if you continue the application past providing more information and verifying your identity.
Upon approval, you can sign your loan documents. After you submit the documents, you'll speak to a customer service agent who will walk you through the closing process. You can then receive your funds within two business days of approval.
Figure has an entirely automated personal loan application process. When you apply, you should be able to connect your bank account and upload tax returns or pay stubs for verification and funding of your loan in a few business days.
While it's relatively young, this mortgage and home equity lender does have experience in the personal loan space. Until May of 2020, Figure provided student loan refinancing. The program is currently on hold, and Figure hasn't released information on if it will return in the future.
Our answers to questions you might have about Figure personal loans.
Figure will offer personal loans in most states and Washington, DC. However, it won't offer loans to residents of five states:
When you refer a friend to Figure and they apply for a loan — and get approved — you each receive a $150 gift card.