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Figure personal loan

What you can expect from this lender's newest financing option — available now.

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.

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Details

Min. Loan Amount$5,000
Max. Loan Amount$50,000
APR5.99% to 15%
Interest Rate TypeFixed
Min. Credit Score680
Origination FeeUp to 5%
Origination Fee0% to 5%
Loan Term36 months or 60 months
Turnaround TimeAs little as 2 business days
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Pros

  • Simple, automated application
  • Referral program and autopay discount
  • Highly rated lender

Cons

  • High starting amount of $5,000
  • Only two terms available

Figure rates, fees and terms

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.

How Figure compares to other lenders

Select your credit score and state to view even more loans you can apply for today.

Name Product Filter Values APR Min. Credit Score Loan Amount
BHG personal loans
Varies
Accepts fair credit
$20,000 – $200,000
Best Egg personal loans
5.99% to 29.99%
600
$2,000 – $50,000
A prime online lending platform with multiple repayment methods.
SoFi personal loans
5.99% to 19.63%
680
$5,000 – $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
Credible personal loans
2.49% to 35.99%
Fair to excellent credit
$1,000 – $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Monevo personal loans
3.49% to 35.99%
None
$500 – $100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
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Figure reviews and complaints

BBB accredited No
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.

How to qualify

Figure requires you to meet a few basic requirements to qualify for its new personal loan:

  • FICO credit score of 680 or higher
  • Debt-to-income (DTI) ratio under 40%
  • Payment-to-income (PTI) ratio under 20%
  • Valid government-issued ID, such as a driver's license

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.

Where are Figure personal loans be available?

Figure offers personal loans in all 50 states and Washington, DC.

How the application works

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.

What sets it apart

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.

How does Figure's referral program work?

When you refer a friend to Figure and they apply for a loan — and get approved — you each receive a $150 gift card.

Not sure Figure is right for you? Compare even more options with our guide to personal loans.

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Review by


Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.

Expert review

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.

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