Figure Review 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.


  • Approval in a matter of minutes
  • Competitive rates
  • No need to wait for an in-person appraisal


  • Only available in 39 states (for now)
  • Still a relatively young company and concept

Figure at a Glance

Loan typesHome Equity Lines of Credit
Loan amount$15,000 to $250,000
Repayment terms5 - 30 years
APR2.99% - 11.50%
Minimum credit score620
Best forBorrowers with fair-to-excellent credit

Figure Figure Visit Figure

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 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 $250,000. 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), 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 39 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. Because Figure was founded in 2018, there are relatively few customer reviews and ratings to be found online. With that said, Figure is primarily an online lender created so that borrowers don’t need to speak with a human representative. Answers to more questions can be found on the FAQ section of its website.

How Figure Compares

APR2.99% - 11.50%3.49% - 35.99%5.99% - 18.28% (with AutoPay)
Minimum credit score620680680
Loan amounts$15,000 to $250,000$1,000 to $100,000Up to $100,000
Loan term5 - 30 years24 - 84 months36 - 84 months
Best forLong repayment termsLow loan amountsRecent 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 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 offers a lower maximum rate—provided the borrower meets their tight requirements including a minimum credit score of 620.


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.


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 $250,000 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. 

Physical Address

Figure Technologies, Inc.

650 California St, Suite 2700

San Francisco CA, 94108

NMLS #1717824

Figure Figure Visit Figure


Figure’s APRs can be as low as 2.99% for the most qualified applicants and will be higher for other applicants, depending on credit profile and the state where the property is located. For example, for a borrower with a CLTV of 45% and a credit score of 800 who is eligible for and chooses to pay a 4.99% origination fee in exchange for a reduced APR, a five-year Figure Home Equity Line with an initial draw amount of $50,000 would have a fixed annual percentage rate (APR) of 2.99%. The total loan amount would be $52,495. Your actual rate will depend on many factors such as your credit, combined loan to value ratio, loan term, occupancy status, and whether you are eligible for and choose to pay an origination fee in exchange for a lower rate. Payment of origination fees in exchange for a reduced APR is not available in all states. In addition to paying the origination fee in exchange for a reduced rate, the advertised rates include a combined discount of 0.75% for opting into Credit Union Membership (0.50%) and enrolling in autopay (0.25%). APRs for home equity lines of credit do not include costs other than interest. Property insurance is required as a condition of the loan and flood insurance may be required if your property is located in a flood zone.

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About The Author StaffNov. 15, 2020
Our editorial staff is comprised of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right personal loan provider for your needs.