You can spend your Figure personal loan on anything you want, although the company recommends using it for “something responsible,” such as paying for immediate expenses, reducing debt or doing home repairs.
Figure also offers other loans, including:
- Home equity lines of credit of up to $250,000.
- Refinance mortgages.
- Home purchase mortgages coming soon.
Figure uses a simple 100% online application that lets you check the rates and terms you qualify for without affecting your credit. The lender will pull your full credit report, which may hurt your credit score, if you continue your application.
Most borrowers need to provide a copy of a valid government-issued ID to apply. You will also have to link your checking account to your application for Figure to verify your income. If your checking account can’t verify all of your income, you may need to link tax return or other information.
You have up to 14 days to complete the application summary and then another 14 days for the full application. When you have finished, you can use Figure’s digital notary to sign the application without printing anything or leaving the webpage.
If you don’t meet the deadline and your application expires, you can reapply. But the rate you prequalified for might have changed.
A personal loan may be approved in as few as five minutes, and you could receive your funds one to two business days later. If your loan is approved on a Friday, your money won’t arrive until the following week. Figure will email you when your funding process begins.
Common loan uses might include:
- Covering immediate expenses.
- Consolidating debt.
- Paying for relocation.
- Home remodels or repairs.
Borrowers may not use loans to fund illegal activities, including purchasing drugs.
Choose from multiple fixed-rate terms for personal loans with APRs from 5.75% to 22.94%. These rates include a 0.25 percentage point discount if you opt for autopay.
The lowest APRs are available to the most qualified applicants who select a loan with three-year repayment terms. Loan terms are 36 or 60 months.
Figure personal loans may charge an origination fee of up to 3% of your loan amount, depending on your state. If your loan includes an origination fee, it will be listed on your loan offer. You will only pay an origination fee on a Figure personal loan and no other fees, including prepayment penalties.
Your first payment is due about 30 days after your loan is funded, and subsequent payments are due the same day each month thereafter.
Figure personal loans require you to have a job, plus:
- A FICO credit score of at least 680, which falls in the good credit range.
- A debt-to-income ratio of less than 40%, not including your housing expenses. Your DTI is the percentage of your monthly income that goes toward paying debts.
- A valid government-issued ID. A copy of your driver’s license, state ID, passport or permanent resident card is acceptable, as long as it isn’t expired.
- Be in good standing on any previous Figure loans.
You need a credit score of at least 680 for a Figure personal loan. The lender also looks at your DTI, credit utilization, financial history and employment status to determine approval.
Figure personal loans are available in Washington, D.C., and in every state but Mississippi.
Figure is not accredited by the Better Business Bureau and has a C rating due to a failure to respond to one complaint filed against the company. Trustpilot scores Figure 4.7 out of 5 stars, which is an excellent rating, based on more than 1,400 reviews.
The Consumer Financial Protection Bureau reports no complaints in 2020 about Figure personal loans.
Figure offers customer support for personal loans by phone or by email. For general support, contact email@example.com.
For help with personal loan applications, contact firstname.lastname@example.org or 888-819-6388 from 6 a.m. to 6 p.m. Pacific time Monday through Sunday, excluding major U.S. holidays. If you have a loan and need support, contact email@example.com or 888-527-1950 from 6 a.m. to 6 p.m. Pacific time Monday through Friday, excluding major U.S. holidays.
Figure’s personal loan application process can be completed entirely online, including uploading documents and getting a notary signature.
You can prequalify online, get approved in just minutes and receive funding electronically in one to two business days.
Your loan can be managed on the company’s website or mobile app. Once you log into your account, you will find statements, tax forms and other documents.
- People who have a good FICO score of at least 680.
- People who prefer to use online lenders.
- People who need electronic funding fast.