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Figure Personal Loans Review

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Founded in 2018, Figure Technologies, Inc. is a financial technology company that offers borrowers a wide range of loan products, including personal and home lending solutions. The company accesses blockchain, artificial intelligence, and advanced analytics to deliver a seamless online experience and loan turnaround times as short as two days. Figure is located in Charlotte, North Carolina.
 
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How is Figure Personal Loans rated?

Breakdown

4.2/5
Flexibility
4.2/5
Interest Rates
4.2/5
Discounts & Fees
4.1/5
Customer Service and Reputation

Overall Rating: 4 / 5 (Excellent)

Figure is a financial technology company that offers borrowers personal loans and mortgage products.The company offers a fairly narrow range of personal loans, but you may well find one that suits your needs within the company's portfolio of options. The company offers competitive rates on fixed-rate loans but doesn't offer variable-rate loans. Variable-rate loans sometimes offer lower initial interest rates, but borrowers run the risk that their interest rates will go up significantly in a short amount of time. So if you're attracted to the stability of monthly payments that will not vary, Figure can accommodate your preference.

Figure offers a simple, fast, 100% online application process. Once approved, Figure can provide funding in as few as two days. Since personal loans are often taken out for emergency reasons, that rapid availability of funds may be a very valuable benefit to many borrowers.

Figure Personal Loans Loan Specifics

Loan Specifics - 4.1 / 5

Figure offers personal loans ranging from $5,000 to $50,000. All loans are fixed-rate. The company offers a choice of two terms: three years or five years.
Loan Minimum
5,000
Loan Maximum
50,000
Term Length
3 or 5 years
Disbursement Time
2 days

Figure Personal Loans Qualification

Qualifications & Flexibility - 4.2 / 5

Figure requires a minimum credit score of 680 from borrowers. Borrowers must have a debt-to-income ratio under 40% (excluding housing expenses) and a payment-to-income ratio under 20%. As with any other kind of loan, the interest rate you'll be offered depends on your credit and financial profile.
Minimum FICO Score
680
Debt to Income Ratio
Less than 40%
Hard Credit Pull
Getting pre-qualified for a Figure personal loan will not affect your credit score. If you move forward with an application, Figure will pull your credit report and there will likely be some impact to your credit score.

Figure Personal Loans Cost of Loan

Costs, Interest Rates, Discounts & Fees - 4.2 / 5

Figure reports that, currently, its personal loan interest rates range from 5.99% to 15.00%. The upper end of that range is considerably lower than many lenders offer. One reason for that is that Figure offers loans that are relatively short-term, topping out at 5 years. Higher rates are often associated with longer-term loans. You'll pay less over the lifetime of your loan by choosing one of Figure's shorter-term options.

Figure charges just one fee—a loan origination fee. Origination fees are not applicable to all loans, however. Figure reports that these fees can range from 0% to 5%.
APR Range
5.99-15.00
Origination Fee
0-5%

Figure Personal Loans Reputation

Customer Service and Reputation - 4.2 / 5

Type of Institution
Other Financial Institution
Year Founded
2018
Trust Pilot Rating
4.7 out of 5
Consumer Financial Protection Board (CFPB) Complaints
15
Date Collected
2021-01-12
Headquarters Address
15720 Brixham Hill Ave, Suite 300, Charlotte, NC, 28277
Homepage URL
https://www.figure.com/

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Top Rated
Our Partner
  • Get personalized pre-qualified rates from multiple lenders.
  • 2 Minute Process
  • Loans from $600 - $200,000 
  • Rates from  7.49% - 35.99% APR
  • Loan terms of 1 - 7 years.
  • Rated A+ by the BBB
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