Figure 2022 Personal Loan Review • Pros, Cons & More • Benzinga

Personal loans

Figure lets you access up to $50,000 in personal loans. Complete the online application in minutes and expect funding in just 2 business days. You can start the loan application process by checking your rate, which doesn’t affect your credit score. Just provide a few details about yourself and you’ll get your Prequalification Rate for Figure Loans that best suits your situation.

Figure’s automated app lets you connect all your accounts to speed up the whole process and receive your funds hassle-free. Personal loans come with several fixed-term options that let you plan your payments and know exactly when you’ll repay your loan.

Figure will reward you with a $150 gift card for spreading the word to your friends, and they will also receive a $150 gift card when their personal loan is funded.

Customer service is available at 888-243-1099 Monday through Saturday, 6 a.m. to 6 p.m. PT.

Home Equity Line of Credit (HELOC)

Homeowners can access Figure’s HELOC facilities on their condos, single family homes, and townhouses. With a quick, easy, 100% online application, you’ll be approved in 5 minutes – no in-person assessment required. And you will receive your financing in 5 days2.

The figure allows you to lock in a rate as low as 2.88% APR1 with the ability to redraw up to 100%. You can take advantage of 0 prepayment penalties with optional discounts and origination opportunities to lower your payments, if you qualify based on your credit profile and the state you live in.

Figure advertised rate of 2.88% APR1 includes a combined APR rate reduction of 0.75%. You will receive a 0.25% discount for the Autopay option, which automatically deducts your monthly payment from your payment account.

You’ll also get a 0.50% APR rate reduction for signing up for a credit union membership. This rate also includes the payment of an origination fee of 4.99% in exchange for a reduced APR.

For most states, Figure offers lines of credit ranging from $15,000 to $250,000, except for Alaska and Wisconsin where the minimum loan amount is $25,001. You will also qualify for a line of credit with a credit score of 620. But keep in mind that in Oklahoma your score must be 720.

For terms of 5, 10 and 30 years, the Figure loan limits are as follows:

  • FICO score 630-850, minimum loan is $15,000
  • FICO score 620-679, maximum loan is $75,000
  • FICO score 680-759, maximum loan is $150,000
  • FICO score of 760+, maximum loan is $250,000

HELOC candidates will enjoy excellent customer support with an average response time of less than 45 seconds. Phone support is available Monday through Saturday, 6 a.m. to 6 p.m. PT. Online video notary sessions are also available in some locations.

Mortgage refinancing

Figure offers tariffs. It creates a software query to generate your pre-qualified rate, which will not impact your credit score. Only single-family homes and townhouses are eligible for 15- and 30-year mortgage refinance, with loans only supported for primary residences.

Most applicants can complete their mortgage refinance application in about 10-20 minutes, and you’ll wait about 20 days to receive a decision. The figure allows up to 30 days to complete your application once you have selected your initial terms. Conforming loans and jumbo loan refinances are available.

Figure’s 15- and 30-year fixed mortgage refinance options are available in the following options:

  • A 15-year conforming loan has a refinance loan range of $100,000 to $822,375 subject to county limits and including an opt-out.
  • A 30-year conforming loan has a refinance loan range of $100,000 to $822,375 subject to county limits and including the option to withdraw.
  • For a 30-year jumbo loan, Figure lets you borrow up to 75% of your home’s value (maximum $1,000,000) for cash refinance and up to 80% of your home’s value (maximum of $1,500,000) for rate refinancing.
  • As of this writing, jumbo does not offer 15-year jumbo loans.
  • The figure accepts a minimum FICO score of 620 for conforming loans and at least 700 for jumbo loans.

Figure loans are not subject to prepayment charges – you can repay your loan at any time. You can also apply for multiple loans provided you meet the minimum requirements for each loan.

Figure loans come with convenient and transparent fees as follows.

  • Personal loan: Figure’s only fee on its personal loan product is a standard origination fee ranging from 0% to 3% depending on your local and state laws. You will see the origination fee on the loan offer page when you choose a loan term. There are no prepayment charges for prepaying your loan.
  • Home equity line: If you want to apply for a home equity line of credit, Figure will not charge you an account set-up fee, maintenance fee, or prepayment penalty. The only costs you will incur are set-up costs. You may qualify for a home equity line-up at 3% or 4.99% origination fee of the initial draw amount depending on your credit profile and where you live.

In case you are eligible for multiple origination fee options, you may be able to lower your monthly payment and fixed APR offers. You may also pay a filing fee depending on your county of residence, as well as a subordination fee if you ask Figure to change its lien position.

  • Mortgage refinancing: Mortgage refinance fees include fees that are often associated with a typical mortgage application, such as appraisal fees, title, settlement, registration fees and discount points. These fees will represent only 2% of the total amount of your loan.

The Figure mobile app is available on App Store and Google Play. The features of the application provide an experience as smooth as accessing the platform via the web.

Log in to the app to see what you owe on your Figure Loans, view your payment history, make additional payments, and view important documents. Unfortunately, users are still not satisfied with its eNotary video feature.

Figure boasts excellent customer support, with all of its loan products having a dedicated customer support line.

  • Telephone support for the Home Equity Line and personal loan applications is available at 888-819-6388 Monday through Saturday from 6:00 a.m. to 6:00 p.m. PT, excluding all major U.S. holidays.
  • Support for mortgage refinance applications is available at 888-697-1506.
  • Active loan support is available at 888-819-6388 Monday through Friday 6 a.m. to 6 p.m.
  • General support is available via email [email protected]
  • Notices, complaints and inquiries may be mailed to: PO Box 40534, Reno, NV 89504

Figure is a solid online lender whose product offerings are a boon for most people. Its completely online application process takes the hassle out of extensive paperwork, and the fees for its products are incredibly affordable.

Each of Figure’s products has a dedicated customer support line available Monday through Saturday. Even so, Figure still needs to work on its mobile app, which has received several complaints for being glitchy.

Start your loan application today to see what rates you qualify for. You can quickly get your Figure Loans funded and receive additional services as needed.

Figure Lending LLC dba Figure | NMLS #1717824 – NMLSCONSUMERACCESS.ORG

Figure Home Equity Line is available in AK, AL, AR, AZ, CA, CO, CT, DC, FL, GA, IA, ID, IL, IN, KS, LA, MA, ME, MI, MN, MO, MS , MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SD, TN, VA, VT, WA, WI, WY with more states to come.

Figure Mortgage Refinance is available in AK, AL, AR, AZ, CA, DE, FL, GA, IA, ID, IN, KS, LA, MA, MI, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, SD, TN, WA, WI, WV with more states to come.

The Figure personal loan is available in all 50 states.

1 For Figure Home Equity Line, APRs can be as low as 2.88% for the most qualified applicants and will be higher for other applicants, depending on the 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 and chooses to pay an origination fee of 4.99% in exchange for a reduced APR, a Figure Home Equity Line of five years with an initial drawdown amount of $50,000 would have a fixed annual percentage rate (APR) of 2.88%. 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, tenure status and whether you qualify and choose to pay an origination fee in exchange for a lower rate. Paying origination fees in exchange for a reduced APR is not available in all states. In addition to paying origination fees in exchange for a discounted rate, advertised rates include a combined discount of 0.50% for credit union membership (0.25%) and autopay enrollment (0.25%). APRs for home equity lines of credit do not include non-interest costs. Home insurance is required as a condition of the loan and flood insurance may be required if your property is located in a flood prone area.

2 For the Figure Home Equity line, approval can be granted in five minutes, but is ultimately subject to verification of income and employment. The five working day financing period assumes closing the loan with our remote online notary. Funding times may be longer for loans secured by properties located in counties that do not allow recording of electronic signatures or otherwise require in-person closing.

About Judith J. George

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