Figure HELOC Lender Review

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ByChristopher Boston
Edited byRae Osborn

Updated: November 18, 2023

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Figure shines as a HELOC lender with its quick online process, fixed rates and no hidden fees, making it a solid choice for homeowners with good credit and substantial equity. Although it's not available in some states and might not suit those seeking small loan amounts, its streamlined services and robust customer support are commendable. Whether consolidating debt or funding major projects, Figure could be a reliable financial partner for the right borrower.


Features of Figure

Are you considering securing a home equity line of credit (HELOC) with Figure? It's wise to explore all the corners, like what you can use the funds for, the fees, loan terms, draw periods, repayment help and the kind of support you'll get. Each aspect shapes your borrowing experience, helping you gauge if Figure matches your financial needs. We’ll dive into these facets, paving the way to a well-informed decision on whether Figure’s HELOC aligns with your financial goals.

What Can You Use Your Funds For?

Understanding how to use your funds is like having a road map for your financial journey. Some lenders might have roadblocks, limiting where you can go. With Figure, the path is wide open, letting you steer your funds the way you want. Here's how you can use your funds:


With Figure, your financial road trip has fewer bumps. It’s not just about using them to propel you forward, making your financial stride steady and purposeful.

Fees and discounts with a Figure HELOC

Understanding the fees associated with a HELOC impacts the overall cost of the loan. Different lenders have their own fees, so it's important to know what you’re getting into.


Figure's clear and favorable fee structure aims to provide a hassle-free experience, ensuring you are well informed and prepared for what lies ahead.

Loan Terms and Draw Periods

When diving into a HELOC with Figure, knowing the loan terms and draw periods is like having a roadmap for your borrowing journey. It helps you plan how you'll use and pay back the funds. Here’s how Figure lays it out:


Now, what does this mean for you?

  • Quick Access, Shorter Draw: The shorter draw period means you get to access all your funds swiftly, but it also means you have less time to draw your funds. Figure’s model requires you to take out 100% of your approved amount at the outset, much like a home equity loan or a cash-out refinance, rather than the typical HELOC model where you can draw funds as needed over time.

  • More Draws as You Repay: As you repay the initial draw, Figure allows you to make additional draws up to 100% of your total loan amount, or credit limit. These additional draws need to be at least $500, allowing you to access more funds as you reduce your outstanding balance. It provides a continuous resource for managing your financial needs.

  • Plan Ahead: With a short draw period, you need to clearly plan how you'll use the funds to make the most out of your HELOC.

  • Repayment Commences: Once the draw period ends, the repayment period kicks in. It’s when you start paying back what you borrowed plus interest.

The loan terms and draw periods shape how you interact with your funds and how you plan your financial future with a Figure HELOC.

Loan Amounts and Interest Rates

Unlike most HELOCs that come with variable rates, which can change over time based on market conditions, a fixed rate from Figure remains constant throughout your loan term. That means the figure you start with is the one you'll stick with, providing a predictable monthly payment. It takes away the guesswork from how much interest you’ll be paying each month, making it easier for you to budget and plan your finances.

Figure offers loan amounts ranging from $20,000 to $400,000, accommodating a variety of financial needs. An exception is Alaska, where the minimum loan amount is $25,001.00. However, the amount you can borrow is influenced by your credit score among other factors. It's tailored to ensure you get an amount that aligns with your financial situation. This range provides a flexible platform, whether you're eyeing a minor home revamp or a major financial project.

Repayment Assistance

Figure steps up with repayment assistance for those facing financial rough patches. If income loss or unexpected expenses hit, Figure offers a helping hand through forbearance. That means you can pause your monthly payments for a period up to a total of 12 months over the life of your HELOC. During this time, you won’t need to make payments, but note that additional draws won’t be allowed either. Once the forbearance term ends, monthly payments resume, and you'll need to repay the deferred amounts. If hardship continues, an extension on the forbearance period might be available.

Figure also lays out a Short-Term Repayment Plan for HELOC customers. It lets you repay past due amounts over time, up to six months, alongside your regular monthly payments. This option is up for grabs once every 12 months.

Customer Service

Figure prides itself on being there when you need them, boasting an average response time of less than 45 seconds for online support. Its live chat is up and running from 6 a.m. to 6 p.m. PT daily, except on major U.S. holidays. If chatting isn’t your thing, you can also reach out via email or a phone call. Here’s how to get in touch:

  • Live Phone Support: 888-819-6388
  • Email Support:

Figure makes connecting easy, ensuring you have a clear line of communication for any inquiries or support you may need. Whether it's a quick chat or a detailed email, Figure is ready to assist.

Eligibility Criteria

Before diving into a Figure HELOC, it's wise to understand its eligibility requirements. These include your credit score, the type of property you own and how much equity you've built up in it. It also considers your income and employment status to ensure you can handle the repayment. Knowing these specifics can help you gauge your chances before hitting the apply button. It also gives you a clearer picture of where you stand and what to work on to get through the application process smoothly.

Minimum Credit Score

A credit score is like a financial report card, and Figure requires a score of at least 620 in most states to consider you for a HELOC. Here’s how your credit score can influence the maximum loan amount you might receive from Figure. Remember, no matter your credit score, the minimum loan limit is set at $20,000, and the table below applies no matter the loan term you choose. Here’s how it breaks down:


Having a co-signer can significantly boost your eligibility, especially if your credit score isn't quite where you’d want it to be. It might also open the door to higher loan amounts, thanks to their stronger credit profile. However, your co-signer becomes a partner in your loan, sharing the responsibility. If repayment becomes a challenge, their credit could take a hit alongside yours.

Adding a co-signer can be a solid move to enhance your HELOC application with Figure, but it's a step that needs thoughtful consideration, balancing the benefits against the shared responsibility.

Property Type and Home Equity

Figure is open to lending against various property types for a HELOC, including your primary residence, a second home or even an investment property. However, they'll shy away from properties like co-ops, mobile homes or commercial spaces.

When it comes to equity, Figure hasn’t set a specific minimum amount, but it’s common in the industry to see lenders ask for at least 15% to 20% equity in your home. It acts as your skin in the game, showing you have a solid stake in your property, which in turn, makes you a less risky borrower in Figure's eyes.

Income and Employment

Figure considers your income and job situation when you apply for a HELOC. Whether you're clocking in hours at a job, running your own gig or enjoying retirement, you're in the running. However, Figure keeps the exact income needed under wraps, not publishing a minimum income requirement.

The check is about ensuring you have the means to pay back what you borrow. It's also a step to ensure that getting a HELOC is a comfy fit for your finances and not a stretch that could lead to financial strain down the line.

Is Figure Right For You?

Exploring if Figure is the right lender for your HELOC is a smart move, ensuring what its offers aligns with what you need and can afford. This assessment lets you set yourself up for a smoother financial journey. You'll understand if Figure's loan terms, fees and support match your expectations, making sure you're stepping into a lending experience that's tailored to your situation, and not a one-size-fits-all scenario. This clarity can save you time, money and peace of mind in the long run.

Who Can Benefit from a HELOC from Figure?

For homeowners who've built considerable equity in their homes, Figure emerges as a strong contender, especially since it can offer larger loan amounts for those with more equity. Its digital platform is remarkably swift, with an average approval time of just 5 minutes and the potential for funds to be released as quickly as five days, catering to individuals in immediate need of financial resources. The same platform is also user-friendly, which could work for tech-savvy borrowers who can appreciate a smooth and intuitive application process. Lastly, Figure requires a minimum credit score of 620, but those with robust scores—typically in the 'good' to 'excellent' range (670 and above)—are likely to secure better loan terms and higher loan amounts.

Who Shouldn’t Secure a HELOC from Figure?

Figure HELOCs might not be the right fit for every borrower due to specific requirements and restrictions. For instance, individuals with credit scores below 620 may face challenges in securing approval, as Figure generally prefers candidates with stronger credit histories. Additionally, residents in certain states where Figure doesn't operate, like Delaware, Hawaii, Kentucky, New York, Texas, and West Virginia, will have to look for other lenders. Lastly, those in need of smaller sums may find Figure's minimum loan amount of $20,000 too high, making other lenders who accommodate smaller loans more suitable for their needs.

How To Apply

Embarking on a journey to secure a HELOC with Figure is straightforward. It's about gathering your facts, meeting the requisites and walking through a well-marked path towards securing funds that could serve your needs.


Provide Information

Supply your details to Figure, verifying your identity and income as part of the process.


Funds Destination

Specify where you'd like Figure to send your funds once the HELOC is approved.


Add Additional Signers

If there are other signers, add their information during this step.


Notary Appointment

Complete the process by attending an eNotary or in-person Notary appointment to verify the documents.


Funds Access

Once the closing process is complete, you'll have access to your funds, often within a few days.

Securing a HELOC with Figure is about following a clear trail. From the moment you start your online application to the point you access your funds, each step is designed to be transparent and straightforward, making your venture into home equity borrowing a well-guided affair.

What to Do if You’re Denied

Facing a denial on your HELOC application with Figure can feel like hitting a brick wall. However, it's not a dead end but a bend in the road. There are actionable steps you can take to steer your financial journey back on track:

  • Understanding Denial Reasons: It's vital to grasp why your application was denied and Figure will provide a formal explanation. That can guide your next steps and show you what areas need improvement.

  • Improving Eligibility: Enhancing your eligibility might involve several actions, from boosting your credit score, paying down existing debts or finding ways to increase your income, which can make a significant difference when reapplying.

  • Alternative Financing Options: If a HELOC isn't in the cards right now, other options like personal loans or traditional home equity loans might serve your needs. Different lenders have various eligibility criteria which may align better with your current financial situation.

  • Seeking Financial Counseling: Engaging with a financial counselor can provide valuable insights into managing your finances better and understanding alternative financing solutions. They can offer personalized advice based on your financial circumstances and long-term goals.

With the right approach, a denial can transition from a setback to a setup for a comeback, providing you with the knowledge and strategy to navigate your financial path effectively.

Frequently Asked Questions About Figure as a HELOC Lender

If you're seeking more information about Figure as a HELOC lender, you may find our FAQ section helpful. Here, we delve into specific questions to give you a clearer perspective on what Figure offers.

A credit score of 640 is the minimum required to qualify for a Figure HELOC in most states, ensuring that you have a reasonable financial standing.

With Figure, the process is streamlined, enabling you to receive funds as quickly as a few days following approval, aiding in timely financial management.

While Figure has a broad reach, it doesn't offer HELOCs in Delaware, Hawaii, Kentucky, New York, Texas and West Virginia. If you reside in these states, you may need to explore other lenders.

Figure charges an origination fee but does not impose application, late or maintenance fees, providing a cost-effective solution.

The funds from a Figure HELOC can be utilized for home improvements, debt consolidation, education costs, emergency expenses or major purchases, offering financial flexibility.

You can get in touch with Figure's customer service via phone at 888-819-6388 for HELOC and personal loan support, or email at for HELOC-specific inquiries.


About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.