MoneyGeek’s Take: Figure Personal Loan Review

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Reviewed byBrett Holzhauer, CPFC
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Reviewed byBrett Holzhauer, CPFC
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Updated: December 28, 2023

Advertising & Editorial Disclosure

Figure’s personal loans are unsecured, closed-end and fully amortized based on a fixed APR. You can use them to cover any immediate necessary costs, pay off debt or fund any home improvements. Plus, you can get an approval within minutes and receive your funds as early as the next day.

At a Glance: Figure Personal Loans


  • Figure Personal Loan

    • 5.75% to 22.94%APR Range
    • 680Minimum Credit Score
    • $5,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Established in 2018, Figure aims to transform financial services through blockchain as well as bring speed, efficiency and savings to both consumers and institutions. Its main products are home equity loans, mortgage refinancing and personal loans.

    In particular, Figure personal loans are available to employed individuals with a minimum credit score of 680. You can borrow up to $50,000 from this lender. However, the maximum loan amount will depend on the state in which you reside and your credit profile.

    Figure conducts a soft credit inquiry, which won’t affect your credit score. Once approved, you may get funded within one to two business days. You can use your funds for various purposes, such as covering any immediate necessary costs, paying off debt or fixing up your home.

    Additionally, Figure has a referral program, where every time you refer a friend, both of you can receive a $150 gift card. This program is available to all individuals residing in states where Figure’s personal loans are available with the exception of Kentucky, Ohio and Rhode Island.

    Pros

    • 0.25% autopay discount
    • No prepayment penalty
    • Conducts soft credit inquiry
    • Loans funded in one to two days

    Cons

    • 0%–5% origination fee
    • Minimum credit score of 680
    • Not available to unemployed individuals
    • Debt-to-income ratio of less than 50%
    • APR range: 5.75%–22.94%
    • Minimum/maximum loan amount: $5,000–$50,000
    • Minimum credit requirements: 680
    • Repayment terms: 36–60 months
    • Time to receive funds: Next day
    Figure Personal Loan

MoneyGeek Breakdown - Figure Personal Loan Details and Requirements

APR

Figure’s APR ranges from 5.75% to 22.94%.

Credit Score Requirements

You need a minimum credit score of 680 to qualify.

Income Requirements

Figure doesn’t specify a minimum gross income requirement. However, you need to be employed to be considered.

Loan Amounts

Figure offers personal loans from $5,000 to $50,000.

Loan Terms

Figure’s repayment terms are 36–60 months.

Is Figure Right for You?
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Personal loan lenders have varying requirements when reviewing your loan application. Thus, several factors must be considered when choosing a lender. MoneyGeek’s Figure personal loan review can help you determine if this company is the right lender for your financial situation.

Who Figure Is Perfect For

Figure’s personal loans are a good option for individuals with good credit scores. That means those with a minimum 680 credit score can easily get approved by this lender. Likewise, Figure is ideal for borrowers who want a fast and fully online loan experience.

If you use an automatic payment process, you can get a 0.25% discount from Figure. To receive the discount, you’ll need to select autopay during the application or within three calendar days after funding and must be enabled.

Additionally, you may consider Figure an option if you are currently employed and have a debt-to-income ratio that’s less than 50%.

Who Should Not Choose Figure

People typically take out a personal loan to finance a large purchase. If you need a larger loan, Figure may not be an option since it only allows you to borrow a maximum of $50,000 (depending on the state you live in).

It’s worth noting that Figure takes into consideration your employment status. If you are currently unemployed, this company will not lend to you. Also, if you want to avoid paying for origination fees, you’re better off choosing another lender.

How to Apply for a Figure Personal Loan

To help you with your Figure personal loan application, MoneyGeek listed the important steps involved. These include filling out the application form, reviewing the loan agreement and more.

1
Prequalify

You can prequalify by checking if you’re eligible for a Figure personal loan through its website. You’ll need a minimum 680 credit score, debt-to-income ratio of less than 50%, valid U.S.-issued ID and more.

2
Fill Out Application Form

When filling out the application form on Figure’s website, you need to provide personal information as well as your income sources. You will be given up to 14 days to complete the application summary and another 14 days to complete your application.

3
Wait for Approval

With Figure, you can get approved in as little as five minutes.

4
Review Loan Agreement

Once you’re approved, take your time in reviewing the loan agreement and reading the fine print. That way, you won’t be surprised by any upfront or hidden costs, such as origination fees.

5
Sign Loan Agreement

After reading through the agreement and understanding all the necessary information in your loan package, you can finally sign the loan agreement.

6
Receive or Direct Funds

You may get funded in one to two business days. Note that Figure doesn’t process funding on weekends. For instance, if your application was approved on a Friday, your funds will be pushed the following week.

7
Make Payments

Your first payment will be due approximately 30 days after your loan funding. All subsequent payments will be due on the same day of each following month.

What to Do if You Are Rejected From Figure

Getting your personal loan application denied can be disheartening. The most important thing you can do now is to find out the factor that affected your lender’s decision. This may be due to your low credit score, insufficient income, high debt-to-income ratio and more.

Don’t hesitate to get in touch with Figure to understand why your application was declined. This way, you can improve that particular factor to avoid another rejection when you apply in the future.

You may be tempted to try applying to a different lender when you get rejected. But doing this may ruin your credit score. MoneyGeek advises working on your weak areas first before trying out with another lender.

Frequently Asked Questions About Figure Personal Loans

The best personal loan lender for you will depend on your needs as well as your credit score and income. To help you with your personal loan journey, MoneyGeek answered some frequently asked questions about personal loans from Figure.

What can I use a Figure personal loan for?
What credit score do I need for a Figure personal loan?
How long does Figure take to approve a personal loan?
Does Figure have a mobile app?
Is a Figure personal loan secured or unsecured?
What is the maximum amount I can borrow from Figure?
What are the origination fees for a Figure personal loan?
Will applying for a Figure personal loan affect my credit score?
What is the autopay discount for Figure personal loans?
Does Figure accept co-signers on personal loans?
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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.