MoneyGeek’s Take: Figure Personal Loan Review

Figure provides a fast and convenient way for borrowers to access cash. Its personal loans are an ideal option for individuals with good credit who prefer a fully online experience. The minimum credit score needed for a Figure personal loan is 680.

Last Updated: 6/24/2022
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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 Recieve Funds

    on Figure Personal Loan Website

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.

  • Permitted Uses

    You can use your Figure personal loan to cover emergency costs, pay off debt, fund home renovations and more.

  • Prohibited Uses

    You are prohibited from using any portion of your personal loan for post-secondary education expenses.

  • Time to Receive Funds

    It takes one to two business days to get funded.

  • Origination Fees

    Figure charges an origination fee ranging between 0%–5%.

  • Late Fees

    Figure doesn’t charge a late fee.

  • Prepayment Penalty Fees

    There are no prepayment penalty fees.

  • Co-signers and Co-applicants

    Figure doesn’t allow co-signers.

  • Perks

    Every time you refer a friend, the two of you can get a $150 gift card.

  • Mobile Application

    Figure has a mobile app you can use to manage your personal loan.

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.

Read More on Personal Loans

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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