Updated: November 6, 2024
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.
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
Cons
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. |
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.
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%.
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.
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.
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.
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.
With Figure, you can get approved in as little as five minutes.
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.
After reading through the agreement and understanding all the necessary information in your loan package, you can finally sign the loan agreement.
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.
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.
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.
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.
Figure allows using its funds to cover any immediate necessary costs, pay off debt, make home improvements and more.
To get approved, you need a minimum credit score of 680.
You can get approved in as little as five minutes and funded within one to two days.
Yes, Figure has a mobile app you can download and use to manage your personal loan.
All personal loans from Figure are unsecured.
Figure offers personal loans from $5,000 up to $50,000.
Figure has an origination fee ranging between 0%–5%. Note that this is dependent on state and local laws.
To give you a pre-qualified rate, Figure will conduct a soft credit pull, which won’t affect your credit score. However, submitting your application will result in a hard credit check.
Figure offers 0.25% discount to borrowers who opt to use an automatic payment process.
Figure doesn’t allow co-signers on its personal loans.
About Christopher Boston
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.
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
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