Figure: 2025 Home Equity Review

Figure overview

Headquartered in Charlotte, North Carolina, Figure is a leader among online lenders. It has funded more than $12 billion of home equity loan products since 2018. In addition to a HELOC offering, Figure has expanded into crypto-backed lending to allow people to borrow against their holdings in Bitcoin and Ethereum.

Pros and cons of Figure

How Bankrate scored Figure

Affordability: 5/5

• APR: If you have excellent credit, Figure’s APR range will be very appealing: The company offers rates as low as 6.75% – more than 2 points lower than national average HELOC rates at the time of this writing. However, if you have less-than-perfect credit, be mindful of the company’s higher APRs, which stretch up to nearly 16%.
• Fees: Figure’s origination fee can be as high as 4.99%. On a $200,000 HELOC, for example, that adds up to $9,980. Since some other home equity lenders promise zero closing costs, Figure falls a bit short in this category. However, the company’s ability to use an AVM for calculating property values makes up for it: Most borrowers won’t need to pay an appraisal fee.
• Discounts: Figure offers the ability to save 0.25% on your rate for enrolling in auto pay and another 0.25% discount for credit union members. However, it’s unclear which credit unions qualify for the additional savings.

Because of Figure’s low rates and its rate discount offers, the company receives a perfect score for affordability.

Availability: 4.5/5

• Licensing: Figure is licensed to offer its HELOCs throughout most of the U.S.
• Credit score: Figure requires a minimum credit score of 640 for most borrowers, although you may need a 680 for certain properties or locations. The 640 figure is in line with most lenders’ bare minimum for home equity loan eligibility. 
• Loan minimum: In most locations, Figure will approve a loan as small as $15,000, which is lower than many other home equity lenders. Minimums are higher in Arizona and Texas.
• Draw requirement: While Figure labels its product a HELOC, the company requires borrowers to draw the full amount upfront. That’s a major downside since Figure bases its origination fee on that initial sum of money.

Because Figure is available in most of the country, accepts credit scores below 700 and originates loans as small as $15,000, the company received a 4.5 for availability.

Borrower experience: 3.2/5

• Rate transparency: Figure buries its APR range in the fine print of its website, and you can also get a personalized quote by sharing your information and agreeing to a soft credit pull (which will not lower your credit score). The company isn’t quite as transparent when it comes to spelling out that you’ll need to draw the full amount of your credit line when you originate the loan (and pay interest on it).
• Convenience: Figure’s online experience is built for digitally-savvy users. You’ll be able to prequalify in five minutes, and if you’re located in a county that allows for e-signatures, you’ll be able to get your funds in just five business days.
• Customer service: Figure boasts an impressive 4.5 out of 5 stars based on more than 2,600 Trustpilot reviews. Additionally, the company offers phone-based customer support seven days a week.

Figure offers a fast online prequalification process and has strong feedback from past customers, but the lack of transparency for fees and rates, along with the lack of physical branches, knocks the company down to a 3.2 for its borrower experience.

Figure reputation

Figure has an outstanding reputation based on Trustpilot reviews, and only 25 complaints have been filed about the company since its founding with the Consumer Financial Protection Bureau.  However, in mid-2024, Figure became the defendant in a class-action lawsuit. Filed in North Carolina, the key issue is the company’s requirement that borrowers withdraw the full approved amount of their HELOC upfront, which generates a bigger origination fee. The complaint alleges that the HELOC is essentially a home equity loan, and that Figure mischaracterizes the product.

What consumers say about Figure

“Efficient, quick and easy,” sums up most comments about getting a loan from Figure, especially given the “experienced and knowledgeable officers to guide you through the process.” A few did grouse about lack of follow-up and “way too many convoluted hoops to jump through” — a lot seems to depend on one’s comfort level with an “everything-done-electronically” experience.

Home equity loan products offered

Figure offers fixed-rate home equity lines of credit (HELOCs) between $15,000 and $400,000 with repayment terms of five, 10, 15 or 30 years. They’re available to qualified borrowers in 49 states and Washington, D.C.

Unlike most other HELOCs, Figure offers fixed rates, meaning each draw has a fixed interest rate based on the prime rate at the time of the draw. Because of this, different draws have different rates, but the rate you lock in with each draw will not change over the repayment period.

Once approved, you’ll receive the initial draw amount in as little as five business days. As you repay the initial draw amount, you can make additional draws from $500 up to 100 percent of the initial draw amount plus the origination fee. You can make these additional draws for two years to five years after you open the line of credit, depending on the length of your repayment term.

How to qualify for a HELOC with Figure

You need a credit score of at least 640 to be eligible for a HELOC from Figure (or at least 680 if you’re tying the line of credit to an investment property or second home). If you have a higher credit score, you’ll have access to a larger line. Most property types are eligible, although you won’t be able to take out a HELOC against a co-op, multi-family building or manufactured home.

If you’re unsure about your eligibility, Figure can prequalify you without impacting your credit score.

How to apply with Figure

You can apply for a HELOC with Figure online or by phone at 888-819-6388. Home equity application support is available Monday through Sunday from 6 a.m. to 5 p.m. PT, except on major national holidays. You can also email the company at loans@figure.com.

Images courtesy of Figure Lending as of 1/24/2024.

• Methodology

  To determine a home equity lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; introductory APR - 20%
  • Availability: Licensing - 50%; credit score - 20%; loan minimum - 10%; draw requirement - 10%; loan products - 10% 
  • Borrower experience: Rate transparency - 35%; convenience - 35%; customer service - 20%; fixed-rate options - 10%

  Learn more about our methodology.