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Figure: 2025 Home Equity Review

Written by
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Updated on May 14, 2025

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Figure logo
NMLS: 1717824
Bankrate score

4.2

Rating: 4.2 stars out of 5
Our methodology
Customer score

3.3

Rating: 3.32 stars out of 5
Read reviews

Find competitive home equity rates near you

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.

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Bankrate insight

In October 2024, Figure launched a “piggyback HELOC,” for use by both homeowners and homebuyers.

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.

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Bankrate insight

You can tap into your home equity — the difference between your home's worth and what you owe on your mortgage — with a home equity loan or a HELOC. With those funds, you can tackle a variety of expenses, like debt consolidation or home renovations. 

However, before you dive in, it's important to figure out your loan-to-value ratio (LTV). Lenders use your LTV to determine how much of your equity stake you can actually borrow. (It’s typically 80 percent, although some lenders allow you to access as much as 90 percent.) The amount of equity they’ll let you tap is one consideration when choosing a lender. Be it a retail bank, online lender or credit union, it may offer different home equity loan rates and terms, too. That’s why it’s important to shop around for the best deal.

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.

Figure Home Equity FHE Visuals

Figure HELOC Overview
Benefits of a Figure HELOC
How a heloc works from Figure
Figure HELOC step 1
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Figure step 2
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Images courtesy of Figure Lending as of 1/24/2024.

Compare Figure with other lenders

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NMLS: 1717824
Bankrate score
Rating: 4.2 stars out of 5
4.2
Customer score
Rating: 3.3 stars out of 5
3.3
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NMLS: 401052
Bankrate score
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4.9
Customer score
Rating: 2.6 stars out of 5
2.6
Aven logo
NMLS: 462289
Bankrate score
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4.6
Customer score
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3.2

Loan amount

$15,000-$400,000

$25,000-$1,000,000

Up to $400,000 (up to $100,000 in some states)

Min. credit score required

640 (680 if on a second home)

700

640

Repayment terms

5 years to 30 years

10-year draw period and 20-year repayment term for HELOC (5-year to 20-year repayment term for fixed-rate HELOC); 5 years to 20 years for home equity loan

Standard credit card repayment (at least 1% of the statement balance plus interest); with cash-outs, you can lock in payments for 5-10 years

Funds available in

5 days

Undisclosed

With 7 business days

Recent customer review

Very easy and pleasant process

Rating: 5 stars out of 5

I am Very pleased with this company and would highly recommend them. The process was very easy and quick. Didn’t take that much time. I feel like my time was valued and process was...

Kathleen .

The absolute worst HELOC underwriting ever!

Rating: 1 stars out of 5

Hello- I have been in underwriting for five weeks. I'm 62, I've been through about 15 mortgage applications. I can assure you that they don't have a clue what they are doing. ...

Jim .

Low offer and extremely high rates and fees

Rating: 1 stars out of 5

They offered me a very low amount compared to other lenders and on top of that offered a rate of 9.99% plus 4.5% cash out ( this cash out is a scam because it is an origination fee...

Heloc

Figure customer ratings and reviews

NMLS: 1717824

logo

3.3

Rating: 3.32 stars out of 5

37 ratings

Knowledge
Rating: 3.3 stars out of 5
Level of service
Rating: 3.4 stars out of 5
Professionalism
Rating: 3.5 stars out of 5
Responsiveness
Rating: 3.4 stars out of 5

54% of customers would recommend this lender.

10 of 32 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

In addition to collecting reviews on-site, Bankrate collaborated with third-party Slice MR to survey 450 users nationwide in July 2024. Bankrate and Slice MR collected, averaged and presented responses to nine questions. Users received an incentive for their feedback. Responses are based on individual experiences, and therefore cannot be verified for accuracy. Submissions with user ratings that are materially inconsistent with written sentiment have been removed. User ratings are unedited and have not been reviewed or approved by lenders, nor do these ratings reflect Bankrate’s own reviews of these lenders.

To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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Rating: 5 stars out of 5

Very easy and pleasant process

Kathleen .
Denver CO (May 8, 2025)

I am Very pleased with this company and would highly recommend them. The process was very easy and quick. Didn’t take that much time. I feel like my time was valued and process was smooth. Thank you.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

Yes

Received funds when promised?

Yes

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

Yes

Received funds when promised?

Yes

Would you recommend this lender?

Yes

Rating: 1 stars out of 5

Misleading marketing

.
. (March 30, 2025)

They make you answer 101 questions, promising 0 fees, only to offer you a terrible rate with initiation fees. Misleading, waste of time.

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

No

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

No

Rating: 1 stars out of 5

Terms on Bankrate aren't what the lender has

Don't R.
USA (March 29, 2025)

The Bankrate entry for Figure do not reflect what Figure offers. Not only is the APR wrong, but the terms are incorrect. I don't know who is responsible for tis misrepresentation, but I will avoid looking at both Bankrate and Figure in the future.

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

No

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

No

Rating: 1 stars out of 5

Required to take full initial withdraw is contrary to the purpose of a HELOC!

J A.
Virginia (March 26, 2025)

Figure was very quick and responsive to my initial application for a HELOC, so that was good. However, Figure's requirement for getting the HELOC is to take the full approved withdraw at closing. If I wanted the big chunk of money at closing I'd apply for a Home Equity loan, not a HELOC. Figure did say I could deposit all right back, but why would I want all the money up front if I'm applying for a HELOC? Figure needs to fix their HELOC requirements.

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 2 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

No

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 2 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

No

Rating: 1 stars out of 5

The worst company I ever dealt with.

Kaz
Duluth, Ga (March 5, 2025)

Don’t get too excited with their advertising, apply for 5 minutes and get the found in 5 days. I have been back and forth with them for more than a month and provided every single document they asked for and by end of day they said sorry the application is expired. WOW!!! Don’t waste your time with these people. I wish I could give them ZERO star.

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

No

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

No

Rating: 5 stars out of 5

Quick and Easy

Rod B.
Georgia (March 1, 2025)

I did a HELOC with Figure and the application process and the entire process was very simple and easy. Figure made the process seamless, I would highly recommend Figure.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

Yes

Received funds when promised?

Yes

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

Yes

Received funds when promised?

Yes

Would you recommend this lender?

Yes

Rating: 1 stars out of 5

NEVER REACHED OUT

Alex
WI (Dec. 5, 2024)

I did not receive anything after filling out initial info request

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

No

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

No

Rating: 5 stars out of 5

Heloc

P.
FL (Nov. 27, 2024)

This was so easy that I didn't even check other offers. Way to make it fast and easy for the customer. Thank you.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

Yes

Received funds when promised?

Yes

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

Yes

Closed loan with this lender?

Yes

Received funds when promised?

Yes

Would you recommend this lender?

Yes

Rating: 2 stars out of 5

I was never able to connect to find out any informainot.

Dr D.
Eincinitas California (Nov. 23, 2024)

The websites refused to let me sign in after many tries. Request for help were left unanswered. I wasted my time so beware.

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

No

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

No

Rating: 1 stars out of 5

Never contacted me or followed up

H
Kansas (Nov. 13, 2024)

Yeah

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

No

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

No