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Figure is an especially solid pick for customers who want a speedy loan process that won’t involve any in-person interaction. Its biggest selling point is speed: You can prequalify for a loan in five minutes and receive your funds in as little as five business days. Figure’s rates are lower than the national average – and you can score some savings by enrolling in auto pay and/or joining select credit unions. However, you’re going to need to factor in a hefty origination fee and the fact that the HELOC functions more like a home equity loan, with a fixed rate and a large lump-sum withdrawal.
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.
In October 2024, Figure launched a “piggyback HELOC,” for use by both homeowners and homebuyers.
Because of Figure’s low rates and its rate discount offers, the company receives a perfect score for affordability.
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.
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.
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 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.
“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.
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.
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.
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
Images courtesy of Figure Lending as of 1/24/2024.
Selected lender
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NMLS: 1717824
Bankrate score
4.2
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
3.3
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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![]() NMLS: 401052
Bankrate score
4.9
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
2.6
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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![]() NMLS: 462289
Bankrate score
4.6
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
3.2
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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Loan amount |
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$15,000-$400,000 |
$25,000-$1,000,000 |
Up to $400,000 (up to $100,000 in some states) |
Min. credit score required |
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640 (680 if on a second home) |
700 |
640 |
Repayment terms |
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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 |
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5 days |
Undisclosed |
With 7 business days |
Recent customer review |
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Very easy and pleasant process 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! 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 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 |
NMLS: 1717824
3.3
37 ratings
54% of customers would recommend this lender.
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.
Simple application process?
Closed loan with this lender?
Received funds when promised?
Would you recommend this lender?
Simple application process?
Closed loan with this lender?
Received funds when promised?
Would you recommend this lender?
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.
Simple application process?
Yes
Closed loan with this lender?
Yes
Received funds when promised?
Yes
Would you recommend this lender?
Yes
Simple application process?
Yes
Closed loan with this lender?
Yes
Received funds when promised?
Yes
Would you recommend this lender?
Yes
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.
Simple application process?
No
Closed loan with this lender?
No
Would you recommend this lender?
No
Simple application process?
No
Closed loan with this lender?
No
Would you recommend this lender?
No
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.
Simple application process?
No
Closed loan with this lender?
No
Would you recommend this lender?
No
Simple application process?
No
Closed loan with this lender?
No
Would you recommend this lender?
No
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.
Simple application process?
Yes
Closed loan with this lender?
No
Would you recommend this lender?
No
Simple application process?
Yes
Closed loan with this lender?
No
Would you recommend this lender?
No
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.
Simple application process?
No
Closed loan with this lender?
No
Would you recommend this lender?
No
Simple application process?
No
Closed loan with this lender?
No
Would you recommend this lender?
No
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.
Simple application process?
Yes
Closed loan with this lender?
Yes
Received funds when promised?
Yes
Would you recommend this lender?
Yes
Simple application process?
Yes
Closed loan with this lender?
Yes
Received funds when promised?
Yes
Would you recommend this lender?
Yes
NEVER REACHED OUT
Alex
WI (Dec. 5, 2024)
I did not receive anything after filling out initial info request
Simple application process?
No
Closed loan with this lender?
No
Would you recommend this lender?
No
Simple application process?
No
Closed loan with this lender?
No
Would you recommend this lender?
No
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.
Simple application process?
Yes
Closed loan with this lender?
Yes
Received funds when promised?
Yes
Would you recommend this lender?
Yes
Simple application process?
Yes
Closed loan with this lender?
Yes
Received funds when promised?
Yes
Would you recommend this lender?
Yes
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.
Simple application process?
No
Closed loan with this lender?
No
Would you recommend this lender?
No
Simple application process?
No
Closed loan with this lender?
No
Would you recommend this lender?
No
Never contacted me or followed up
H
Kansas (Nov. 13, 2024)
Yeah
Simple application process?
No
Closed loan with this lender?
No
Would you recommend this lender?
No
Simple application process?
No
Closed loan with this lender?
No
Would you recommend this lender?
No