Figure personal loan alternatives: 2024 review
Figure formerly offered personal loans to consumers with good credit. You could borrow between $5,000 and $50,000 and choose a payment period between 36 and 60 months. Plus, funding times were fast — just one to two business days for most borrowers — and the rates were some of the most competitive in the industry.
Alternatives to Figure personal loans
While Figure loans are no longer an option in the personal loan space, there are other lenders to consider to finance your purchase.
| Lender | APR range | Loan amounts |
|---|---|---|
| Upgrade | 9.99%-35.99% | $1,000–$50,000 |
| TD Bank | 8.99%-23.99% | $2,000–$50,000 |
| Achieve | 8.99%-29.99% | $5,000–$50,000 |
Upgrade
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Personal loans from Upgrade are designed to make debt consolidation, home improvements and big-ticket purchases easier for consumers with varying financial backgrounds. You can borrow between $1,000 and $50,000 with interest rates from 9.99 percent to 35.99 percent. If approved, you’ll receive the loan proceeds as soon as the next day, which should appeal to consumers who liked Figure’s fast funding.
Its eligibility criteria are also flexible, as Upgrade knows you’re more than your credit rating. You’ll need a FICO credit score of 580 to qualify, which falls into the fair credit range. Keep in mind that you’ll pay an origination fee between 1.85 percent and 9.99 percent. Furthermore, like most personal loans, these cannot be used to cover higher education expenses, gambling or purchase investments.
Pros
- Fair credit accepted.
- Choose your due date.
- Low minimum loan amount.
Cons
- Origination fee.
- High maximum APR.
TD Bank
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TD Bank is also worth considering if you have a credit score of at least 700 and are seeking a personal loan with minimal fees. Its Fit Loan solution lets you borrow between $2,000 and $50,000 for 36 to 60 months. Your fixed interest rate will range between 8.99 percent and 23.99 percent in interest, which is competitive with others in the industry.
Plus, there are no loan application or origination fees, and you won’t face a penalty if you decide to pay the loan off early. Regarding funding times, you could receive the loan proceeds in just one business day, making the TD Bank Fit Loan worth considering to get fast cash.
Pros
- Low starting APR.
- Suite of banking products available.
- Prequalification available.
Cons
- Fewer terms offered.
- Strong credit score required.
- Limited availability.
Achieve
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Achieve offers a holistic approach to make lending decisions, considering your whole financial picture instead of just your credit. It offers personal loans to individuals with a credit score of at least 620 that meet the income and debt criteria. APRs start at just 8.99 percent and cap at 29.99 percent. Loans range from $5,000 to $50,000, and repayment periods from two to five years are available.
There are no hidden fees or early repayment penalties, but you’ll pay an origination fee between 1.99 percent and 6.99 percent. The upside is you can qualify for an interest rate discount if you add a qualified co-borrower to your application, provide proof of sufficient retirement assets or sign up for Direct Pay when applying for a debt consolidation loan. Most applicants receive a funding decision the same day, and loan proceeds are generally deposited in just 24 to 72 hours following final approval of the loan application.
Pros
- Fast funding.
- Low starting APR.
- Fair credit accepted.
Cons
- High maximum APR.
- Origination fee.
- Limited availability.
Why doesn’t Figure offer personal loans anymore?
Figure has shifted its focus from personal loans to helping homeowners leverage their home equity to meet financial goals. It currently offers cash-out refinance loans and home equity lines of credit (HELOCs) in its suite of lending solutions.
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