Loans » Personal Loan Lender Reviews » FIGURE Personal Loan Review
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FIGURE Personal Loan Review

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In this Review..

Originally a mortgage refinancing and home equity line of credit issuer, Figure now offers personal loans in its list of loan products. If you are looking to consolidate your debts, pay for home improvement or make a large purchase, you can borrow up to $50,000 on Figure.

Figure uses blockchain and artificial intelligence to offer a quick sign-up and funding processes, and you can get a quote for the rates and interest in minutes. The fully online application process takes less than 10 minutes to complete and get a decision. If you are comfortable with the quote, you can proceed with the application, sign loan documents digitally, and wait for the funds to be processed.

The fully online application process takes less than 10 minutes to complete and get a decision.


5.99% - 15.00%

Loan Amount

$5,000 - $50,000


3 or 5 years

Min score


Here are the key features of Figure:

  • 100% Online Application

Figure leverages the latest technology to offer a streamlined 100% online application process.

You will provide your information, sign documents, and speak with an e-Notary without making a trip to the bank.

  • Prequalification

If you would like to compare rates with other personal loan lenders, prequalify for Figure personal loan to know how much you qualify for, loan terms, APR, and estimated monthly payments without getting a hard inquiry on your credit report.

  • Loan Term

You can borrow a personal loan of up to $50,000 and pay it within a term of 36 months or 60 months.

  • Attractive APR

You can expect to pay an APR between 5.99% and 15%, including an origination fee of up to 5%. This APR is fixed, and you can lock-in a low APR, and make equal monthly payments during the term of the loan.

  • Credit Score

Figure requires a FICO credit score of 680 or higher to be approved for a personal loan. If your credit score is below 680, you will have to work on improving your credit to qualify for the loan.

  • 24/7 Availability

If you need help with your Figure personal loan, you can talk to customer support throughout the week from Monday to Sunday from 6 a.m. to 6 p.m., except on holidays.

Benefits & Drawbacks

As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:



What Can an Figure Personal Loan Be Used For?

Figure can be used to consolidate debt, build or improve businesses, pay for home improvements or for large purchases. It cannot be used for any post-secondary education expenses, investments, illegal activities, or gambling of any kind.

If you are planning to replace your roof, install custom stained glass windows, or repaint their exterior, a personal loan can help you cover these expenses.

If your emergency fund is insufficient to meet your increasing medical expenses, a personal loan can help you sort out the bill.

Getting a professional mover to transport your things to your new home can dent your wallet, and a personal loan can help you meet these urgent costs.

If you are paying high interest for your debts, you can consolidate them into one loan at a lower rate.

Upgrade allows personal loans to be used for business use. Many other lenders only allow this type of loan to be for personal use. The loan can be used to purchase inventory, payroll, or any other general business needs.

If you don't have the upfront cash to pay for expensive goods such as pieces of art, mattresses, jewelry, or a new laptop, a personal loan can help you with these purchases.

Application Process

Figure has a simple fully-automated personal loan application process. Here are the steps involved:

1. Select “Find My Rate”

On the Figure homepage, click “Find my Rate” in the Personal Loan option.

figure personal loan application process step 1 (1)

2. Fill out the preliminary form

In this section, you will be required to provide your personal information and loan requirements. Here are some of the details required:

  • Primary address
  • Financing Purpose
  • Amount of loan requested
  • Current living arrangement
  • Legal names
  • Citizenship status
  • Date of birth
  • Annual gross income
  • Source of income
  • Contact information

figure personal loan application process step 2 (1)

3. Review quote

Once you submit the information and create an account, you will get a quote of the amount that you qualify to get, loan term options, APR, and estimated monthly payments. 

Select your preferred loan term to see the one-time origination fee. Prequalification will not affect your credit score.

figure personal loan application process step 3

4. Submit Application

Proceed with the application if you are satisfied with the terms provided. 

You will be required to verify identity, link a bank account, and provide any additional information that may be required. Once approved, you will be required to e-sign the documents.

5. Speak with an e-Notary

Once you've signed the documents, you will speak to a customer service agent to walk you through the closing process and notarize your documents.

6. Funding

After closing, you can expect to receive funding in two business days or more.

FIGURE Personal Loan FAQs

Is FIGURE a good place to get a loan?

FIGURE is a good option if you’re looking for a debt consolidation loan. The company offers loans with long terms. The rates are also lower than many other lenders.

FIGURE also has specific lending requirements. You need a good to excellent FICO score and a debt to income ratio of less than 40%.

Does FIGURE check your bank account?

FIGURE has a fully automated, paper free application process. For most applications, FIGURE requires a copy of a valid government issued ID, and income verification.

However, this can be done by providing copies of documentation such as tax returns or pay stubs. In most cases, FIGURE will not need to check your bank account and will rely on your credit report.

Is FIGURE better than RocketLoans?

Rocket Loans offers similar maximum loan amounts, but the terms are typically shorter than FIGURE. The rates are typically higher than FIGURE, but you can qualify with a lower FICO score.

However, Rocket Loans do require that applicants have a minimum income of $24,000 per year and at least two years of credit history.

So, if you would like to clear your debt in less time or want to use your loan for a large purchase, Rocket is likely to be a better option. However, if you want to consolidate and bring down your monthly expenses, FIGURE could help.

Is FIGURE better than Citibank?

Like FIGURE, Citibank offers larger loans, but the typical rates are higher. Another key difference is that to qualify, you need to have an existing Citibank account. This established relationship helps Citibank to assess risk and determine approval.

So, unless you already have a Citibank account, FIGURE is likely to be a better option. You can borrow with flexible terms, making it a great option.

Is Discover better than FIGURE?

FIGURE offers larger sums for personal loans with far longer terms, making them a good choice for debt consolidation loans. The rates are also lower. Just bear in mind that if you take a loan with a longer term, even if the rate is lower, you will pay more in the long term.

FIGURE is also more flexible in terms of its lending requirements. You can qualify for a loan with a FICO score of 680, but you will need to have a debt to income ratio of less than 40%.

So, if you are in need of a debt consolidation loan, FIGURE does make a better option compared to Discover.

Is SoFi better than FIGURE?

FIGURE offers loans with a far lower maximum loan amount but potential longer terms and lower rates. While the rates are lower, they are obviously more designed for offering a debt consolidation solution rather than a basic personal loan. However, FIGURE also requires a FICO score of 680 or more, so you will still need good credit. FIGURE also requires that applicants have a debt to income ratio of 40% or less.

If you’re looking for debt consolidation, FIGURE is a solid option, but if you’re looking for a loan for another purpose, SoFi is a more flexible option.

Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.