Figure Review

Figure offers a unique approach to HELOCs, boasting a fully online application process and fixed interest rates¹. Whether you're planning a home renovation, consolidating high-interest debt, or funding a significant purchase, Figure's streamlined process and fixed rates make it an attractive option.

Who is Figure Best for?

Figure's HELOC product is ideal for homeowners with good credit who are looking for a fast, efficient way to access their home equity, supported by easy online notary services and expert support.

Figure NMLS ID #1717824

Pros

• Fully online application
• Borrow up to $400,000⁵
• No in-person appraisal needed

Cons

• No face-to-face interaction
• Figure currently offers only HELOCs

What Loans Does Figure Offer?

Figure specializes in Home Equity Lines of Credit (HELOCs). They do not currently offer other loan products. This focus allows them to streamline their process and provide competitive features for HELOCs:

• Unlike most HELOCs, Figure offers fixed rates¹for predictable payments
• Lock in a lower rate with the option to redraw up to 100%

What is the Application Process like with Figure?

1. Get Pre-qualified
   • Enter some basic information to see if you pre-qualify
2. Complete the Application
   • Fill out the application (roughly 5 minutes)
3. Wait for Approval
   • Receive approval (also about 5 minutes)
4. Receive Funding
   • Once approved, funds can be available in as few as 5 days²

What Do I Need to Apply for a Loan Online?

To apply for a Figure HELOC, you will need:

• Good credit (often 620 or higher)
• A reliable payment history
• Sufficient equity in your home (option to calculate on Figure's website)
• Access to personal identification and property financial details

Figure Highlights

• HELOC Experts – Figure has helped unlock $9 billion in equity for homeowners
• Reputable Platform – Over 100,000 households have utilized Figure's platform
• 5-Minute Approval – Get approved rapidly without the need for an in-person appraisal

The Bottom Line

Figure's HELOC product stands out for its convenience, speed, and fixed interest rates. It's an excellent option for homeowners looking to leverage their home equity without the hassle of traditional HELOC processes. However, if you're seeking diverse loan products, Figure's exclusive focus on HELOCs may be a limitation.

Figure NMLS ID #1717824

Not ready to commit? Find more lenders with great loan variety, competitive rates, and solid customer support. View 2026 home lender comparisons here.

Figure Disclaimers

¹The Figure Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.

²Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing.

³Our loan amounts range from a minimum of $15,000 to a maximum of $400,000. For properties located in AK, the minimum loan amount is $25,001 and for properties located in TX, the minimum loan amount is $35,000. Your maximum loan amount may be lower than $400,000, and will ultimately depend on your home value, lien position, credit profile, verified income amount, and equity available at the time of application. We determine home value and resulting equity through independent data sources and automated valuation models.