Is Figure a Good Loan Company?
The shot answer is “Yes”. As of 2022, Figure was recognized as the best lender for mortgage holders with fair credit, best for home renovation, best for debt consolidation, top online lenders, and the most innovative home equity product by Bankrate.
It is a suitable lender for a wide range of consumers due to its good minimum credit score requirement and low APR, as well as its unique online solutions.
Figure, a new lender established in 2018, offers home equity lines of credit (HELOCs) across 41 states and Washington, D.C.
Located in San Francisco, Figure leverages artificial intelligence and blockchain technologies to create a digital online registration and funding process.
In as little as five days, borrowers can get up to $400,000 with a Figure HELOC.
Here’s all you need to know about the company and its service to see if it’s a good fit for you.
There’s a lot to enjoy about Figure, but there are a few things you should know before applying:
- Quick funding turnaround
- Competitive Interest rates
- Low costs
- All three credit agencies receive notification of payments.
- Provides a smartphone app for loan management.
There are a few disadvantages to Figure’s home equity programs, including:
An origination fee of up to 5% of the total loan amount is possible. An origination fee is a percentage of the loan proceeds that is deducted at the time of disbursement.
There are just two different loan term lengths available:
Only 36 and 60-month terms are available in Figure. You might prefer a different lender that offers additional possibilities if you seek additional flexibility in your payback procedure.
There aren’t any co-signed or collaborative loans available:
Having a co-signer with a stronger credit score than you can often lower your mortgage rates or make it easier to apply for a loan. With Figure, you won’t be able to do so.
The minimum loan amount is rather high:
Figure requires that you borrow at least $5,000, so if you simply need a small amount of money, you’ll be able to find a suitable lender elsewhere.
Who Is Figure Most Suitable For?
Personal loans with figures are suitable for customers with good credit who require a substantial sum of money.
Funds are also available promptly, and you’ll be able to check your rate before committing to a loan, allowing you to shop around with different lenders.
If you only need a little amount of money, want term length flexibility, or your credit is in a poor situation, another lender may be a better match than Figure.
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