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FIGURE Home Equity Line Review

28 Customer Comments & Reviews - see all comments
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Figure is a new Blockchain-based online lending platform that leverages AI and analytics to offer a home equity line, and sell and lease back options for homeowners.

Founded in 2018 by former SoFi CEO Mike Cagney, Figure is based in San Francisco.

How is Figure rated?

Breakdown

Overall Rating: 0 / 5 (N/A)

Founded in January 2018, Figure.com is a new player among a growing number of what are known as “fintech,” or financial tech, companies. These businesses generally aim to provide streamlined financial services through the use of technology. Figure offers home equity loans for any use including home improvement and debt consolidation.  The Figure Home Equity Line is the first such all-digital product, offering a home equity loan decision in as few as five minutes and funding in five days*. It’s a hybrid loan, combining the traits of a traditional home equity loan and a home equity line of credit (HELOC).

APRs are also very competitive for qualifying borrowers, and the company can lend as much as $400,000 per property depending on the level of equity.

Figure Features

Lender Type
Online Lender
Loan Types Available
Home Equity Line
Receive Lump Sum Payment Upfront
Home Equity Loan Fixed Rates Starting At
Minimum HELOC
$15,000
Maximum HELOC
$400,000
HELOC Fixed Rates Starting At
6.55% APR**
Waived Fees
Maintenance Fee
Appraisal Fee
Origination Fee
Up to 4.99%***

APR Disclosure

*Available APRs range from 6.55% - 15.95*, which includes the payment of a higher origination fee in exchange for a reduced interest rate, which is not available to all applicants or in all states. The lowest APRs are only available to the most qualified applicants, depending on credit profile and the state where the property is located, and those who also select five year loan terms; APRs will be higher for other applicants and those who select longer loan terms. As representative example, for a borrower with a 60% CLTV and a 740 credit score who is eligible for and chooses to pay a 4.99% origination fee in exchange for a reduced APR on a five-year Figure Home Equity Line with an initial draw amount of $50,000 would have a fixed annual percentage rate (APR) of 7.8%. The total loan amount would be $53,900. Your actual rate will depend on many factors such as your credit, combined loan-to-value ratio, loan term, occupancy status, and whether you are eligible for and choose to pay a higher origination fee in exchange for a lower rate. Rates change frequently so your exact APR will depend on the date you apply. APRs for home equity lines of credit do not include costs other than interest. You will be responsible for an origination fee of up to 4.99% of your initial draw, depending on the state in which your property is located and your credit profile. You may also be responsible for paying the costs of valuation if an AVM is not available for your property ($180), manual notarization if your county doesn’t permit eNotary ($380), and recording fees ($0 - $315) and recording taxes, which vary by state and county ($0-$1,400 per one hundred thousand dollars borrowed). Property insurance is required as a condition of the loan and flood insurance may be required if your property is located in a flood zone.

Figure Qualifications

Loan Qualifications
Primary Residence
Minimum Credit Score
640

Figure Customer Experience

Total Consumer Financial Protection Bureau Complaints
0
Total CFPB Complaints/Originations
0.0
Site Features & Technology
Home Equity Calculator
Online Application
Online Quote

Memberships & Accreditations
Equal Opportunity Lender
Nationwide Mortgage Licensing System ID
1717824
Nationwide Mortgage Regulatory Actions
0
Trust Pilot Rating
4.5 out of 5
Date Collected
2024-10-31

Disclaimers

Figure Lending LLC - NMLS #1717824

Contact & Additional Information

Homepage URL
Company Phone
(888) 819-6388
Headquarters Address
15720 Brixham Hill Ave, Suite 300, Charlotte, NC, 28277
Year Founded
2018

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28 Customer Comments & Reviews

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craigbenting
8/23/2022
Sounds great, looks great, then you set up an account to find out what kind of HELOC you can get and ... nothing. Sorry, you're not qualified at this time, check your dashboard for more information and ... there's no more information on the dashboard other than how to invest in their products. Very interesting way to get potential investors on-board, agreed to all kinds of communications to sell you investment-related "opportunities", but there appears to be nothing on the side of actually getting a HELOC or home improvement loan. I, like most other people with money, don't need another place to invest my money. In the end, it appears to be, first and foremost, yet-another... Read More


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Russ T
6/20/2022
Easy to fill in the Helco prequalify loan info to check their rates. But their response leaves some thought for concern. No rates returned and the reason for denial was Fico score of 735. I pulled my credit report 5 minutes later and my scores were 760 and 769? And other reported property facts were 7 years old? Other reviewers reported the same. A 800 FICO score was under stated by a similar amount. Got many emails for loan requests after supplying my info, so I assume the goal is selling perspective borrows info to other lenders?

H
Hannah L  
Official Response

marketing manager of FIGURE Home Equity Line
Hey Russ, Thank you for your feedback. While we understand your frustration, most customers have a bank account with an existing partner. Some customers who bank with smaller credit unions that are not supported will open an account at one of our partner banks to move forward with disbursement. Also, our application process confirms that your bank is supported prior to asking you to consent to a hard credit check. Thanks and feel free to reach out directly if you have any other questions. Your Friends at Figure help@figure.com 888-819-6388

angelcat176
5/4/2022
NOT A LEGITIMATE LOAN. This is a predatory, payday type loan where you end up.. if you're paying attention to what you are signing.. repaying over two times what you initially borrowed. These types of loans are illegal in most states and at least for my part, am reporting to my local state Attorney General; as well as, the US Attorney General that i have a connection to. Who takes out a HELOC thinking they are going to pay over double what they'd pay with a PERSONAL loan? No one. But like in my case it was a $15K loan which had a 360 month repayment period which ultimately at $136 month would have been $48,960. That's insane. Also for all the comments about not finding your... Read More

Hannah L  
Official Response

marketing manager of FIGURE Home Equity Line
Hello, Thank you for submitting your feedback. First and foremost, we can assure you that our product is compliant with all state and federal rules. The method of interest accrual is fully disclosed up front in the loan documents that are signed at the time of closing. Please note that our customers are free to repay all or any portion of the loan balance at any time without any prepayment penalty. Second, as an online lender, we rely on independent data sources to assess property value and review property history. These tools allow our application to be incredibly fast and easy but occasionally are unable to verify some aspects of an applicant's profile. We apologize for any inconvenience this has caused you. Please feel free to call, email, or chat us to discuss your account in furtther detail. Your Friends at Figure help@figure.com 888-819-6388

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Steven O
4/15/2022
Not sure what is wrong with their system but it does not work at all. I submitted all of the paperwork asked for and even made the mistake of letting them have access to my bank account but they still could not figure out where my income was coming from. By the way, it is primarily from pension income. In chats with 3 of their people, they could not understand why I did not get a new statement each month. I get one a year telling me what I will make for the year on a monthly basis. They could not figure that out. Very bad model. I finally had to give up on them and close the account. My guess is the positive reviews they have gotten were written by employees.

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Hannah L  
Official Response

marketing manager of FIGURE Home Equity Line
Hi Steven, Sorry to hear about your frustrating experience. Our automated income verification process usually enables us to process our HELOCs quickly, but being an entirely virtual company, we occassionally experience technical difficulties. That said, we totally understand your frustration in the matter. As for connecting your online banking information, we wanted you to know that our partner Plaid facilitates our viewing into your account for verification without actually seeing any personally identifiable information. Rest assured, we don’t collect, store, or even see your usernames and passwords. We value your feedback and are always looking for opportunities to meet the needs of our customers. Please feel free to contact us using the information below if you have additional questions. Thanks, Your Friends at Figure help@figure.com 888-819-6388

countertopguy21
3/30/2022
This company is sending pre-qualified letters to applicants then denying.This Maybe an inflation harvesting scam.Take.caution or seek alternative.

Figure  
Official Response

of FIGURE Home Equity Line
Hey countertopguy21@gmail.com, Thank you for your feedback. We're sorry you had a less than ideal experience with our process. We mail our pre-screened advertisements based on the limited information that is publicly accessible from the credit bureaus, but final approval is ultimately dependent on more detailed information that is not available to us at the time of mailing, such as property value, CLTV, outstanding debt, and income. Please reach out to us directly if you have any other questions or concerns. Thanks, Your Friends at Figure help@figure.com 888-819-6388

helene.cole
3/3/2022
The first thing they asked for was my PIN to unlock my credit. I found that suspect but unlocked it myself. Then they took all my info including my S.S. and ran a credit report. Only then did they tell me my house which was built in 2005 was too new to be in their database. It all feels quite questionable,

Hannah L  
Official Response

marketing manager of FIGURE Home Equity Line
Hi Helene Thanks for your feedback. We're sorry to hear you were unhappy with your experience. Please rest assured that we take our customers' privacy seriously and take the steps necessary to safeguard any information collected. You can review our Privacy Policy at figure.com/privacy for a full explanation as to how information is collected and used. We partner with third parties to find the deed, property and county information in order to simplify and expedite the underwriting process, but unfortunately, those external sources do not have the most up to date information. We apologize for any inconvenience this caused. Please contact us direclty if you would like to discuss in further detail. Thanks, Your Friends at Figure help@figure.com 888-819-6388

loveallmusic1962
12/4/2021
We went and shopped around for a home equity line to use and I was recommended Figure, but so far it has dragged on for a week since they screwed my name up, so we had to do the application process all over again and then they told me that all we needed now was to set up the closing date and time? Then I get this really whack email that for some odd reason that cant get the deed information? Please read below from them: "I am reaching out to see if you have the Property Deed such as a Warranty Deed, Quit Claim Deed or any other legal documentation showing property ownership and a property legal description for your property that you could provide in order for us to proceed (or if you... Read More

Figure  
Official Response

of FIGURE Home Equity Line
Hey loveallmusic1962@gmail.com, Thanks so much for taking the time to provide us with feedback. We take your concerns seriously and apologize for any confusion you had with our process. Unfortunately, we were unable to find your property based on the information you provided. Please reach out if you have any other questions. Thanks, Your Friends at Figure help@figure.com 888-819-6388

uofmfan517
10/7/2021
I tried to apply for a HELOC and was denied because of inaccurate property data. I reached out to customer service to try and figure out how I could get the information corrected, and they said there was nothing they could do. They would not even tell me what service provided them property value information so I could try and correct it! So frustrating to be denied only because of false information!

Figure  
Official Response

of FIGURE Home Equity Line
Hello Kirt, Thanks for your feedback. We're sorry that you had a frustrating experience. Ultimately, final approval is determined by your detailed financial and property profile, including your current credit score, property value, outstanding credit, debt, and income. Our independent data sources were unable to verify some aspects of your profile. The good news is that there was no affect on your credit. For your privacy, we reached out to you directly via email to go into more detail on your application specifically. Your Friends at Figure help@figure.com 888-819-6388

Sheron S
7/7/2021
Approval in 5 minutes, I don't think so. Funding in 5 days is a joke!!! Was approved for HELOC and could not get notary appt. Then set notary appointment one week later. Go to meet notary and it's a no go. No one shows. Had appointment with 2 different firms. First one contacted me to let me know they did not get contracts. Second one never contacted me, I received their information and their contact name and photo but they were a no-show. Then receive call from third individual wanting to reschedule. It's already been almost two weeks since approval.

Monica  
Official Response

manager of FIGURE Home Equity Line
Hi Sheron, Thank you for your feedback. This sounds incredibly frustrating. Unfortunately, the delay was due to a third-party vendor’s inability to complete their process. We believe we have since resolved this issue with the vendor and we apologize for the inconvenience this delay has caused. If you’re still interested, we would love for you to reapply. Please contact us directly if you have any other questions. Thanks, Your Friends at Figure help@figure.com 888-819-6388

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Bill
2/19/2021
I see a lot a great reviews for Figure. I don't appear to be getting the same results in comparison to all these great reviews. I had issues in the application process . After a short chat session, I was told the error was on their end. They said there would be a follow up with me when they knew something. I asked how long. I don't that I ever got a response because I remember asking that question more than once. I called two days later and was told that they told me it could be up to 48 hours. I called again on day three to see if there was any update. Again, no, zero. A supervisor looked at it but still no info. I have an incredible credit score and have bought many... Read More

Figure  
Official Response

of FIGURE Home Equity Line
Hey Bill, Thank you for your feedback. We're sorry you had a frustrating experience. We are always working on improving our application and we will be reaching out to better explain your status. Thanks, Your Friends at Figure