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FIGURE Home Equity Line Review

28 Customer 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. </br><br> Founded in 2018 by former SoFi CEO Mike Cagney, Figure is based in San Francisco.
 
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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% - 15.85%. The advertised APR includes a combined 0.50% discount for opting into a credit union membership (0.25%) and enrolling in autopay (0.25%) as well as 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 7.30%. The total loan amount would be $52,495. Alternatively, a borrower with the same credit profile who pays a 3.99% origination fee would have an APR of 7.80% and a total loan amount of $51,995. 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. 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
https://www.figure.com
Company Phone
(888) 819-6388
Headquarters Address
15720 Brixham Hill Ave, Suite 300, Charlotte, NC, 28277
Year Founded
2018
Our Partner
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  • Flexible terms, redraw up to 100%, borrow up to $400K
  • Approval in 5 minutes. Funding in as few as 5 days.
  • Use to consolidate debt or finance your next project
  • 100% digital app & online appraisal
  • Good/Excellent credit
  • Rated Excellent on TrustPilot
READ FULL REVIEW >

Latest Figure Reviews

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?

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

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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.

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.

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,

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

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!

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.

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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

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JESSICA F

11/5/2020
Just needed a small home equity loan and this company was rated highly. Looking at the individual reviews, however, I cannot see how they ended up with a five star rating as a good percentage of the reviews are not positive! Nevertheless, I had not looked at the individual reviews, only the rating, when I decided to take advantage of the streamlined process. My bank will not consider a home equity loan, only a refinance, so this seemed ideal. With over $100k in equity based on a recent appraisal, this seemed like a no brainer as I only needed 30k. I though, when I was instantly denied, that perhaps I had entered 300k as the requested amount. When I asked for clarification, they told me... Read More

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Steven

7/31/2020
I hope the company gets their systems up to date. I was turned down because they can't verify that my home exist. I spent 3 days calling back and forth with them and my county appraiser & tax collector. everyone else except figure has all the proper information. I really expected more from a fairly new company. I did get a call saying they are working on problem but I would just need to try elsewhere or give them a month or so to get updated.

tsrobertson66

10/9/2019
Absolutely the worst Company I have had to work with from a lending perspective. Several issues have occurred since taking out a relatively small line of credit with this Company. Additionally, they are currently holding up my refinance on my house as they will not sign a subordination agreement with my primary lender – never experienced anything so disorganized. Would not recommend to anyone.

3093cam

8/26/2019
i am currently approved and waiting for disbursement of my loan. I did as much research as i possibly could on this company. Most of the issues brought up here I was able to navigate. It is a fantastic product. For me, time is of the essence. They deliver. I am a customer service manager and this company is taking customer service to a new level!!! Understand that with this technology it will only work for you if they can access 3 main forms of verification digitally. Your bank and IRS account for income verification as well as a property valuation. There can be many reasons beyond their control that this information can not be accessed. So I can see that this product may not be for... Read More

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Scott A

8/14/2019
After receiving an offer we decided to apply rather than refinancing our entire home. When the link for the account to deposit funds came up it was caught in a loop for almost 3 days. After that Figure had an engineer try to resolve the issue of "unavailable" to link to the same account through which they verified our monthly bank deposits. Figure gave some excuse that our credit union was using the wrong type of checking account. We inquired with our credit union and they brought up red flags with this process. They have changed all of our logins and passwords to all of our accounts. Our credit union gave us the same home equity amount that Figure was going to at only 5% instead of... Read More

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karen

6/19/2019
I had some difficulty at the beginning, but I had excellent response from the telephone team. In the end, a notary came to my house to have the papers signed. I would rate this company a 5. Karen

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Carlo

6/11/2019
Quick processing. Got the money in 5 business days as mentioned. CS is responsive.

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Debra H

6/7/2019
I want to update my review of 5/11/2019. A glutton for punishment, I did go back to Figure a third time, mainly hoping they might have added my FCU to their approved list. They hadn't, but they had added a new option where they could get 2018 tax information directly from the IRS for income verification. I used that option successfully and was able to complete my application. The ENotary process went very smoothly and my loan funded within five business days. Figure is a new enterprise and they have some bugs to work out, but they are clearly dedicated to doing so and I would encourage anyone frustrated by an earlier experience to keep them in mind going forward.

gumdrop2029

5/28/2019
I started the loan application process and nowhere along the process did it say that they only work with certain banks. I supplied my information and they proceeded with a hard credit check(Thank you. Everything looked good - Then I went to input my Federal Credit Unions name and - NO GOOD - I can not use Figure's services unless I belong to certain banks - This is HORRIBLE -

griffin3.2552

4/1/2019
I will sum it up, this company is pathetic. The only thing worse than the customer service is all the supposed technology they are using. I received multiple pieces of propaganda from Figure over the past couple months. Since my wife and I are planning a big home project, I decided what the heck, let's see what Figure will offer us. I pulled out one of the pre-qualification letters, launched a browser, and took the 5 minutes to start the application. Immediately, application denied. What? Since it was late Sunday, I decided to wait until Monday to call customer service. Monday afternoon I called to get clarification on why my application got turned down when their own marketing... Read More

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Patti P

3/13/2019
I applied first and then read all of the reviews and I was scared at first. But I have to say, and without a doubt, this is the EASIEST loan process I ever had! It was FAST, and I liked all the technology (eNotary was so cool!!). I got my money is 5 business days and without hassle or issues. They took care of everything from start to finish! I would highly recommend Figure to anyone looking for a home equity loan. A+ Rating for sure!

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Rick

2/28/2019
I decided to start the application process with this company and after providing my personal information I was asked to provide my banking information and that is where the trouble began. I was told there were connectivity issues with my bank even though it appears in a search. I called customer service and was told they would look into it and get back to me. I received a call telling me that the problem was resolved and that I should go ahead and log back on. I returned to the application and experienced the same issue another call to CS and I was told they would look into it. After numerous calls and promises to resolve the issue and get back to me I did not receive the promised calls.... Read More

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Elizabeth

2/15/2019
Hello, I received the letter that i'm preapproved, I went and entered the pre-approved code and instantly denied with a reason "property value or collateral not sufficient". Which is confusing since the home market value on your letter said $544,800, which is what the homes in my subdivision sell for. I also only owe $370K on my home, so plenty of equity. Didn't realize they were going to pull my credit that second since I didn't enter my social security number.

Giovanna a

1/22/2019
the overall rating for Figure is a ZERO the staff has been responsive. the approval process has been inconsistent with failure to the application process and a change in the loan amount. A five minute approval is correct but what the company doesn't tell you is that the rest of the application will take months. My loan amount has changed two times and there is still no answer but there is a hard inquire on my credit report.

Ira S

1/17/2019
So far, not a good experience. Figure quoted a better overall deal for a 60 month HELOC from than a personal loan from USAA, but service definitely leaves something to be desired. After a loan approval and notification that the funds were on the way to our bank, the funds never showed up. I had to really push Figure to try to find out where the funds were, and eventually discovered that Figure never initiated the transfer from their bank to mine. I got a lot of assurances from Figure associates that the delay was on my bank's end before they finally admitted they never sent the funds. Figure is supposed to send me an ACH tracking number tomorrow after they really initiate the... Read More

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