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With Figure, you can borrow from $15,000 to $400,000 with a HELOC. With an approval time in as few as five minutes from application and a cash payout usually within five days, this is one of the fastest ways to turn home equity into cash. Figure offers a 100% digital app, online appraisal, and notary services carried out by video call.
You need to have a FICO credit score of at least 640 for a HELOC with Figure, which is higher than some other HELOC providers who only require a credit score of 600. You will need to check whether Figure is available in your state as it is not yet available nationwide and currently serves just 42 states (plus DC).
To be eligible for a Figure HELOC, you must be a homeowner, and your debt-to-income ratio must be less than 50%.
Your property must be located in one of the following states: Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin or Wyoming.
Primary features of the HELOC product include:
Figure’s maximum loan amount of $400,000 is only available for those with a credit score of 760 or higher. If you have a credit score of 640, this will limit your maximum loan amount to $125,000.
A HELOC can be used for many different purposes, such as:
Figure HELOC applications are completed via an automated online platform, and the whole process is much quicker than that of traditional lenders. Property values are assessed using an automated valuation model (AVM), and it can take as few as five minutes to get an online approval decision. In most cases, Figure will send your funds to your bank account within five days.
To apply, follow these steps:
You can contact Figure via phone or email. Customer service is open seven days a week from 6am-6pm Pacific time (excluding major U.S. holidays).
Figure’s use of AI and blockchain makes its HELOC products much more attractive than many of its competitors. This cutting edge technology means that HELOCs can now be approved far faster and easier than ever before. With lower operating costs due to a virtual presence, Figure is able to pass on their savings to customers via low rates.
The application process is straightforward and can be done straight from your mobile phone by downloading an Apple or Android app. With loan applications often being approved in five minutes and funded in as few as five days, Figure’s HELOCs offer an extremely fast way to access money for debt consolidation, home improvement and other major expenses.
A. A Figure Home Equity Line could help you save money.
The interest on a HELOC could be lower than other types of financing options such as personal loans, credit cards, and a cash-out mortgage refinance. According to Figure's recent survey of funded HELOC customers, 67% of them saw significant savings from choosing a HELOC over an alternative option.
A. HELOC funds are most commonly used to pay for home projects or renovations, debt consolidation, tuition payments, medical bills, or to cover large purchases.
A: Figure offers loans on single family residences, condos, and townhouses. Certain types of properties may not be eligible. The property may be the applicant's primary or secondary residence.
A: Properties that are owned solely, jointly or as part of a revocable trust are eligible. The applicant’s name must appear as a property owner in their county’s records for the property.
A: Figure will require proof of hazard insurance for all properties and may require flood insurance in certain areas.
Figure Lending LLC, 650 S. Tryon Street, 8th floor, Charlotte, NC 28202
This review was compiled with information from Figure’s official website and third-party reviews.
Disclaimer
Figure Lending LLC dba Figure. 650 S. Tryon Street, 8th Floor, Charlotte, NC 28202. (888) 819-6388. NMLS ID 1717824. For licensing information, go to www.nmlsconsumeraccess.org. Equal Opportunity Lender.
Figure Home Equity Line is available in AK, AL, AR, AZ, CA, CO, CT, DC, FL, GA, IA, ID, IL, IN, KS, LA, MA, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SD, TN, UT, VA, VT, WA, WI, WY with more states to come.
¹For the Figure Home Equity Line, approval may be granted in five minutes but is ultimately subject to verification of income and employment. 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. In addition, funding timelines may be longer if we cannot readily verify that your property is in at least average condition with no adverse external factors with a property condition report and need to order a desktop appraisal to confirm the value of your property.
