The Fed wants to raise interest rates—here’s what you should do while they’re still low
Dec. 07, 2023
How to Make the Most of Your College Investment
Dec. 07, 2023
How to Send Your Kid to College Without Breaking the Bank
Dec. 07, 2023
This site is a free online resource that strives to offer helpful content and comparison features to our visitors. We accept advertising compensation from companies that appear on the site, which may impact the location and order in which brands (and/or their products) are presented, and may also impact the score that is assigned to it. Company listings on this page DO NOT imply endorsement. We do not feature all providers on the market. Except as expressly set forth in our Terms of Use, all representations and warranties regarding the information presented on this page are disclaimed. The information, including pricing, which appears on this site is subject to change at any time
View RatesFigure offers a HELOC as a way to finance your child's student loans. Qualified borrowers can get rates starting at 3.99%¹ and can use the loan to cover different types of college expenses. This option can be a better alternative to Parent PLUS loans with lower rates and flexible terms.
Figure offers a HELOC as a way to finance your child's student loans.
Highlights:
The most noticeable aspect of the Figure HELOC application process is that it’s very fast. You can get approved in as quick as 5 minutes.
To get started, applicants need only fill out the bare basics to get an offer: name, date of birth, address, contact details, and annual gross income plus bonus. Figure’s powerful automated online assessment tool goes to work to pull up the rest of your details and make an assessment. If it can’t identify you from the information provided, it will ask you for your social security number or individual taxpayer identification number to help it complete the assessment.
To be eligible for a HELOC from Figure, your child must be a US citizen or permanent resident that has graduated from a four-year or graduate Title IV school in the United States. Checking your rate won’t affect your credit score. However, if you decide to take a loan, Figure may conduct a hard credit pull – which will affect your score.
Figure offers loan amounts of anywhere from $15,000 to $400,000. Repayment term options are 5,10, 15, or 30 years. Figure offers fixed APRs ranging from 4.24% - 11.50% APR (with all discounts).¹
By automating the collection and uploading of your personal information, Figure keeps the exchange of personal details to a minimum – streamlining the application process and keeping applicants safer and more secure. Instead of asking you for extensive details, Figure extracts and uploads your details securely to its system. According to Figure, it uses a range of security and encryption techniques throughout the process to keep your data secure.
Rather than force each user to set up a password, Figure provides a link via email to access your account. To log into your dashboard, simply press the login button on the Figure website, enter your email address, and then go to your inbox to find the authentication link. By eliminating the need for passwords, Figure makes its system less vulnerable to hacking.
Figure provides telephone and email support. It enjoys a 4.7-star rating on Trustpilot, with 90% of customers rating it “Excellent."
To speak to a customer support rep about a HELOC, contact:
Phone: 888-819-6388, Mon-Sat, 6am – 6pm Pacific Time (not for use by New York borrowers).
Email: loans@figure.com
Figure offers a HELOC as a way to finance your child's student loans. The application is entirely online and you can be approved and close in as few as 5 days. Figure offers student loan financing up to $400,000, and can give you lower fixed rates and flexible terms.
2019 Figure Technologies, Inc.
650 California Street, Suite 2700
San Francisco CA, 94108
Figure Lending LLC dba Figure. 15720 Brixham Hill Avenue, Suite 300, Charlotte, NC 28277. (888) 819-6388. NMLS ID 1717824. For licensing information go towww.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, VA, VT, WA, WI, WY.
¹ For Figure Home Equity Line, APRs range from 4.24% to 11.5%. The advertised APR includes a combined discount of 0.75% for opting into a credit union membership (0.50%) and enrolling in autopay (0.25%), as well as the payment of an origination fee in exchange for a reduced interest rate, which is not available in all states. The lowest APR is 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. For example, for a borrower with a CLTV of 45% and a credit score of 800 who is eligible for and chooses to pay a 4.99% origination fee in exchange for a reduced APR, a five-year Figure Home Equity Line with an initial draw amount of $50,000 would have a fixed annual percentage rate (APR) of 4.24%. 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 4.74% 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 an origination fee in exchange for a lower rate. 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. 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.
