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Figure Review

Reviews 2,406
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Reviews 2,406
Bestmoney Staff
Aug. 09, 2022
3 min read
BestMoney Staff
Figure Summary
When it comes to financing your student loans, Figure offers a Home Equity Line of Credit (HELOC) as an alternative to a Parent PLUS loan. By tapping your home equity, you can get the cash you need for your child with lower rates. Figure offers loans up to $400,000, and you can be approved and close in as few as 5 days.


  • Easy online application
  • Close in as few as 5 days


  • Up to 4.99% origination fee
  • Not available in all 50 states

Figure at a glance

Editorial score

Online experience

Has learning resources, access to rates, mobile app

Customer services and support

Multiple ways of reaching lender, wide range of hours

Repayment flexibility

Offers multiple repayment plans


Doesn't cover bad credit, low income borrowers

Variety of Loan Types

Niche lender

Figure Figure View Rates

Suitable For?

Figure 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.

Loan Features

Figure offers a HELOC as a way to finance your child's student loans.


  • Apply entirely online
  • Offers loans up to $400,000
  • Fixed APR rates ranging from 4.24% - 11.50% APR (with all discounts)¹
  • Close in as few as 5 days
  • 0.75% discount for opting into a credit union membership (0.50%) and enrolling in autopay (0.25%) 

The Application Process

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. 

Loan Terms, Amounts, and APR

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

How Safe Is It?

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.

Help & Support

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. 

Physical Address

2019 Figure Technologies, Inc.

650 California Street, Suite 2700

San Francisco CA, 94108

Figure Figure View Rates


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.

BestMoney Staff
Written by
Bestmoney Staff
Our editorial staff consists of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right provider for your needs.
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