The listings featured on this site are from companies from which this site receives compensation. This may influence where, how and in what order such listings appear on this site
BestMoney logo

Figure Review

Reviews 2,300
Visit Site
Reviews 2,300
Bestmoney Staff
Apr. 29, 2021
4 min read
BestMoney Staff
Figure Summary
Founded in 2018, Figure is a fintech company that has made a name for itself by using AI and blockchain to assess applications for home equity loans and mortgage refinancing. Now it is adding student loan refinancing to its list of products – with the promise of assessing refinance applicants quickly and with minimum hassle. Figure’s main target audience is Millennials with $55,000+ household income and a desire to buy their own home.


  • Quick, hassle-free application decision
  • No prepayment or late fees
  • Auto-pay discount of 0.25%


  • Not available in New York and Mississippi
  • Rates not published on website

Figure Figure View Rates

Suitable For?

As mentioned, Figure is targeting people aged 28-35 who are college educated, have at least $55,000 in annual household income, and are motivated by the desire to pay off their student debt so they can move into the next stage in life: home ownership. Figure aims to give aspiring homeowners an easy way to save money with a quick, pain-free student loan refinance at a lower interest rate than their original loans.

Loan Features

Figure stands for simplified student loan refinancing: simplified application, simplified fees, and a simplified single repayment instead of the multiple federal and private student loan payments you’re probably stuck with at present. Powered by advanced technologies like blockchain and artificial intelligence, Figure represents a new phase in consumer credit products – where automation works to the borrower’s advantage.

These are the highlights of Figure’s student loan refinancing service:

  • No prepayment or late fees
  • 0.25% APR discount when you set up auto pay
  • Automated, paperless application, where Figure does all the legwork of collecting your documents
  • Refinancing of federal loans, private loans, or both
  • Lets users securely link their current student loan account(s) to apply
  • User-friendly personal dashboard that lets you track your application and payment status
  • Unlike some competitors, Figure services its own loans and supports borrowers the whole way through

What You Need to Qualify:

  • Credit Scores 680+
  • Min 12 months credit file
  • No delinquencies in the last 30 months
  • No unpaid collections
  • No bankruptcy  in 7 years
  • No undischarged bankruptcy
  • No unpaid charge- offs over $1500

The Application Process

One noticeable aspect of the Figure student loan refinancing application process is that it’s quick. Figure’s mission is to make it easier for student debt holders to refinance and it delivers on this by approving most applicants in 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 student loan refinancing from Figure, you must be a US citizen or permanent residents 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. On the downside, Figure doesn’t state its minimum credit score requirement. The only way to find out if you qualify is to apply.

Loan Terms, Amounts, and APR

Figure offers loan amounts of anywhere from $5,000 to $250,000. Repayment term options are 5, 7, 10, 15, or 20 years. Figure doesn’t publish APRs on its website; to find out your pre-qualified rate, you must submit an application. However, it holds out the promise of a superior APR to your old student loans.

*Student Loan Refinance products only available in the following states: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY 

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

Although primarily an online operation, Figure provides telephone and email support. It enjoys a 4.8-star rating on Trustpilot, with 93% of customers rating it “Excellent” and only 3% “poor” or “bad”. Although Figure had only just launched its student loan refinancing platform before this review was published, it’s fair to assume its student loan platform will have the same strong level of customer service as its home equity and mortgage refinancing platforms.

To speak to a customer support rep about student loans refinancing, contact:

Phone: 888-819-6388, Mon-Sat, 6am – 6pm Pacific Time (not for use by New York borrowers).



Figure is known for disrupting the home equity loan and mortgage refinancing markets and now it is aiming to do the same to student loan refinancing. While Figure doesn’t necessarily offer the lowest rates or loosest eligibility requirements, it does offer one of the most attractive overall refinancing packages – with a approval process and no fees aside from the APR itself. It even offers a discount for setting up auto-pay, helping to reduce the overall cost of your student loans even further.

Physical Address

2019 Figure Technologies, Inc.

650 California Street, Suite 2700

San Francisco CA, 94108

Figure Figure View Rates


The advertised variable APR includes an autopay discount of 0.25%. As of 04/03/2020, variable APRs start at 3.74% for customers that do not opt in to autopay. These rates are for the most qualified applicants and are higher for other applicants. To be eligible for the advertised rate, an applicant must have more than $5,500 in monthly discretionary income and a credit score of 800 or higher. Figure calculates monthly discretionary income by reducing monthly income by a state income tax factor, and then subtracting estimated housing expenses, transportation expenses, and other expenses listed in your credit report. The advertised rate is only available for applicants who select 5 year loan terms; longer terms have higher rates. Because the rate is variable, it could move lower or higher based upon the LIBOR Rate (as published in the Wall Street Journal). Rates change frequently so your exact interest rate will depend on the date you apply. Loan terms and fees are also subject to change.

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.
Top Student Loans Refinance
Read Review|Visit Site
Read all reviews

Must Reads

Shed your student loan debt in 5 steps
Mar. 04, 2024
How to Send Your Kid to College Without Breaking the Bank
Mar. 04, 2024
Should I Get a Personal Loan or Student Loan Refinance?
Mar. 04, 2024
Read all articles
Trustpilot reviews
See what some customers are saying about Figure
Great • Reviews 2,300
We upload 100 to 400 Trustpilot reviews to our website daily, displaying them by default from "best" to "worst". You have the option to adjust the sorting criteria. If you wish to see all reviews, you can visit Trustpilot's website here.
Sort by
Brittany Shanks
3 days ago
The easiest loan experience from start…
The easiest loan experience from start to finish! Everything is so streamlined, and they’ve managed to remove all of the lag time in the loan process.
3 days ago
It was quick and easy.
It was easy online and quick response. Everything was easy to upload to their site.
Matt Harris
3 days ago
Extremely fast and easy process
Extremely fast and easy process.
Ike Enriquez
4 days ago
Simple and fast
I was not given the run around after I submitted all the required documentation. Applying was simple and getting approved and funded was quick.
4 days ago
The process was very quick and easy and…
The process was very quick and easy and I was provided with a lot of options and flexibility with regards to repayment.