Figure Review

ByBestmoney StaffJan. 03, 2021
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In a Nutshell

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 at a Glance

APR 3.49% (with autopay)
Loan types Consolidation of federal and private student loans
Refinance amount $5,000 - $250,000
Repayment terms 5-20 years
Minimum credit score Not stated
Suitable for Aspiring homeowners looking to pay off student debt before applying for a mortgage
Direct Lender or Marketplace Direct lender

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.

Figure customer testimonials

ExcellentReviews 1,049
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  • author
    3 hours ago
    Mortgage Refi

    I refinanced my mortgage through Figure. Beyond a weird hiccup involving my specific account not showing my dashboard correctly and as a result some e-sign stuff getting wonky -- which got escalated to Engineering and resolved -- I was really satisfied with the whole process. Worth noting my existing mortgage was with Wells Fargo. I reached out to them + First Republic (I'm in California), and here's what happened with those two: 1) The rep at Wells said "I've never heard of that company and they're lying to you about your rate." Then proceeded to try to sell me a different type of mortgage than I requested a quote on. 2) I never heard back from First Republic, after reaching out to them multiple times. Figure's Support folks were super patient with my many, many questions about the refi process and everything else, too.


  • author
    Andrew Hrinda
    a day ago
    Very helpful people

    Very helpful people. They made the process so easy and were so knowledgeable it took the pain out of it. The charges were very fair compared to the other loan companies I've dealt with (and I've dealt with quite a few), I can and will recommend. Figure to my friends that seek financing. I'd also add I am an old guy and they were very considerate with my lack of computer skills Lol.


  • author
    Laurie Kuhr - Customer
    3 days ago
    Very happy with my entire experience

    Very happy with my entire experience. Easy, efficient, and FAST!


  • author
    Sergio Cervantes
    3 days ago

    this is a lender that after sending me a pre-approval code for credit few times and applying for credit twice, I have been declined twice, my credit score is excellent with no missed payments in as long as eight straight years if I could give them 0 stars that's what they will get from me. Also in order to get the low interest rate they offer in the pre-approval code customer has to pay 4.99% closing cost fees wich should be illegal, bc it's a HELOC not a refinance, local banks offer HELOC's for $300.00 clossing costs, absolutely RIDICULOUS on side. PS 2 days later not happy with my review called me to make treats on myself. What kind of company is this? Do they really believe they are the only financing company in the USA..wrong, they are #90 out of 170 financing institutions, they get hurt for a bad rating we the consumers get hurt by hard pull on credit reports also. And they got 2 on me in 45 days, this team sucks. Sergio O Cervantes


  • author
    Home Remodeling Loan
    Jan 16, 2021
    Great Experience!!

    Great customer service - streamline process - funds in a hurry. Not one complaint about the way our loan was handled. Highly recommended!!