Figure Personal Loans: 2021 Review

Figure personal loans have an autopay rate discount but may include an origination fee.
Chanell AlexanderSep 29, 2021

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Our Take

4.5

NerdWallet rating 

The bottom line: Figure loans are best for good-credit borrowers seeking a fast and fully online loan experience.

Figure Personal Loan

Figure Personal Loan

Min. Credit Score

680

Est. APR

5.75 - 22.94%

Loan Amount

$5,000 - $50,000

Pros & Cons

Pros

  • Soft credit check with pre-qualification.
  • Offers 0.25 percentage point rate discount for setting up autopay.
  • Reports payments to all three credit bureaus.
  • Offers mobile app to manage loan.

Cons

  • May charge origination fee.
  • No option to choose or change your payment date.
  • No co-sign, joint or secured loan options.
  • Borrowers can choose from only two repayment terms.

Compare to Other Lenders

SoFi
BestEgg
NerdWallet rating 
NerdWallet rating 
Est. APR

4.99 - 19.63%

Est. APR

5.99 - 29.99%

Loan Term

2 to 7 years

Loan Term

3 to 5 years

Loan Amount

$5,000 - $100,000

Loan Amount

$2,000 - $50,000

Min. Credit Score

680

Min. Credit Score

640

Compare estimated rates from multiple lenders

Compare Rates

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Full Review

Figure's personal loans are designed for borrowers with good credit (a FICO score of 690 or better). The company boasts a streamlined application process and funding within a couple of business days.

Unlike comparable online lenders, Figure loans lack some flexible features like the option to choose your payment date or add a co-signer or collateral.

Figure is best for borrowers who:

  • Have at least a 680 credit score.

  • Don’t want to add a co-signer, co-borrower or collateral to their loan application.

  • Prefer a fully online experience.

Figure at a glance

Affordability

  • APRs are consistent among competitors.

  • May charge origination fee.

  • No late or prepayment fees.

  • Rate discount for autopayments.

Loan flexibility

  • Offers only unsecured loans.

  • No option to choose or change payment date.

  • Can fund loans within one to two business days.

  • Does not offer direct payment to creditors for debt consolidation loans.

  • Not available in Mississippi.

Transparency

  • Soft credit check to pre-qualify.

  • Reports on-time payments to three credit bureaus.

  • Clearly discloses rates, fees and terms on website.

  • Offers comprehensive FAQs that answer key borrower questions.

Customer experience

  • Offers multiple customer channels and seven-day support.

  • Provides financial education.

  • Mobile app options to manage loan.

Key terms to know about personal loans

Annual percentage rate is the interest rate on your loan plus all fees, calculated on an annual basis and expressed as a percentage. Use the APR to compare loan costs from multiple lenders.

An origination fee is a one-time, upfront fee that some lenders charge for processing a loan. The fee can range from 1% to 10% of the loan amount, and lenders typically deduct it from your loan proceeds.

The debt-to-income ratio divides your total monthly debt payments by your gross monthly income, giving you a percentage. Lenders use DTI — along with credit history and other factors — to evaluate a borrower's financial ability to repay a loan.

Lenders that offer pre-qualification typically do so using a soft credit check, which allows you to see rates and terms you qualify for without affecting your credit score. If you accept the loan offer, the lender will perform a hard check to confirm your information. Hard checks knock a few points off your credit score.

Where Figure stands out

Autopay discount: Figure offers a 0.25 percentage point rate discount for borrowers who set up automatic payments from their bank account. The rate discount incentivizes borrowers to choose autopay, which in turn ensures on-time payments.

Pre-qualify with soft credit pull: Figure allows you to pre-qualify to check the estimated rate and terms you could qualify for without hurting your credit score. If you accept an offer and apply for the loan, Figure will do a hard credit pull that may cause your score to temporarily drop.

Fast online application experience: Figure promotes its streamlined loan application process, which allows applicants to link their checking, payroll, asset or tax preparation accounts to verify income. The linking takes place within the application, speeding up the underwriting and approval processes, the company says. Figure’s website includes helpful videos that guide applicants through the process.

Refinance options: You can use a Figure personal loan to refinance an existing loan from another lender or from Figure. If you qualify for a lower APR, refinancing a personal loan can help you save money and pay off the loan faster.

Where Figure falls short

Charges origination fee: Depending on your state, Figure may charge an origination fee up to 3%, which is lower than fees charged by some competitors. Origination fees are common among online lenders and are deducted from the entire loan amount.

No co-sign, joint or secured loan option: Applicants cannot add a co-signer, co-borrower or collateral to their loan application to potentially receive a lower rate or higher loan amount.

Borrowers cannot choose or change payment date: Borrowers do not have the option to select their payment date when they sign the loan agreement or change it at any time during the life of the loan. Having the option to choose or change payment dates gives borrowers flexibility if their payday changes due to a new job.

Limited repayment terms: Borrowers can choose from only a three- or five-year term. While this is common among some lenders, it doesn’t let borrowers select a shorter term and pay less interest or a longer term and have a smaller monthly payment.

How to qualify for a Figure personal loan

  • Minimum credit score: 680; borrower average is 710.

  • Maximum debt-to-income ratio: 60% excluding housing expenses; borrower average is 39% including a Figure loan.

  • Minimum monthly cash flow (income minus expenses): $1,000 after signing the loan agreement.

  • Must have a valid government-issued U.S. ID.

  • Must be at least 18 years old.

  • Must be a U.S. citizen or permanent resident.

  • Must be employed.

Loan example: A five-year, $20,000 loan with a 17.4% APR would cost $501 in monthly payments. You’d pay $10,060 in total interest.

How to get a Figure loan

Apply on Figure

You can fill out an application on Figure’s website. After entering basic personal information including your address, income, loan amount and loan purpose, you can set up an account to see loan options for which you pre-qualify.

Pre-qualify on NerdWallet

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to pre-qualify on NerdWallet. You may receive personalized rates from multiple lenders that partner with us. Pre-qualifying does not hurt your credit score.

Personal Loans Rating Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 30 lenders. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read our editorial guidelines.