Figure Personal Loans: 2021 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

Key terms to know about personal loans

» MORE: Best good-credit lenders

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.

» MORE: Best online loans

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.

» MORE: Best personal loans with no origination fee

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.

» MORE: Co-signed or joint personal loans

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.