The bottom line: Figure Lending launched in 2018 offering home equity lines of credit. It started refinancing student loans in October 2019. Its refinancing loan is best for applying and receiving funds fast.
Pros & Cons
You can see if you'll qualify and what rate you'll get without a hard credit check.
No late fees.
Loans fund in as little as five days.
You cannot refinance without a bachelor's degree.
You can't apply with a co-signer.
Loans aren't available in Mississippi or New York
How does this loan compare?
Figure Lending launched in 2018 offering home equity lines of credit. It started refinancing student loans in October 2019.
Features and availability for Figure's student loan refinance product are currently limited. What Figure does offer right now is speed: Its all-digital application process eliminates steps like uploading pay stubs to verify income, for example. Figure also fully automates loan processing, allowing it to refinance loans in as little as five days; this can take weeks with other lenders.
Fast funding isn't a must when refinancing student loans. But the accelerated timeline will let you start saving sooner.
FIGURE LENDING student loan refinancing at a glance
Paperless application process.
Loans aren't available in Mississippi and New York.
You must have at least a bachelor's degree to refinance with Figure.
How FIGURE LENDING could improve
Figure Lending could improve its student loan refinancing product by:
Letting borrowers apply with a co-signer.
Offering PLUS loan refinancing.
Including interest rate information on its website.
Figure Lending student loan refinancing details
How to refinance with Figure Lending
You can apply for a Figure Lending refinanced student loan on its website. Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer borrowers who are struggling to make payments.
STUDENT LOANS RATINGS METHODOLOGY
NerdWallet believes the best student loan is one you can repay at the lowest interest rate you can get. That’s why NerdWallet’s student loan ratings reward lenders that offer a variety of loan terms, limit their fees and penalties, and extend borrowers multiple options to avoid default. Points are also awarded for soft credit checks, underwriting transparency and other consumer-friendly features. Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. NerdWallet does not receive compensation for its reviews. Read our editorial guidelines.
on Figure's website