Editorial Review

Figure Lending Review: Student Loan Refinancing

Figure Lending offers fast student loan refinancing, but currently has limited features.

Ryan LaneMarch 19, 2020

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Our Take


NerdWallet rating 

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.

Figure Student Loan Refinance
Check Rate

on Figure's website

Fixed APR

4.25 - 6.07%

Variable APR

3.49 - 6.07%

Min. Credit Score


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 Student Loan Refinance
Earnest Student Loan Refinance
Laurel Road Student Loan Refinance
Check RateCheck RateCheck Rate
Fixed APR

4.25 - 6.07%

Fixed APR

4.25 - 8.77%

Fixed APR

3.50 - 7.02%

Variable APR

3.49 - 6.07%

Variable APR

3.50 - 8.72%

Variable APR

1.99 - 6.65%

Min. Credit Score


Min. Credit Score


Min. Credit Score


Full Review

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

  • Soft credit check to qualify and see what rate you’ll get: Yes.

  • Loan terms: 5, 7, 10, 15 or 20 years.

  • Loan amounts: $5,000 to $250,000.

  • Can transfer a parent loan to a child: No.

  • Application or origination fee: N/A.

  • Prepayment penalty: No.

  • Late fees: No.

Compare Figure Lending’s range of interest rates with other student loan refinance lenders. Your actual rate will depend on factors including your credit history and financial situation. To see what rate Figure will offer you, apply on its website.


  • Minimum credit score: 680.

  • Minimum income: No minimum, but you must meet a minimum discretionary income cutoff.

  • Typical credit score of approved borrowers or co-signers: Not available.

  • Typical income of approved borrowers: Not available.

  • Maximum debt-to-income ratio: 65%.

  • Can qualify if you’ve filed for bankruptcy: Yes, after seven years.


  • Citizenship: Must be a U.S. citizen.

  • Location: Loans aren't available in Mississippi and New York.

  • Must have graduated: Yes, borrowers must have graduated with a bachelor's degree or higher.

  • Must have attended a school authorized to receive federal aid: Yes.

  • Percentage of borrowers who have a co-signer: Borrowers cannot apply with a co-signer.

Figure requires access to your online financial accounts to verify your student loan and income information. You cannot refinance with Figure if your accounts are not supported.

  • Academic deferment: Yes.

  • Military deferment: Yes.

  • Forbearance: Yes, borrowers can postpone payments in three-month increments, for up to 12 months total.

  • Co-signer release available: There’s no option to add a co-signer, but refinancing removes the original co-signer.

  • Death or disability discharge: Yes.

Repayment Preferences

  • Allows greater-than-minimum payments via autopay: Yes.

  • Allows biweekly payments via autopay: No.

  • Loan servicer: Figure Lending.

  • In-house customer service team: Yes.

  • Process for escalating concerns: Yes.

  • Borrowers get assigned a dedicated banker, advisor or representative: No.

  • Average time from approval to payoff: Varies, but can be as quick as 5 days.

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.


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.