Figure HELOC Review 2023

Good for: Borrowers who want a fast closing and to receive their full loan balance upfront.
By Taylor Getler 

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Our Take


NerdWallet rating 

The bottom line:

Figure’s HELOC stands out for its fast closing, which enables borrowers to receive their funding as soon as five days after applying. However, borrowers will have to take out their full loan balance at closing (minus a fee), with the option to make additional withdrawals as they pay it off. The minimum initial balance is $15,000. Additionally, Figure’s draw period of two to five years is much shorter than what most lenders offer.

National / regional
Min. credit score
Loan types and products
Home Equity
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at Figure

Pros & Cons


  • Specializes in HELOCs.
  • The initial balance and any additional draws have a fixed interest rate.
  • Borrowers can draw a maximum of 85% of their equity, which is slightly higher than most HELOC lenders allow.
  • Closing may be available in just five days.


  • Short draw period of two to five years.
  • Requires a $15,000 minimum initial draw.
  • Must draw full loan balance at closing.

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Full Review

Figure HELOC rates and discounts

Most home equity line of credit, or HELOC, interest rates are indexed to a base rate called the prime rate. The annual percentage rate, or APR, that you’re offered will include a margin the lender has added to the prime rate. Offered margins depend largely on factors like your credit score, your existing debt and the amount you wish to borrow, but they will vary by lender.

Current prime rate

Prime rate last month

Prime rate in the past year — low

Prime rate in the past year — high





Sample rates from Figure are posted online, though the exact offer will be customized to each applicant based on their financial profile. You need to fill out an application to get your customized rate offer. On the day we checked, Figure’s lowest advertised APR was 6.10%. This assumes a discount for enrolling in autopay, as well as a higher origination fee payment, a five-year draw period and a 30-year repayment term.

The lender offers a rate discount of 0.25 percentage point for:

  • Joining a partner credit union.

  • Enrolling in autopay.

Applying for a Figure HELOC

Borrowers who apply online will be prompted to provide their name, date of birth, contact information and details about their property and income. The lender says the application can be completed in minutes.

Figure’s website has a live chat feature. When we tried it out, the agent quickly and thoroughly responded to our questions within minutes. Figure also offers virtual notary support, and it reports that the average response time is 45 seconds.

When we called the customer service line, we spoke to an agent and received a detailed answer to our questions in less than five minutes.

Closing and managing a Figure HELOC

Figure says borrowers can receive funding in five days. This won’t apply for customers who live in counties that require in-person closing or that don’t allow e-signatures.

Borrowers can choose from five-year, 10-year, 15-year and 30-year term options to pay back their loan. There are no annual fees, though the origination fee can be added to the loan amount rather than paying it upfront at closing.

Unlike most HELOCs that offer a 10-year draw period to use funds from the line of credit, Figure’s draw period is two to five years, depending on the term the borrower has chosen.

  • Five-year term = two-year draw period.

  • 10-year term = three-year draw period.

  • 15-year term = four-year draw period.

  • 30-year term = five-year draw period.

After your income is verified, Figure will transfer your requested funds to your preferred personal account, which you’ll link to during the application process.

Alternatives to a Figure HELOC

Borrowers who want to compare HELOC and home equity loan offers (because home equity loans also deliver the full loan balance at closing) may be interested in U.S. Bank, which NerdWallet has ranked highly for both products. Meanwhile, Guaranteed Rate can be a solid choice for borrowers who want to get their HELOC funding quickly — they offer funding within five to 10 days.

HELOCs offer a flexible way to access home equity over a period of time and pay interest only on the funds you withdraw. However, rising interest rates can bump up your monthly payment, and, as with credit cards, it takes discipline to avoid overspending.

Alternatives to home equity lines of credit include a home equity loan, which offers a lump sum with a fixed rate, or a cash-out refinance, which replaces your existing mortgage with a larger loan.

Figure does not offer any alternative loan products.

at Figure


HELOC star ratings are awarded by the editorial team based on the following evaluated factors: whether a fixed-rate option is available, combined loan-to-value ratio, annual fees and transparency on key factors.