Figure Personal Loans Review 2022
Personal Finance Insider writes about products, strategies, and advice to help you make smart decisions with your money. We may receive a small commission from our partners, such as American Express, but our reports and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.
Calculate personal loan amounts and interest rates
Figure offers unsecured personal loans from $5,000 to $50,000. Unsecured loans are loans that you do not need to provide as collateral, such as a house or car, to receive them. You can use personal loans for a variety of purposes, including debt consolidation, medical bills, and home improvement projects.
The APR of Figure loans ranges from 5.75% to 31.44%, which has a comparable minimum and a slightly higher maximum compared to similar lenders like SoFi and Payoff. SoFi has an APR range of 5.74% to 21.28% (with AutoPay) and Payoff has an APR range of 5.99% to 24.99%. Your loan will be fixed at a fixed interest rate that will not change for the term of the loan
You can choose a term of 36 months or 60 months with Figure.
Advantages and disadvantages of personal loans Figure
Who is Figure best for?
Figure personal loans are best for borrowers with good credit who need a large sum of money. Funds are also available quickly and you will be able to see what your rate is before committing to a loan, allowing you to shop around with other lenders.
However, if you only need a small amount of money, want flexibility in your term length, or your credit is in poorer condition, another lender may be a better option than Figure.
Personal Loan Comparison Figure
You’ll pay origination fees of between 0% and 5% of your total loan amount with Payoff and Figure, while you won’t pay any origination fees with SoFi. Origination fees will be deducted from your overall loan proceeds.
Figure and Payoff have a maximum loan term of five years, while SoFi has a maximum loan term of seven years. If you’re looking to spread your payouts over more time, SoFi might be the best choice for you.
You’ll get your funding in a day with Figure, while it can take a few business days with SoFi and Payoff.
Is Figure Trustworthy?
Figure has an F rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB bases its ratings on a company’s response to consumer complaints, honesty in advertising, and transparency in business practices. However, take the low rating with a grain of salt, as two unresolved complaints and the company’s relative newness (it was founded in 2018) are the reasons for the BBB rating.
Keep in mind that BBB ratings are only a guide and not necessarily reflective of what your experience will be with any given company. Figure hasn’t been embroiled in any recent controversies, so weigh its clean story with its below-average BBB score when deciding whether you’re comfortable borrowing from the lender.
Frequently Asked Questions
Are Figure loans legit?
Yes, Figure is a personal lender founded in 2018 that lends to borrowers in all 50 states. Online lenders may not have such recognizable names as traditional lenders, but they are just as reputable.
How long does it take to process Figure Loans?
Figure will show you your prequalified rate in minutes and can send you your money the very next day if your request is approved by 7 p.m. ET.
Is Figure a direct lender?
Yes, Figure is a direct lender. You will go through the application process on the company’s website and then you will receive a loan issued by the lender.