Figure
Personal loans enable borrowers to finance anything from a dream vacation to a New Home addition, often with fixed interest rates and a set pay-off date. Financing large purchases through revolving credit lines such as credit cards can lead to excessive interest charges and cost much more money in the long run. Thankfully, companies like Figure offer a variety of personal loan options with Fast approval and Loans up to $50,000. Figure utilizes data analysis and modern technology to match borrowers with loans and rates that work for them. Finally, Figure optimizes the customer experience with friendly customer service and referral bonuses that reward customers when one of their networks is approved for a personal loan.
- Many different types of loans available
- Useful online mortgage calculators
Pros
- High loan balances, up to $50,000
- Easy and fast online application process
- Competitive interest rates
- Discounts for auto-pay available
Cons
- Origination fees may be expensive
- Currently not available in all 50 states
Figure Overview
Figure is an online lender specializing in Consumer Lending. In addition to their personal loans, Figure offers home equity lines of credit, mortgage refinancing, and even Asset Management.
Applicants will enjoy Figures online and an automated application process, which can dramatically speed up the approval process and disbursement of funds.
How Does Figure Work?
Figure utilizes consumer data and modern technology to automate the loan application and approval process, which helps customers receive a decision quickly and interest rates that work for them.
Applicants can go to the Figure website and apply for a loan directly online. Figure is a direct lender, so customers will not need to worry about dealing with any intermediaries during the loan approval process.
Back to top ↑Figure Personal Loans Features
Figure offers loans ranging from $5,000 up to $50,000. Repayment terms start at 3 years and go up to 5 years, so if you plan on borrowing from Figure, be prepared for a minimum repayment of 36 months.
Interest rates range from 5.99% up to 15.00%. Figure offers a discount for utilizing auto-pay. Customers who opt into the auto-pay program will receive a 0.25% APR reduction immediately on their entire Loan account.
It’s important to note that once you are approved for a loan through the Figure, you will have to pay origination fees that vary depending on the balance and terms.
Back to top ↑Figure Personal Loans Requirements
Applicants who are interested in Figure’s personal loans will need to meet several requirements to be eligible for a loan.
Some information that Figure requires is a home address, reason for borrowing ( this can be a vacation, debt consolidation, or a large purchase), living situation, citizenship status, income and asset amounts, and general contact information.
Once you provide Figures with these details, the website will direct you to terms that you are eligible for. Figure will automatically calculate your debt to income ratio and offer you loan balances and terms you may be able to afford.
Once you select your loan terms, you can complete your personal loan application.
It’s important to note that Figure will not offer personal loans to customers with a debt to income ratio above 40%, they must not have a bankruptcy or foreclosure on their record, and they must be employed with a valid u.s. ID.
Back to top ↑Reliability and Customer Experience
Figure’s customer service is very responsive and friendly. If you need to reach a customer service representative, you can call the phone number on the website if you prefer to speak on the phone, or you can utilize the live chat feature if you need an immediate answer.
See your advertisers a Trustpilot rating of 4.5 stars on its website, and it generally receives favorable reviews from its customers.
Back to top ↑Final Thoughts
Online Lenders are revolutionizing the personal loan industry by offering fast approvals and competitive interest rates. Figure takes this approach one step further by automating the approval process and helping match customers with a personal loan that will work for them.
If you are interested In applying for a personal loan and you are comfortable using an online lender, Figure is certainly worth considering since they offer Flexible terms and a wide variety of loan balances.
Finally, if you work with Figure and are happy with their service, they will pay you $150 if you successfully prefer somebody to their lending program.
Back to top ↑* This content is not provided by the financial institution or the offer’s provider. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and does not constitute a financial or expert advice.
