Figure Personal Loans Review 2022


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Figure personal loan amounts and interest rates

Figure offers unsecured personal loans from $5,000 to $50,000. Unsecured loans are loans you don’t need to put up collateral, such as a house or a car, to receive. You may use personal loans for a variety of purposes, including debt consolidation, medical bills, and home improvement projects.

The APR of Figure’s loans ranges from 5.75% to 31.44%, which has a comparable minimum and slightly higher maximum when compared to similar lenders like SoFi and Payoff. SoFi has an APR range of 5.74% to 21.28% (with AutoPay) and Payoff has a range of 5.99% to 24.99%. Your loan will be set at a fixed interest rate that doesn’t change over the life of the loan

You can choose either a 36 month or 60 month term length with Figure.

Pros and cons of Figure personal loans

Who is Figure best for?

Figure personal loans are best for borrowers with good credit who need a large amount of money. Funds are also available quickly, and you’ll be able to see what your rate is before you commit to a loan, allowing you to shop around with other lenders.

However, if you only need a small amount of money, you want flexibility in your term length, or your credit is in a worse shape, another lender may be a better option than Figure.

How Figure Personal Loans Compare

You’ll pay an origination fee between 0% and 5% of your total loan amount with Payoff and Figure, while you won’t pay any origination fee with SoFi. The origination fee 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 split out your payments over more time, SoFi might be the better choice for you.

You’ll get your funding within a day with Figure, while it may 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, its honesty in advertising, and transparency about 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’s grade.

Keep in mind that BBB ratings are merely a guide and don’t necessarily reflect what your experience with a given company will be like. Figure hasn’t been involved in any recent controversies, so weigh its clean history with its subpar BBB score when deciding if you’re comfortable borrowing from the lender.

Frequently asked questions

Are Figure loans legitimate?

Yes, Figure is a personal loan lender founded in 2018 that lends to borrowers in all 50 states. Online lenders may not have as recognizable names as traditional brick-and-mortar lenders, but they are just as reputable.

How long do Figure loans take to process?

Figure will show you your prequalified rate within a few minutes, and may send you your money as soon as the next day if your application is approved before 7 pm ET.

Is Figure a direct lender?

Yes, Figure is a direct lender. You’ll go through the application process on the company’s site and then receive a loan originated by the lender.