| ✅ Key Point | 📌 Details |
|---|---|
| 🏦 What Is Figure? | A San Francisco–based fintech lender specializing in online personal financing for home equity financing, DSCR loans, cash-out refinancing, and crypto-backed loans. Founded in 2018 by former SoFi executives. |
| ⚙️ How It Works | 100% digital lending experience — from application to e-notary closing. Uses automated valuation models (AVMs) for property assessments to enable fast approvals and funding. |
| 💰 Funding Amounts & Speed | HELOCs range from $15,000 to $750,000, with potential funding available in as little as 5 days after approval. DSCR loans of up to $1 million are available for real estate investors. |
| 🏡 Figure HELOC Review | Fixed-rate HELOC requiring a 100% initial draw upon origination. Combines home equity loan simplicity with HELOC flexibility—terms from 5–30 years. |
| 📊 Qualifications | Generally requires a minimum credit score of 640+, up to 80–85% LTV, and solid income or property cash flow, depending on the loan type. |
| 👍 Pros | Fast digital approvals, soft credit pull prequalification, fixed-rate HELOCs, no prepayment or maintenance fees, and e-notary closings in most states. |
| 👎 Cons | Must draw full loan upfront; origination and recording fees apply. E-notary is not available in all states, and customer service responsiveness varies by review. |
| ⭐ UCS Rating | 4.8 / 5 — Excellent choice for qualified borrowers seeking fast, tech-driven home equity or real estate investor financing. |
In recent years, online mortgage lenders have disrupted the home financing space — offering speed, convenience, and flexibility that traditional brick-and-mortar banks often struggle to match. For homeowners, real estate investors, and even small business owners, tapping into home equity or refinancing through a digital lender can unlock capital faster and with fewer hurdles.
Non-bank lenders, such as Figure, are leading the way with online home equity financing solutions. However, with that convenience comes the need for careful evaluation, as interest rates, fees, qualification requirements, and the loan structure itself all play a role.
In this review, we’ll explore how Figure works, including the available loan options, pros and cons, and application process, to help you decide if it’s right for your home equity and real estate investment financing needs. Specifically, we’ll answer these questions and more:
Figure is a fintech company and online lender that specializes in home equity products, refinancing, real estate investor financing, and crypto-collateralized lending. The company’s mission is to simplify home equity financing through digital automation and blockchain-enabled infrastructure. By streamlining document flows, appraisal, and underwriting via technology, Figure aims to reduce friction and cost in home equity lending (particularly home equity lines of credit).
Figure is headquartered in San Francisco, California. The company was founded in 2018 by former SoFi executives Mike Cagney and June Ou. Since its launch, Figure has experienced rapid growth in the online lending space.
Figure is a leader among online lenders for home equity lines of credit (HELOCs). Over its years of operations, Figure has funded more than $14 billion in home equity lines of credit since its founding in 2018.
Figure’s target market includes homeowners who wish to unlock value in their property through home equity lines or cash-out refinances, real estate investors seeking streamlined DSCR (debt service coverage ratio) loans, and crypto holders looking to access liquidity by pledging digital assets. Individuals can use Figure’s products for home equity financing. At the same time, business owners and real estate investors can pursue funding via HELOC or DSCR strategies to support business growth or investment property acquisition. Figure’s HELOCs are available in 49 states and Washington, D.C., but not in Hawaii.
As a non-bank online lender, Figure makes its appeal through a fully digital experience. From application to closing, most of the process is conducted online, with minimal in-person interaction required. The platform is designed to deliver a fast approval and funding process, often in significantly less time than traditional mortgage lenders.
At a high level:
By automating much of the process and leveraging blockchain or tokenization technologies in its infrastructure, Figure reduces manual steps, enabling faster turnaround times compared to traditional mortgage lenders. Figure is a leading non-bank lender in the home equity financing space.
Below are the specific loan products that Figure offers:
Figure’s flagship product is its HELOC, sometimes referred to as a home equity line, but functionally distinct from typical revolving HELOCs. Figure offers fixed-rate HELOCs ranging from $15,000 to $750,000 with repayment terms of five, ten, fifteen, or thirty years. Loan minimum and maximum amounts vary by state.
Figure determines the maximum amount you can borrow through its HELOC based on your home’s loan-to-value ratio (LTV). LTV measures the relationship between your outstanding mortgage balance (plus the new HELOC amount) and your home’s current appraised value.
For most borrowers, Figure allows a combined LTV of up to 80–85%, depending on credit profile, property type, and location. For example, if your home is valued at $500,000 and you owe $300,000 on your mortgage, your available equity would be about $100,000 at an 80% LTV. This metric ensures borrowers retain sufficient equity in their homes while helping Figure manage lending risk.
Figure requires an initial draw of 100% of the approved amount upon origination of the HELOC.
Customers can be approved for a Figure HELOC in as little as five minutes and receive funding in as few as five days.
The HELOC is structured so that once your line is approved, you must take the full amount immediately — there is no revolving draw period in practice. That makes Figure’s HELOC closer to a home equity loan, in effect, although it’s still classified as a line of credit (i.e., you have a credit line). This design simplifies the draw period mechanics and risk to the lender.
Uses for the Figure HELOC include:
Because you must draw 100% initially, there is no flexibility for additional draws — the line doesn’t function like a revolving credit line in the usual sense (i.e., “additional draws” aren’t available). It’s essentially a one-time funded home equity loan with fixed interest rate terms.
For real estate investors, Figure offers a DSCR loan (debt service coverage ratio loan) that focuses on property cash flow rather than the borrower’s personal income. You qualify based on rental income rather than W-2s, tax returns, or personal DTI.
Key features:
The DSCR product is beneficial for investors with strong rental portfolios but perhaps less robust personal income or DTI.
Figure also offers traditional cash-out refinance options—refinancing your existing mortgage to pull out home equity in cash. While less emphasized than its HELOC and DSCR products, the cash-out option enables borrowers to refinance and extract equity at possibly lower rates or different term structures. Figure’s cash-out refinance terms depend on credit, equity available, and market rates at the time of origination. (Note: precise maximums, rates, and terms are less publicly transparent.)
Figure’s crypto-backed loan product allows borrowers to use Bitcoin (BTC), Ethereum (ETH), or Solana (SOL) as collateral to borrow USD (or a stablecoin) without selling their cryptocurrency.
Key features include:
This product is attractive to crypto holders who want liquidity without triggering taxable events from selling their assets.
Below is a comparison table summarizing the qualification requirements by loan type:
| Loan Type | Credit Score | DTI / Debt Profile | Equity (LTV / CLTV) | Employment / Income Basis |
|---|---|---|---|---|
| HELOC | Requires good credit; specific score unlisted (typically 620–640+) | Requires a low debt-to-income ratio (specific ratio unlisted) | Up to 85% of home value (minus current mortgage) | Good employment history |
| DSCR | FICO 680+ | Based on DSCR > 1.0 (not on personal DTI) | Max CLTV 80% (75% for cash-out refinance) | Income qualification via rental cash flow |
| Cash-Out Refinance | Unlisted | Unlisted | Unlisted | Unlisted |
| Crypto-Backed Loan | N/A (credit score not required) | N/A | N/A (based on crypto value) | N/A (collateral-based) |
In general, for a HELOC, Figure’s minimum credit score requirement is typically 640.
In practice, the qualification requirements, especially credit score minima and DTI thresholds, may vary by state and applicant profile. Lower-credit-score borrowers may qualify, but often incur higher interest rates or less favorable loan terms.
Figure is a leading non-bank lender in the home equity financing space, operating with an online-first, technology-driven model. The process is designed to be digital, requiring minimal or no in-person contact.
While Figure aims to offer competitive interest rates—sometimes below industry averages—it also charges significant loan fees, including origination fees and potential administrative or recording fees (disclosure of these “lender fees” is part of the fine print). The effective cost may be higher than it appears when comparing only the interest rate.
Figure offers both fixed and variable interest rates, depending on the loan product (with fixed rates primarily applied to its HELOC and cash-out products). The key difference is that a fixed interest rate provides stability throughout the repayment period, whereas variable rates can fluctuate in response to market indices (e.g., the prime rate). Borrowers sensitive to rate volatility may prefer fixed-rate options.
Minimum qualifications for a HELOC vary by state. Typically, it requires a minimum FICO score of 620–640, though more creditworthy borrowers with higher scores receive better rates. Lower-credit-score applicants may still qualify, but at a higher interest rate.
Unlike many other HELOCs that provide a revolving line of credit (allowing multiple draws over time), Figure’s HELOC requires a 100% draw upon closing, making it more analogous to a home equity loan in practical effect. The structure prohibits additional draws.
Figure offers the ability to check potential rates without affecting your credit score through a soft credit pull. If you choose to pursue a complete application, a hard credit check will be performed, which may temporarily lower your credit score.
Figure uses Automated Valuation Models (AVMs) and desktop appraisals rather than in-person appraisals for many properties, enabling faster underwriting. In many states, Figure supports an e-notary (remote closing), but an e-notary is not available everywhere.
Significantly, Figure does not charge application, maintenance, late payment, or prepayment fees for its HELOCs.
Figure offers a robust loan affiliate program, including affiliate loans for small businesses. ISO, affiliate marketers, mortgage brokers, and small business loan brokers can sign up online to partner with the company.
One of the most distinguishing features of Figure is its fully online application and loan approval process. Below is a step-by-step guide to applying:
You begin by entering property, personal, and financial data to determine the rates and terms for which you might qualify. This uses a soft credit pull, so your credit report and score are not affected.
If you accept the preliminary offer, you will be required to complete the full application. At this point, Figure will perform a hard credit pull. You’ll supply documentation (e.g., income, assets, title, etc.) as requested.
Figure’s automated underwriting system and AVM/desktop appraisal models assess the property and verify borrowers’ financial details. If needed, a property condition report or additional documentation may be required.
In eligible states, the closing is done remotely via e-notary (no in-person closing). Otherwise, a conventional notary or in-person signing may be required.
Once closing is confirmed, funds are disbursed. For its HELOC, the initial draw must be 100% of the approved amount. The funding timeframe is as quick as five days in ideal conditions.
Figure claims that customers can be approved in minutes and receive funding in as few as five days under favorable conditions. After funding, the borrower begins making monthly payments (principal plus interest) according to the selected repayment term.
Once your loan is live, Figure’s payment process and servicing kick in. Borrowers make automatic payments monthly for principal and interest, based on the loan term. Because Figure provides fixed-interest and fixed-payment structures (for many of its offerings), payments remain stable over the repayment period.
Figure does not impose prepayment penalties, giving borrowers the flexibility to pay off the loan early without incurring additional costs. In addition, because there is no revolving draw, the line balance behaves more like a fixed amortizing mortgage than a credit card–style line of credit.
In most cases, borrowers will maintain automatic payments, and the administrative servicing is handled digitally. Borrowers must maintain homeowners’ insurance and, in some areas, flood insurance, as required under standard mortgage norms.
Figure offers speed, transparency, and technology-forward underwriting that many traditional mortgage lenders cannot match. It’s a fully online lending model that allows potential borrowers to check rates via a soft credit pull, helping to reduce friction, time, and cost in the loan process. Its use of automated valuation models and desktop appraisals accelerates turnaround, and its support of e-notary, where available, further reduces delay.
Figure’s HELOC offers fixed-rate product options, and by mandating a 100% draw, it avoids the complexity of revolving credit line draw periods. Its no-maintenance, no-prepayment, and no-late-fees features are consumer-friendly. The product suite, including DSCR loans, cash-out refinances, and crypto-backed loans, makes Figure versatile for homeowners, investors, and crypto holders. The company’s affiliate program also allows brokers and small business marketers to partner and refer customers.
Despite its efficiency, Figure has a few potential drawbacks. Because the HELOC mandates a 100% initial draw, borrowers lose the flexibility of drawing over time, thereby removing the benefit of a revolving line. The higher origination fee and hidden lender fees (e.g., recording fees, administrative charges) may raise the effective cost beyond the headline interest rate. The credit score and equity requirements are relatively strict, which may exclude borrowers with lower credit profiles or those with less home equity.
Customer service issues are a recurring complaint, as some borrowers experience delays in communication or assistance once they enter the underwriting or servicing phase. The reliance on AVMs and desktop appraisals (as opposed to complete in-person appraisals) may result in valuation mismatches, particularly for non-standard properties. E-notary is not yet available in all states, so in-person or conventional closing may slow down funding in some locations. Finally, for crypto-backed loans, the volatility of the crypto collateral can lead to forced liquidation or margin calls if the collateral value drops significantly.
Pros
Cons
Yes — Figure is a legitimate, registered online lender operating in the U.S. It is owned by Figure Lending LLC (a wholly owned subsidiary of Figure Technology Solutions, Inc.) and is transparent about its operations, which are regulated under financial services rules. The company holds an A+ rating on the Better Business Bureau (BBB), though it is not BBB-accredited. On Trustpilot, Figure has a rating of around 4.8 stars based on customer experiences.
Additionally, Figure publicly discloses its lending volume and backing, and operates as a fintech platform leveraging blockchain technology (Provenance blockchain) to tokenize and streamline lending operations. While no lender is perfect, and consumer complaints exist (e.g., via the Consumer Financial Protection Bureau complaint database), the weight of evidence supports Figure’s legitimacy.
Figure does not market a traditional Commercial Equity Line of Credit (CELOC). However, Figure allows small business owners and entrepreneurs to access home equity for business purposes through their HELOC product (discussed below).
The difference is that a CELOC is structured for commercial real estate or business property equity financing, whereas Figure’s products use residential home equity. The Figure HELOC for business essentially functions like a personal home equity line of credit used toward business funding, rather than a separate commercial credit line facility.
Yes, small business owners can leverage their home equity through Figure’s HELOC for business financing. In fact, Figure explicitly supports HELOC for Business, allowing borrowers to tap into residential equity for business capital needs.
Below is a comparative table of Figure’s HELOC for Business loan versus other popular business loan options:
| Feature | Figure HELOC for Business | SBA / Traditional Business Loan | Business Line of Credit / Term Loan |
|---|---|---|---|
| Collateral | Home equity (residential property) | May require business assets, personal guarantee | Varied; may be unsecured or asset-backed |
| Interest rate | Based on the home equity rate | Depends on credit, business risk | Varies; often higher than mortgage rates |
| Credit criteria | Homeowner credit, equity, FICO | Business financials, revenue, and credit | Business / personal credit |
| Draw structure | Must draw the full amount upfront (no additional draws) | Usually lump sum or structured draws | Revolving, as needed, draws |
| Flexibility | Can be used toward business expenses | Tied to business use | Flexible borrowing for working capital |
| Qualification time | Digital, fast | Possibly slower | Medium speed, depending on the lender |
Because the HELOC effectively becomes a loan secured against your home, using it for business purposes can be an efficient option for qualified borrowers. However, remember that the capital is tied to your residence and subject to home value/credit constraints.
Overall, reviews of Figure tend to cluster around a few recurring themes: ease of process and digital speed, customer service experiences (positive and negative), and hidden fees or valuation concerns. Figure’s reviews typically focus on speed vs friction, whether the loan maximum was accurate, whether the line of credit and draw period expectations matched reality, and whether the in-person closing or notary was smooth. It has a 4.8 out of 5 rating on Trustpilot, with 88% of its reviews receiving 5 stars. At a high volume of reviews (over 3,700), the positive experiences tend to outweigh the negatives; however, the critiques remain essential.
Customers frequently praise the quick application process, fast approval and funding speed, and intuitive digital interface. Many reviewers highlight the convenience of e-notary and remote closing, saying that the application process was more seamless than expected. On Trustpilot, users consistently note their satisfaction with minimal friction in closing, clear communication, and support. Crypto-backed loan users also cite same-day approval and efficient execution. Because of these advantages, some parties rate the experience as “best they’ve ever had” in borrowing.
On the downside, many negative reviews center on customer service issues, including difficulty reaching representatives, slow responses, or confusion during the underwriting process. Some say their closing process was delayed due to problems with notary scheduling or documentation.
Complaints sometimes mention the origination fee, hidden lender fees, or discrepancies in the property’s appraised value. Some users found the interest rate to be different from what was anticipated or felt that references to zero origination fees were misleading. In a few cases, borrowers indicated issues with post-funding servicing or poor communication in servicing.
If Figure is not the right fit—due to denied application, unsuitable terms, or location constraints—you have multiple other paths to explore. Traditional banks, credit unions, and national mortgage lenders continue to offer HELOCs, home equity loans, and refinancing options. Online lenders like Better, Laurel Road, or LendingClub may offer more flexible or forgiving underwriting. For business funding, alternative business lending options include SBA loans, merchant cash advances, and revenue-based financing.
Below is a comparison table between Figure and other HELOC / home equity funding options:
| Lender / Option | Type | Rate & Fees | Draw Flexibility / Term | Best for: |
|---|---|---|---|---|
| Figure | Online HELOC / fixed draw | Fixed interest, origination + recording fees, no maintenance fees | Must draw the full amount upfront, fixed-term repayment | Borrowers who value speed, online process, and tech underwriting |
| Traditional Bank HELOC | Revolving home equity line | Variable rate, possible maintenance fees, and closing costs | Revolving, multiple draws over years | Borrowers who want flexibility over time |
| Home Equity Loan (fixed) | Fixed-rate secured loan | Fixed rate, closing costs | Lump sum disbursement with amortization | Borrowers who prefer a predictable fixed payment |
| Online HELOC / fintech | Various | Competitive rates, digital closing | Some allow multiple draws | Borrowers wanting fast online approval, but more flexibility |
| Personal / Business Loan (unsecured) | Unsecured loan | Higher interest, origination fees | Not tied to property | Borrowers without sufficient home equity or who want faster approval without collateral |
While small business owners can use the company’s HELOC product for business funding, many lenders offer a wide range of business loans. Working with a business loan marketplace (like UCS) allows you to apply to multiple lenders with a single small business loan application, enabling you to shop for the best deals available for your business.
You may be interested in one of the following small business loans:
Figure offers a compelling, streamlined option in the home equity financing landscape. Its online lender structure, fast application, soft credit pull, AVM-driven valuation, and e-notary execution in many states make it one of the quicker paths from application to funding. For homeowners and investor borrowers with strong credit and sufficient equity, Figure can be an efficient way to access capital.
However, the requirement to draw the entire line amount at closing (a 100% initial draw), along with potentially higher origination fees and other lender fees, diminishes flexibility. If your funding needs are unpredictable over time or you value the flexibility of additional draws, a traditional revolving HELOC may be a better fit for you. If your credit profile is borderline or your property appraises inconsistently via AVM, Figure’s automation may be a disadvantage.
In summary, if you’re a qualified borrower (with a higher credit score and sufficient home equity) who values speed, digital convenience, and transparency, Figure is a strong contender. If you require maximum flexibility, revolving draw options, or prefer face-to-face service, a conventional bank or credit union may be a better fit for your needs.
Based on the available information, we rate Figure 4.8 out of 5. It’s a leading HELOC lender with additional financing options and a solid online reputation.
Disclaimer: The Figure trademark is owned by Figure Lending LLC, and its use herein is for reference purposes only, and it does not indicate sponsorship or endorsement from Figure Lending LLC.
