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Figure.com is a fintech lender founded by Mike Cagney (also the founder of SoFi) that offers home equity lines of credit (HELOCs) with an entirely online application process. Unlike traditional HELOCs that can take weeks to close, Figure uses blockchain technology to approve and fund loans in as few as 5 business days.
If you are a homeowner looking to tap your equity for debt consolidation, home improvements, or major expenses, Figure may be a faster and simpler alternative to a traditional personal loan or bank HELOC.
| Feature | Details |
| Loan type | Home Equity Line of Credit (HELOC) |
| Loan amounts | $15,000 – $400,000 |
| APR range | 6.10% – 14.74% (variable) |
| Draw period | 5 years |
| Repayment period | 5, 10, 15, or 30 years |
| Origination fee | Up to 4.99% |
| Min. credit score | 620 |
| Funding time | As few as 5 business days |
| Prepayment penalty | None |
Figure’s application is 100% online — no branch visits, no paper documents. You apply on their website, verify your identity, and Figure uses an Automated Valuation Model (AVM) to appraise your home instead of requiring an in-person appraisal. If approved, you close with an online eNotary via video call. Funds can be available in as few as 5 business days.
Fast funding (5 days vs. weeks for traditional HELOCs). Fully online process with no in-person appraisal. Competitive rates for homeowners with good credit. No prepayment penalty. Large loan amounts up to $400,000. Accepts properties including primary homes, second homes, and investment properties.
Variable interest rate (not fixed like a personal loan). Origination fee up to 4.99% is deducted from your loan amount. Requires home equity — renters cannot apply. Your home is collateral, so you risk foreclosure if you default. Not available in all states.
A Figure HELOC typically offers lower interest rates than an unsecured personal loan because your home secures the debt. However, personal loans do not put your home at risk, have fixed rates with predictable payments, and require no appraisal. Choose Figure if you have significant home equity and want the lowest possible rate. Choose a personal loan if you want no-risk, fixed payments.
Figure is best for homeowners with good credit (660+) and significant equity who need $15,000 or more. It is especially well-suited for debt consolidation, home renovations, or large purchases where the lower HELOC rate can save thousands compared to a personal loan or credit card.
Yes. Figure is a licensed lender founded by Mike Cagney, who also founded SoFi. The company has an A+ BBB rating and has funded billions in home equity products since launching in 2018.
Figure requires a minimum credit score of 620. For the best rates, a score of 740+ is recommended.
Figure is fully online with no in-person appraisal, uses blockchain for fast processing, and can fund in 5 days. Traditional HELOCs from banks typically take 3-6 weeks and require in-person appraisals.
Yes. Debt consolidation is one of the most popular uses. Since HELOC rates are typically lower than credit card or personal loan rates, you can save significantly on interest.
Figure offers a fully online HELOC with fast funding and no prepayment penalties. Uses AI-powered home valuation instead of in-person appraisals.
SoFi offers unsecured personal loans with fixed rates and zero fees — a good alternative if you do not want to use your home as collateral.
LightStream offers same-day funding on large unsecured personal loans with no fees and a Rate Beat program.
LendingPoint offers loans starting at just $2,000, with a maximum amount of $25,000.
The lender focuses on what they call NearPrime™ customers, or people with credit scores in the 600s. Interest rates range from 15.49% to 34.99% APR. If your credit isn’t as strong as it could be, LendingPoint could be a good bet. The lender offers personal loan terms of 24 or 48 months. And it has customers commit to bi-weekly payments rather than monthly to help making budgeting easier. Origination fees range from 0% to 6%. Once you’re approved, money is transferred to you the next day.
SoFi’s personal loans have the highest minimum loan amount of the five on our list, with loans starting at $5,000 and ranging up to $100,000. But it has one of the lowest starting APRs around — 5.99%. The APR maxes out at a reasonable 18.64% if you enroll in AutoPay, which is by far the lowest interest rate cap among all five lenders. Another big perk of SoFi is that unlike most lenders, they don’t charge an origination fee, saving you significant money. SoFi also offers more terms than most online lenders, with 36-, 48-, 60- and 84-month loan options. It also has no prepayment penalties. The lender is unique in that it offers unemployment protection, allowing you to pause payments if you lose your job.
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