Figure 2022 Personal Loans Review

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Figure personal loan amounts and interest rates

The figure offers unsecured personal loans from From $ 5,000 to $ 50,000. Unsecured loans are loans for which you do not need to provide collateral, such as a home or car, to receive. You can 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 low and a slightly higher high than similar lenders like SoFi and Payoff. SoFi has a range of 6.99% to 22.23% April (with all discounts) and Payoff has a range of 5.99% to 24.99% April. Your loan will be fixed at a fixed interest rate that does not change over the life of the loan

You can choose a duration of 36 months or 60 months with Figure.

Pros and Cons of Personal Loans Figure

Who is Figure best for?

Figure personal loans are best for borrowers with good credit who are in need of a large amount 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 with other lenders.

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

Compare personal loan offers

How to Compare Figure Personal Loans

You will pay an origination fee of between 0% and 5% of the total loan amount with Payoff and Figure, while you will not pay any origination fees with SoFi. The origination fee will be deducted from the total loan proceeds.

Figures and Payoff have a maximum loan term of five years, while SoFi has a maximum loan term of seven years. If you are looking to split your payments over multiple times, SoFi may be the best choice for you.

You will receive your funding within one day with Figure, while it may take a few business days with SoFi and Payoff.

Is the figure reliable?

The figure has an F rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB bases its assessments on a company’s response to consumer complaints, its honesty in advertising and the transparency of business practices. However, take the low rating with a grain of salt, as two unresolved complaints and the company’s related novelty (it was founded in 2018) are the reasons for the BBB vote.

Keep in mind that BBB ratings are only a guide and do not necessarily reflect what your experience with a particular company will be like. The figure hasn’t been involved in any recent litigation, so rate its clean history with its below-average BBB score when deciding if you’re comfortable borrowing from the lender.

Frequent questions

Are Figure Loans Legit?

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

How long does it take to process figure loans?

The figure will show you your prequalified rate within minutes and may send you your money the next day if your application is approved before 7pm 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 originated by the lender.

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