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Figure Personal Loan Reviews

figure personal loan reviews
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A Figure personal loan provides you with the money you need and comes with a variety of benefits, such as quick processing, minimal paperwork, flexible repayment options, and no required collateral. If you need money quickly and have a decent credit score, Figure personal loans can be a good option for you.

What Are Personal Loans?

Personal loans can help people fund short-term expenses and reach their financial goals. Most personal loans are unsecured, so they don’t require collateral. When you need cash, you can reach out to a loan company like Figure to get a personal loan.

Taking out a personal loan to meet your financial needs can be an excellent option. After all, there are times when your savings aren’t enough or you need cash sooner rather than later. Personal loans can be used for almost any purpose, such as home improvement, medical expenses, vacations, or buying a car. These loans have become even more accessible in recent years thanks to the rise of online lending providers like Figure.

Figure Loan Company

Figure is a loan company that was established in 2018. It offers personal loans, mortgage refinances, and home equity lines of credit. You can apply for loans ranging from $5,000 to $50,000, but the minimum and maximum amounts you’re qualified for are determined by your credit history and the state in which you reside. Figure uses blockchain technology and artificial intelligence for the digital application and funding process.

There are many people who benefit from Figure’s reasonable annual percentage rate and credit score requirements as well as its unique online choices. Figure has been rated as the best online lender for borrowers with fair credit, home renovation loans, debt consolidation, and new home equity loans.

How To Qualify for a Figure Personal Loan

To qualify for a Figure personal loan, you must be at least 18 years old, have at least a 680 credit score, be employed unless you’re a retiree, have a debt-to-income ratio of less than 40%, and be a U.S. citizen or resident. You must also have a valid email address and a bank account. If you’ve had a loan with Figure in the past and paid it back on time, you’ll have a better chance of qualifying for a larger loan.

The loan officers at Figure will review your application and make a decision based on your current financial situation. Figure’s annual percentage rates (APRs) vary from 5.75% to 22.94%, with a 0.25% discount for autopay enrollment, and are determined at the time of application.

How To Get a Figure Personal Loan

If you’re interested in applying for a loan from Figure, you can do so by visiting their website. Once you’re on their site, you can complete an online application in a matter of minutes. The application process will involve providing basic information, such as your name, address, phone number, and email address.

You’ll also be required to provide information about your employment, including how much you earn, monthly expenses, and any outstanding debts you may have. Afterward, Figure will review your application as soon as possible and notify you via email if you qualify for a loan.

How Figure Personal Loans Work

You can verify your eligibility for rates and terms with Figure through a quick online application. If you proceed with the application, Figure will retrieve your entire credit report. Most applicants are required to provide a copy of a government-issued ID to qualify for financing. To validate your income, you’ll also need to connect your bank account to your Figure application.

A tax return or other documentation may be required if the information in your bank account isn’t sufficient to validate all of your earnings. You have 14 days to complete the summary of your application and 14 days to complete the application. Using Figure’s electronic notary, you can sign the application without printing or leaving the internet.

If you miss the submission date, you can resubmit your application. It’s feasible, however, that the rate for which you were prequalified might be altered. Personal loans can be granted within five minutes and deposited into your bank account within a few days. If you get a loan approval on a Friday, you won’t receive your funds until the following week.

Pros of Figure Personal Loans

Figure personal loans are a great way to fund an expense that falls outside your monthly budget. Below are some pros of Figure personal loans to help you make an informed decision:

  • You can get personal loans of up to $50,000
  • You can obtain information about your loan eligibility while protecting your credit score
  • Repayment options with a fixed interest rate are available
  • The online application process is quick and easy
  • Upon approval, money will be sent to your account within one or two business days
  • You can use autopay to reduce your annual percentage rate by 0.25%

Cons of Figure Personal Loans

Figure personal loans aren’t an ideal option for everyone. These are a few things you should know before you decide if this is the right type of loan for you:

  • You can’t get Figure personal loans on weekends
  • Depending on your location, Figure may charge you an origination fee of up to 3% of the loan amount
  • People without jobs cannot qualify for a Figure personal loan
  • It’s not available to people who reside outside the U.S

Is Getting a Figure Personal Loan Worth It?

Getting a Figure personal loan can be worth it. However, it all depends on how much money you want to borrow and how long you’ll take to pay the loan back. If you have a decent credit score and a good job, you should have no trouble getting a loan with a decent interest rate. The longer you take to repay the debt, the more you’ll have to pay.

Getting a personal loan can be beneficial, but only if you’re going to be responsible with the money and use it for something worthwhile. Ensure you borrow an amount you know you can afford to pay back as soon as possible. When considering whether to apply for a personal loan, it’s important to think about your overall financial situation and how taking on debt might affect your future. If you’re in the process of applying for a personal loan and you’re not sure if it’s the right choice, you can always consult a financial adviser.

FIXD Research Team

At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.

We’re here to help you simplify car care and save, so this post may contain affiliate links to help you do just that. If you click on a link and take action, we may earn a commission. However, the analysis and opinions expressed are our own.

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FIXD Research Team

FIXD Research Team

At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.

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