Loans

Borrow up to $400k: Figure Home Equity Line of Credit review

See if this flexible loan option is the right fit for your needs. Enjoy a 100% online experience with the Figure Home Equity Line of Credit!

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Enjoy a 100% online application process!

Figure Home Equity Line of Credit
Figure Home Equity Line of Credit review. Source: Stealth Capitalist

The figure Home Equity Line of Credit of this review is a loan option that allows borrowers to access funds based on their home equity. This loan has become increasingly popular!

Figure Home Equity Line of Credit

Apply for Figure Home Equity Line of Credit

Apply for a Figure Home Equity Line of Credit! With a simple online application process, it's easier to obtain the value of your home.

Besides, in this review, we’ll take a closer look at the Figure Home Equity Line of Credit, including its benefits and disadvantages and credit score requirements. So read on!

APRNot disclosed;
Loan PurposeHome improvements, Fund a small business, Debt consolidation, Pay for college tuition, and more;
Loan Amounts$15,000 to $400,000;
Credit Needed640 minimum;
Terms5, 10, 15, or 30 years;
Origination Fee4.99%;
Late FeeN/A;
Early Payoff PenaltyN/A.

Figure Home Equity Line of Credit overview

The Figure Home Equity Line of Credit offers a loan suitable for those looking to fund home improvements, start a small business, consolidate debt, and more!

So, Loan amounts range from $15,000 to $400,000, which is higher than the average for similar loan products.

Therefore, one of the most significant advantages of the Figure Home Equity Line of Credit is its flexibility in terms of repayment.

Also, borrowers can choose a term of 5, 10, 15, or 30 years, which allows them to pay back the loan at a pace that suits their budget.

Additionally, the loan has no early payoff penalties, meaning borrowers can pay off their loans early without incurring additional fees.

Is it worth it to apply for Figure Home Equity Line of Credit?

Young happy woman employee or student sitting at desk using laptop.
Is it worth it to apply for Figure Home Equity Line of Credit? Find out! Source: Adobe Stock

Indeed, the answer to this question depends on the individual borrower’s situation.

However, for those who have substantial home equity and a good credit score, the Figure Home Equity Line of Credit can be an excellent option for borrowing money.

Moreover, the flexibility in terms of repayment and the relatively high loan amounts make this loan product an attractive choice.

Benefits

  • Competitive APR rates;
  • Flexibility in terms of repayment;
  • No early payoff penalties;
  • High loan amounts available.

Disadvantages

  • High origination fee;
  • No late fee can lead to credit score damage.

What credit score is required for the application?

Indeed, to apply for a Figure Home Equity Line of Credit, borrowers must have a minimum credit score of 640.

However, those with a higher credit score are likely to receive better rates and loan terms.

How does the application process work?

Additionally, the application process for a Figure Home Equity Line of Credit is straightforward and can be done entirely online.

Furthermore, borrowers must provide personal information, income and employment information, and information about their home’s value and mortgage.

Nevertheless, the loan process takes approximately 5 business days, after which funds are disbursed directly to the borrower’s bank account.

Finally, If you’re considering applying for a Figure Home Equity Line of Credit, then review the application process and requirements carefully below!

Figure Home Equity Line of Credit

Apply for Figure Home Equity Line of Credit

Apply for a Figure Home Equity Line of Credit! With a simple online application process, it's easier to obtain the value of your home.

About the author  /  Sabrina Paes

Content Writer, Copywriter, and Ghostwriter. Content marketing professional with 5 years of experience. Specialist in investment, finance, and technology niche. MBA in Marketing at the University of São Paulo, Brazil. Content Writer by Rock Content, and University of California (UCDAVIS).

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