Figure is a Charlotte, North Carolina-based financial technology company founded in 2018 that offers home equity lines of credit online. Home equity lines of credit from Figure can be used for things like debt consolidation, home improvement or major purchases. Borrowers will need a minimum credit score of 620 to qualify.

Figure offers fixed-rate home equity lines of credit and mortgage refinancing. The minimum home equity line of credit amount is $15,000, or $25,001 in Alaska and Wisconsin, and the maximum is $250,000. Borrowers can choose home equity loan terms of five, 10, 15 or 30 years. For refinancing, the company offers home refinancing terms of 15 or 30 years. You can also get a jumbo refinance loan worth 80% of your home’s value with a $1.5 million maximum. Figure also offers a cash-out mortgage refinancing option that lets you take out money based on your home equity with a $2,000 minimum and a $500,000 maximum.

To qualify, you fill out an online application. Figure does a soft credit pull to show you your interest rate without affecting your credit score. The company will ask for your basic information and income before offering an interest rate for the loan. Once you decide to submit an application, the company will do a hard credit pull. Funds may arrive as few as five days from signing, but might take longer – especially if you live in a county that requires in-person closing rather than allowing you to complete the closing documents online.

Figure charges an origination fee for home equity lines of credit, but there are no appraisal, maintenance, returned check or prepayment fees. The company charges a $300 subordination fee and its release recording fee varies from $0 to $105. The origination fee ranges from 0% to 4.99%, and you may choose to pay a higher origination fee in exchange for a reduced annual percentage rate. Interest rates start at 2.88% and increase depending on your personal factors such as credit score, occupancy status and loan-to-value ratio.

You must have property insurance for the duration of the loan, and flood insurance may be required if your home is in a flood zone.

Figure offers a 0.25-percentage-point discount for enrolling in auto-pay as well as a 0.25 discount for becoming a member of one of the credit unions that partner with the company.

You must own or jointly own a qualifying property such as a single-family residence, townhouse or condo. These may be either primary or secondary residences. Properties that do not qualify include co-ops, commercially zoned real estate, planned urban developments, high-rise or mid-rise condos, multifamily real estate, manufactured housing, earth or dome homes, timeshares, log homes, houseboats or mixed-use properties. You must also be employed, self-employed or retired, as Figure does not lend to unemployed borrowers.

What credit score do you need?

Figure requires at least a 620 FICO credit score to qualify for a home equity line of credit. For investment properties, the minimum score is 680. The home must be a primary residence, vacation home or investment property. For an investment property to qualify, it must be a single-family residence or townhouse, or a multifamily home with four or fewer units.

The company does business in 41 states and Washington, D.C.

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Figure has an “excellent” rating on Trustpilot with 4.6 out of five stars. The company is not yet rated with the Better Business Bureau.

In 2020, the Consumer Financial Protection Bureau received three complaints related to Figure’s home equity line of credit product. The company gave a timely response to all three, and all were closed with an explanation.

You can contact the company via phone, email or the chat feature on its website. Live phone support is available 6 a.m. to 6 p.m. Pacific Time every day. The website directs you to send complaints to a post office box in Reno, Nevada.

Figure offers a completely digital home equity line of credit application and approval process. Approvals can take as little as five minutes, and funding can occur in as little as five days. Live chat help is available from 6 a.m. to 6 p.m. Pacific Time, Monday through Saturday, excluding holidays. Unless your county requires an in-person closing, you’ll be able to complete the whole process online. Figure also offers iOS and Android apps that allow you to apply for and manage loans on a mobile device. To close the loan and receive funding within the five-day window, you’ll need to use the company’s remote online notary feature.