Figure HELOC Review: LendEDU’s Highest Rated in July 2025

Best Overall

4.9 _/5

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HELOC

• Fixed interest rates
• No in-person appraisal needed
• Option to redraw up to 100% of funds
• Funding can be available in as few as 5 days
• Check your rate without affecting your credit score

• 100% of funds are drawn at origination
• An origination fee of up to 4.99%

Rates (APR)	8.35% – 16.55%
Funding amount	$15,000 – $400,000
Repayment terms	5, 10, 15, or 30 years
Min. credit score	640, but 720+ is advised

Figure is our top choice for a home equity line of credit (HELOC), offering fixed interest rates, fast funding in as little as five days, and a fully digital process that doesn’t require an in-person appraisal. You can borrow between $15,000 and $400,000.

However, Figure charges an origination fee of up to 4.99%, it’s unavailable in a few states, and you are required to draw the full amount upon origination. In that way, it functions similarly to a home equity loan, except you have the option to redraw up to 100% of your funds.

This review covers all you need to know about Figure’s HELOC to help you decide whether it fits your needs.

Table of Contents

1. How do Figure home equity lines of credit work?
   1. Figure HELOC rates
   2. Fully digital process
   3. Blockchain technology
   4. AVM technology
   5. Rate discounts
   6. Funding in as little as five days
   7. Three-phase process with ability to redraw
2. Requirements
3. Costs and fees
4. Repayment
5. How does Figure calculator your home equity?
6. Pros and cons of Figure HELOCs
7. Alternatives
8. Customer reviews
9. How to contact Figure
10. How to apply
11. FAQ

How do Figure home equity lines of credit work?

Figure HELOC rates

Unlike many HELOCs that come with variable interest rates—meaning your rate and monthly payments can fluctuate over time—Figure’s HELOC offers fixed rates for each draw. Your initial draw at origination receives a fixed rate that won’t change, and any additional draws during the draw period are also fixed individually at the time of withdrawal. This gives you more predictability in repayment, while still allowing the flexibility to access funds as needed.

Here’s a closer look at Figure’s HELOC rates and terms.

Terms	Details
Rates (APR)	6.10% – 14.74% fixed
Rate discounts	0.25% for auto payment (included in your rate)
Loan amounts	$15,000 – $400,000
Draw period	100% of the loan amount (minus the origination fee) is drawn at the time of loan origination; Additional draws can be made during the 2 – 5 year draw period
Repayment period	5, 10, 15, or 30 years
Fees	Origination fee up to 4.99%; Possible manual notarization and recording fees
Unique features	Automation in approving loans, eNotary, blockchain, & AI technology

Fully digital process

Getting a HELOC with Figure is straightforward thanks to its fully digital experience. You can start the application online or through the mobile app, and the entire process is designed to eliminate the traditional paperwork and delays that often come with home equity lending. Figure leverages a combination of blockchain technology and automated valuation models (AVMs) to streamline and speed up each step.

Blockchain technology

Figure uses blockchain to securely record and share loan data in real-time. This reduces the risk of manual errors and allows for faster, more transparent loan processing. It also enhances data integrity, ensuring that every part of the loan lifecycle is tracked and verifiable.

AVM technology

Instead of requiring a traditional in-person appraisal, Figure uses AVM technology to estimate your home’s value. This system pulls from recent home sales, public records, and local market trends, allowing Figure to quickly and efficiently determine the value of your property—often in just minutes.

Once your home’s value is established, Figure can approve your HELOC for loan amounts between $15,000 and $400,000, depending on your equity and credit profile.

Rate discounts

Figure requires you to set up automatic payments from a linked account, but in return, you receive a 0.25% interest rate discount. This not only makes repayment more convenient but also helps reduce your overall borrowing costs.

Funding in as little as five days

Thanks to its automated systems and no requirement for in-person appraisals (for loans under $400,000), Figure’s approval process moves quickly. Many applicants receive their funds in as little as five business days after applying—making this one of the faster HELOC options on the market.

Three-phase process with ability to redraw

Figure’s HELOC works in three distinct phases:

• Initial draw: Once approved, you’ll receive 100% of the loan amount upfront, minus any origination fees. This structure differs from traditional HELOCs, which typically allow smaller draws over time.
• Draw and repayment period: Your monthly payments begin immediately at the fixed rate you were approved for. As you pay down your principal, you may redraw funds during the two- to five-year draw period. Each redraw comes with its own fixed interest rate, calculated based on the Prime Rate plus a fixed margin at the time of the draw.
• Repayment period: After the draw period ends, you can no longer access new funds. You’ll continue repaying the balance over a fixed term of 5, 10, 15, or 30 years, depending on your original selection.

Figure HELOC requirements

To qualify for a Figure HELOC, you must meet certain criteria.

Requirement	Details
Eligible properties	Single-family residences, townhomes, planned urban developments, and most condos are eligible properties
State of residence	Eligible in 45 U.S. states and Washington, D.C.
Max LTV	95%
Maximum DTI	50%
Minimum credit score	640, but 720+ is advised

Figure HELOC costs and fees

Compared to traditional HELOCs, Figure’s pricing structure is competitive—especially when you factor in its fixed rates and fully digital process. Many banks and credit unions offer variable-rate HELOCs with lower introductory rates but less predictability over time. Additionally, some lenders charge annual maintenance fees, early closure fees, or require in-person appraisals, which can slow down funding and add to your overall costs.

Figure eliminates those extras, offers transparent one-time fees, and still manages to fund quickly, making it one of the more efficient and predictable HELOC options available.

Rates (APR)	6.10% – 14.74% fixed
Origination fee	0% – 4.99%
Rate discounts	0.25% discount for auto-payment
Other fees	Manual notarization and recording fees may apply

How you’ll repay a Figure HELOC

Repayment on a Figure HELOC begins right away, since you’re required to draw the full approved amount (minus any origination fee) when the loan is issued. From there, you enter the draw period, which lasts two to five years depending on your loan terms. During this time, you’ll make fixed monthly payments on the initial balance, and as you pay it down, you can redraw funds—up to the original credit limit—without reapplying.

Once the draw period ends, the repayment period begins, lasting between five and 30 years. At that point, you can no longer access additional funds, and you’ll continue making regular payments on the remaining balance until the loan is paid off in full. Because the loan uses fixed interest rates, your monthly payments for each draw remain stable, though your total payment amount may increase if you make additional draws during the draw period.

This setup offers more predictability than many variable-rate HELOCs, but keep in mind that your borrowing flexibility is front-loaded, and any new draws rely on how much you’ve repaid.

Does Figure charge an early payoff penalty for its HELOC?

No, Figure does not charge any prepayment or early payoff penalties. You’re free to pay off your balance ahead of schedule without incurring additional fees—another benefit compared to some traditional lenders that may charge early closure fees.

How does Figure calculator your home equity?

Your home’s value determines how much you can borrow with a Figure HELOC. Because Figure uses your home as collateral, the loan-to-value ratio (LTV), calculated by dividing your current mortgage balance by your home’s appraised value, is a major factor.

To determine how much you can borrow, Figure calculates your combined LTV (CLTV) by adding the desired HELOC amount to your current mortgage balance and dividing it by your home’s appraised value. Figure typically lends up to a 95% CLTV, but qualifying for this higher range requires a strong credit score, significant income, and assets. For most borrowers, Figure suggests having at least 30% equity in your home and a CLTV below 80%.

Pros and cons of Figure HELOCs

Let’s explore the risks and benefits of Figure’s HELOC.

Pros

• Fast approval

  One of Figure’s major advantages is the speed of approval. It uses eNotary to avoid in-person appraisals and closings.

• Quick disbursement

  Need the cash fast? Figure claims to disburse loans in as little as five days.

• High CLTV

  For homeowners looking to tap into a significant portion of their home equity, Figure allows up to 95% combined loan-to-value.

Cons

• Short draw period

  If you’re seeking a lengthy draw period, Figure might not be the best fit. Its draw periods last between two and five years.

• Full loan balance upfront

  Figure requires borrowers to draw the full loan balance at closing, which might not offer the flexibility you need.

• Limited state availability

  Figure’s HELOC product isn’t available in every U.S. state.

Figure’s requirement to take the full amount when you establish the HELOC could be a disincentive, in particular for those who don’t need the entire amount. But Figure’s quick funding, soft credit check to prequalify, and the option to choose a fixed rate can be desirable features that not all companies offer.

How Figure HELOCs compare to other options

If Figure’s HELOC doesn’t fully meet your needs, several alternatives offer different features and benefits. Three other top-rated HELOC options are in the table below.

You might also consider a home equity investment company, which allows you to access your home’s value without taking on new debt. A home equity loan could be better if you like Figure’s fixed-rate structure but aren’t interested in redrawing from your line of credit.

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Is Figure a good loan company? Customer reviews

We examined what customers are saying about Figure.

Source	Customer rating	Number of reviews
Trustpilot	4.7/5	3,201
Better Business Bureau (BBB)	1.85/5	20
Google	3.7/5	25

We’re confident that Figure is a reputable lender, especially considering its customer feedback on Trustpilot, where it holds a solid rating based on over 2,500 reviews. This high rating, along with the significant number of reviews, suggests a generally positive customer experience and satisfaction with Figure’s services.

The company has fewer reviews on other platforms, such as the Better Business Bureau (BBB) and Google, where the ratings are somewhat lower. However, the substantial volume of Trustpilot feedback indicates that many customers have had positive interactions with Figure, highlighting its strong reputation in the market.

How to contact Figure for lending questions and issues

Figure’s customer service team can assist you with a variety of needs—from answering questions about your application to handling issues with your loan. Contact options include:

• Email for general inquiries: [email protected] or [email protected]
• Email for active loan support: [email protected]
• Phone for general inquiries: 888-819-6388 (Hours: Monday – Saturday, 6 a.m. – 5 p.m. Pacific time)
• Phone for active loan support: 888-527-1950 (Hours: Monday – Friday, 6 a.m. – 6 p.m. Pacific time)
• Chat box: Available on Figure’s website
• Mailing address: 650 S. Tryon Street, 8th Floor, Charlotte, NC 28202

How to apply for a Figure HELOC

The application process for Figure’s HELOC is faster and simpler than many traditional lenders that require in-person meetings and heaps of paperwork. You can complete the entire application online, and Figure uses automation to expedite decisions, with a turnaround time of as little as five minutes for final approval.

1. Visit the website: Navigate to Figure’s homepage and click “Find my rate.”
2. Enter personal information: Type in your name and date of birth.
3. Detail your property: Insert your property address and occupancy type.

4. Disclose income: Provide all necessary income information and your contact details.
5. Review rates: After a soft credit pull, Figure will present your rate options.
6. Submit more details: Choose to proceed and provide additional documentation, such as proof of identity and verification of income and financial accounts.
7. Final decision: Figure claims to make final decisions in as little as five minutes due to its use of automation.

FAQ

Is Figure’s HELOC a home equity loan?

Not exactly. Figure offers a home equity line of credit (HELOC), which is different from a traditional home equity loan. A home equity loan provides a lump sum upfront with a fixed repayment schedule, while a HELOC is a revolving credit line that typically allows you to borrow as needed during a draw period.

However, Figure’s HELOC works a bit differently than most—it requires you to draw the full approved amount upfront, similar to a home equity loan. But it still functions as a line of credit during the draw period, letting you redraw funds as you repay the balance. This hybrid approach offers the predictability of a fixed-rate loan with the flexibility of a HELOC.

How long does it take to get funds from Figure?

Once you apply, Figure’s automated system can offer a loan decision in as little as five minutes. If approved, you can expect to see the funds in your account in as few as five days, thanks to an expedited process involving eNotary for online verification.

Do you need to tell Figure what the funds are used for?

Figure does not ask what the funds are for during the application process.

Are there any insurance requirements?

Yes, Figure requires you to have homeowner’s insurance in place before approving your line of credit. The coverage must be sufficient to cover the value of your home as determined in the appraisal process. This is a standard requirement for most lenders offering home equity products.

Can you back out of a HELOC contract?

Yes, you can back out during various stages. During the application process, you aren’t obligated to accept the loan. If you’ve been approved but haven’t yet received the funds, you can still decline the offer. 

After you get the funds, federal law allows for a three-day “right of rescission,” allowing you to cancel the loan without penalty.

Can you close your HELOC account at any time?

Closing a HELOC with Figure is possible, but check for any early closure fees. Generally, you’ll need to pay off the remaining balance and ensure all fees have been paid. Always review your contract for specifics related to early termination penalties.

How we rated Figure

We designed LendEDU’s editorial rating system to help readers find companies that offer the best home equity products. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared Figure to several home equity companies, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating and best-for designation, recapped below.