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Figure HELOC: Flexible Financing with a Catch
Figure HELOC offers flexible loan amounts and terms, but watch out for the high APR range. Is it the right choice for you?
The Quick Version
Figure's HELOC is a tempting option with loan amounts from $15,000 to $400,000 and terms stretching from 5 to 30 years. However, the APR can range from 7.60% to a hefty 15.60%, depending on your credit score.
Rates shown are representative. Your actual rate depends on your credit profile. This is not financial advice.
Figure Home Equity Line of Credit
A flexible HELOC option with a wide APR range.
Figure Home Equity Line of Credit
The Numbers
According to Figure's official page, the HELOC offers an APR range from 7.60% to 15.60%. Loan amounts vary between $15,000 and $400,000, with the draw period lasting from 5 to 30 years. You'll need a minimum credit score of 640 to qualify.
What's Actually Good
Where Figure shines is in its flexibility. You can choose from a wide range of loan amounts and terms to suit your needs. Plus, the minimum credit score requirement of 640 is more lenient than many competitors.
The Catch
The downside? That APR range is no joke. If your credit isn't top-tier, you might end up with a rate closer to 15.60%, which can significantly increase your total cost over the term of the loan.
Who Benefits Most
This product is best for homeowners with at least a 640 credit score who need flexibility in loan amount and term. If you're planning a big renovation or consolidating debt, it could be worth considering.
The Bottom Line
Figure's HELOC is a solid option if you need flexibility and have a decent credit score. But if you're worried about high interest rates, you might want to shop around.
