Figure HELOC review 2026: Lightening fast approval and funding

With more than $14 billion in home equity lines of credit since its founding in 2018, fintech company Figure is one of the largest HELOC lenders in the U.S.

We love Figure's speed and efficiency: Customers can get approved in as little as five minutes and get funding in as few as five days. Figure also offers virtual closings in states where it's allowed.

But some key facets differentiate it from a traditional HELOC, including its relatively short draw period and the fact that borrowers must withdraw their full line of credit at the time of origination.

A HELOC traditionally gives borrowers a revolving line of credit to tap for 10 years, during which you only have to make interest payments.

A Figure HELOC, however, shares features with a home equity loan: It has a significantly shorter draw period and borrowers must withdraw the full line of credit upon origination. As you repay the initial amount, you can make more withdrawals.

Figure offers home equity lines of credit in all states but Hawaii.

• Draw period: Two to five years
• Repayment terms: Repayment periods of 10, 15, 20 or 30 years.
• Loan minimum: $15,000 in all states, except for Texas ($35,000) and Arkansas ($25,001)
• Loan maximum: $750,000
• Closing timeline: Five days
• Origination fee: Up to 4.99%
• Annual fee: None

Unlike most HELOC issuers, Figure requires borrowers to take out their full line of available credit upon origination. You can make additional withdrawals if you make payments during the draw period.

It also has a maximum draw period of 5 years, compared to the 10-year window most lenders offer.

Figure typically requires borrowers to have:

• Credit score: 600 or better
• Debt-to-income ratio: 50%
• Combined loan-to-value ratio: 85%

Unlike many lenders, who may offer a variety of mortgages and other banking services, Figure specializes almost exclusively in HELOCs.

For that reason, it has a streamlined application and approval process: Borrowers can reportedly be approved in five minutes and receive funds in as few as five days.

Customer service is available at 888-819-6388, Monday through Friday from 6:00 a.m. to 9:00 p.m. PT, and weekends from 6:00 a.m. to 5:00 p.m. PT.

Figure earned an A+ from the Better Business Bureau, the organization's highest grade, based on transparency, truthful advertising and how it responds to consumer complaints.

Here's how Figure compares to two major HELOC lenders.

Figure vs. TD Bank

While TD Bank only offers HELOCs in 15 states and Washington, D.C., Figure makes them available everywhere but Hawaii. It also provides virtual closings, while TD Bank does not.

But TD Bank has more than 1,000 branches and will approve HELOCs up to $6 million. Figure caps HELOC draws at $750,000.

Figure also has a shorter draw period and requires homeowners to take out the full amount on their first withdrawal. TD Bank makes funds available for the typical 10-year window and allows users to take only what they need.

Figure vs. Flagstar Bank

Flagstar also has broader draw terms, with HELOCs ranging from $10,000 to $1 million.

A full-service bank, Flagstar offers a 0.25% discount if you set up automatic payments from a Flagstar checking or savings account.

Where Figure comes out ahead is in the approvals process: Flagstar requires a FICO score of 700 for a HELOC, while Figure only requires a 640 to be approved.

Figure doesn't have brick-and-mortar locations, so borrowers must visit the website and complete an online application to get preapproved.

The process will not impact your credit, but you'll need proof of identification, bank statements, tax returns, and W2s from the past two years, as well as the deed to your home and proof of homeowners' insurance.

Borrowers can get approved within five minutes and have their line of credit funded within five days, according to Figure, with a completely online closing process available where allowed.

A HELOC from Figure is a good option if you need money quickly and appreciate the convenience of an online application and approval process.

It's also worth considering if you have a less-than-stellar credit history, as its credit requirements are more flexible than those of many competitors.

But, if you're looking for a more extended draw period or larger loan limit, you may need to look elsewhere.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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CNBC Select reviews mortgage products using a variety of criteria, including the types of loans offered, average rates, terms, availability, fees, down payment options, online experience and customer satisfaction. 

In addition, we incorporate findings from independent sources, including lender scores from the J.D. Power U.S. Mortgage Origination Satisfaction Study and ratings from the Better Business Bureau.

For home equity lines of credit, we consider credit score requirements and maximum loan-to-value ratio accepted, as well as draw amount options, draw and repayment periods and if the lender requires an annual fee.