Frequently Asked Questions

Your loan and servicing information is available on your borrower dashboard and you will receive login information upon loan origination.

Figure Lending LLC will service these loans.

We offer various interest rates, depending on your initial LTV. Your APR depends on the origination fee charged in your jurisdiction.

Figure Lending LLC offers Crypto-Backed Loan to US residents of every state except Idaho, Illinois, Kentucky, Maryland, Mississippi, New York, South Dakota, Texas, Vermont, Virginia, and the District of Columbia, and we are working to expand to these locations.

Figure Markets Credit LLC offers a Crypto-Backed Loan available to international customers except in the following jurisdictions: Crimea (Ukraine), Donetsk (Ukraine), Luhansk (Ukraine), Afghanistan, Albania, Belarus, Central African Republic, Congo (the Democratic Republic), Cuba, Ethiopia, Haiti, Iran (Islamic Republic of), Iraq, Lebanon, Libya, Mali, Myanmar (Burma), Nicaragua, Nigeria, North Korea (Democratic People's Republic of), Pakistan, Palestine (State of), Russia, Somalia, South Sudan, Sudan, Syria, Ukraine, Venezuela, Yemen, or Zimbabwe.

Currently, we only offer a 3-month term with interest-only monthly payments or interest deferral, and the full balance including any deferred interest due in full at the end of the loan term. However, at the end of your 3-month term, you have the option to rollover into a new loan, assuming you still qualify and your LTV is in good standing.

You will be assigned a wallet address to deposit required crypto directly with our qualified custodian, Anchorage. This deposit address will be specific to your loan and can be used any time you need to deposit crypto over the life of your loan.

We will conduct a soft-credit pull to determine if you are in good standing with other lenders. It will not impact your credit. We also perform KYC/AML/BSA checks.

In line with standard KYC/AML/BSA procedures, you will be required to provide personal information to verify your identity and conduct fraud checks, including a copy of your valid, accepted identification type (e.g., International Passport).

Depending on your location, there is an origination fee based on your draw amount that is capitalized in your loan amount, meaning no cash is required up front from you. You can prepay your loan at any time without penalty. If we have to sell crypto from your collateral in the event of a missed payment or margin call, there will be a 2% processing fee that will be liquidated in addition to the crypto needed to cover your payment. A renewal fee may be charged if you opt to renew.

Your loan and servicing information is available on your borrower dashboard and you will receive login information upon loan origination.

This is an interest-only loan. Borrowers can opt to make monthly interest-only payments or defer interest until maturity (deferral may be subject to a fee). Either way, the loan balance plus any deferred interest is due in full at maturity. Loans can be repaid at any time with no prepayment penalties.

USD (ACH or wire) for US customers and USDC for international customers. Note: ACH can take up to 7 days to process as opposed to Wire that can take 2 days.

When you repay your loan, your unliquidated crypto collateral will be returned to you. You will be prompted to specify a return wallet address to receive your collateral. If you pay off your loan via ACH, we will hold your crypto back 1 week to ensure the payment is processed. If you pay your balance using a wire transfer or from collateral, you will receive your crypto collateral back within 3 days.

You can prepay without penalty at any time and will receive unliquidated crypto once the loan is paid in full.

We allow an initial loan-to-value ratio (LTV) of up to 75%. You may choose to deposit more collateral initially to lower your initial LTV and reduce the chance of being margin called over the life of your loan.

US Customers can provide a bank account for loan disbursement, either by connecting their accounts through plaid, or providing the standard ACH details. International customers will provide a wallet address to receive funds in USDC following origination.

No, our qualified custodian holds your collateral and will never lend it out.

Currently, we support disbursement of funds in USDC for international borrowers outside of the U.S.

If the price of your collateral rallies and your LTV drops, collateral rebalancing will be available and you can withdraw collateral.

You’ll receive margin warnings and notices. Read “how margin calls work” for more details.

We sell crypto through our custodian who searches for the best execution across several exchanges, subject to liquidity. We generally charge a 2% processing fee for any crypto we sell.

Margin calls are notices to restore your loan’s initial LTV when the value of your crypto collateral falls and is no longer sufficient to secure your loan. Based on the severity of the LTV increase, you will need to cure your loan in the required amount of time or your crypto will be liquidated. You can restore your initial LTV by adding collateral or making a payment on your loan.

You will get margin warnings, notices and liquidation notices pursuant to the following schedule:

Varies based on initial LTV

Ranges for loans with 12.5% interest rates:

• LTV ≥ 65% → courtesy notice that you may soon receive a margin call
• LTV ≥ 70% → receive margin call and must cure to ≤ initial LTV within 24 hours*
• LTV ≥ 85% → automatic liquidation

Ranges for loans with 13.75% interest rates:

• LTV ≥ 75% → courtesy notice that you may soon receive a margin call
• LTV ≥ 80% → receive margin call and must cure to ≤ initial LTV within 24 hours*
• LTV ≥ 90% → automatic liquidation

Ranges for loans with 15% interest rates:

• LTV ≥ 80% → courtesy notice that you may soon receive a margin call
• LTV ≥ 85% → receive margin call and must cure to ≤ initial LTV within 24 hours*
• LTV ≥ 90% → automatic liquidation

*If you fail to cure within 24 hour period, we will liquidate collateral to restore your LTV to its initial value. Any excess fiat along with unliquidated crypto is returned to you. You will incur a 2% processing fee for crypto we sell.

In the event of a margin call, we will notify you via email and on your borrower dashboard. These notifications will provide you with all the essential details regarding the margin call, including the cure amount, the specific actions you can take to address it, and the deadline to avoid liquidation.

You can view your current LTV from your borrower dashboard and can choose to top up collateral or make a payment to avoid a margin call if your loan is getting close to the liquidation LTV threshold. We will send you a courtesy notice when your LTV hits 65% or when your LTV hits the margin call threshold based on your agreed upon interest rate, so you can proactively top up to avoid a margin call if desired.

You will be issued a deposit address specific to your loan that will allow you to deposit collateral directly with our custodian.

If your loan reaches the liquidation threshold at any time, we will liquidate your collateral in entirety and close your loan. Any excess fiat is returned to you. Depending on your state of residence, you may incur a 2% processing fee for crypto we sell.