Home Equity Line of Credit
Get the cash you need without leaving home
Apply with our 100% online application in minutes
with funding in as few as 5 days.2navigates to numbered disclaimer
- 1
Complete our 100% online
applicationNo in-person appraisal needed and prequalification won’t
affect your credit score.3navigates to numbered disclaimer You’ll immediately see your
HELOC options. - 2
Get approved in 5 minutes,
funding in 5 days2navigates to numbered disclaimerBorrow from $15,000 to $400,0005navigates to numbered disclaimer with one-time
origination fee.6navigates to numbered disclaimer Easy online notary services in most locations
with expert support. - 3
Option to redraw up to 100%
Take advantage of the option to take additional draws
as needed.
The #1 non-bank home equity line
of credit in the U.S.*
While traditional HELOCs usually have variable interest rates that can change over time, our HELOC provides fixed
rates.1navigates to numbered disclaimer No need to wait for an in-person appraisal. Get the funds you need now, and move forward with life.
$12B
in equity unlocked with
Figure’s platform
100K+
households served with
Figure's platform
100%
online application process
How does Figure’s HELOC compare
against other options
Explore your options and see why our straightforward online application, quick funding, and competitive
rates make us the smart choice for your financial needs.
| Figure HELOC4navigates to numbered disclaimer | Traditional Bank HELOC* | Average Personal Loan** | |
|---|---|---|---|
| Application | 100% online, see your rate instantly | Varies by lender, may require in-person processes | Varies by lender |
| Payment penalty | Never | Possible, varies by lender | Possible |
| Tax deductible | For home improvement (be sure to consult a tax professional) | For home improvement (be sure to consult a tax professional) | Not tax deductible |
| Funding speed | Funding in as few as 5 days2navigates to numbered disclaimer | Could be weeks | Varies, generally quick |
| Average APR | Competitive, fixed rates1navigates to numbered disclaimer | Variable rates, potentially higher | Typically higher than HELOCs |
Convenient loan, no hassle.
Convenient loan, no hassle. Needed money for tuition, bills, etc and in 5 days I got the money. Thank you so much. You are a big help financially to my problem.
Written by customer— Flordeliza M.
Painless way to borrow money
Written by customer— Laurence J.
Figure was a breath of fresh air...
Written by customer— Steve M.
Quick and painless HELOC
Written by customer— Margaret H.
2726 Excellent Reviews on trust pilot
Trustpilot reviews Opens in a new window.Get started with a HELOC
Apply online in minutes, with funding in as few as 5 days.2navigates to numbered disclaimer Enjoy fixed rates,1navigates to numbered disclaimer skipping in-person appraisals to get the funds you need, fast.
How much could I borrow with a HELOC?
Figure offers lines of credit up to $400k5navigates to numbered disclaimer
You'll need to have a good credit score, have a reliable payment history, have a low enough debt-to-income ratio (DTI), and have enough available equity in your home to qualify.
Adjust the chart below to create the custom amount that relates to you.
$800,000
Current Home Value
$550,000
Remaining Mortgage Amount
In this scenario, you could qualify to borrow up to
$90,000
Find my rate*Based on borrowing 80% of your current home value
Frequently asked questions
A home equity line of credit, or HELOC, is a revolving line of credit. Instead of receiving a one-time loan amount as you do with a traditional loan, a HELOC gives you a borrowing limit (or credit limit). As you repay the balance, you can withdraw money from the credit line as you would with a credit card when you need it.
There are lenders that offer both variable rate and fixed interest rate home equity lines of credit. Figure’s HELOC is a fixed-rate1navigates to numbered disclaimer line of credit. A fixed-interest rate HELOC can provide payment predictability and peace of mind for borrowers.
To qualify for a HELOC, you must have sufficient equity in your home, meaning the amount you owe must be less than the home's current value. Lenders typically allow borrowing up to 85% of the home's value minus what you owe. Besides equity, lenders consider factors like credit score, credit history, employment, income, debt payments, and debt-to-income ratio to determine approval, credit line amount, and interest rate. The qualification process is similar to applying for a mortgage, so it's important to research and ensure you meet specific lender requirements before applying.
You may be able to deduct interest paid on a home equity product if the loan is used for home improvement. You should consult a tax advisor regarding the deductibility of interest and charges.
Most applicants can complete the application in 5 minutes and you'll receive the results of your prequalification request immediately. However, final approval is subject to verification of income and employment, as well as the condition of the property.
A home equity loan provides a lump sum with fixed payments and interest, usually over 5 to 20 years, and is often used for major home repairs or debt consolidation. In contrast, a traditional HELOC offers a flexible credit line for ongoing expenses, allowing you to borrow as needed over a set period. Figure's HELOC gives you the full amount upfront with a fixed interest rate, but like a traditional HELOC, you can borrow again once part of the principal is repaid.