Figure Personal Loan Review 2022

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Figure personal loan amounts and interest rates

The format offers unsecured personal loans from $5,000 to $50,000. Unsecured loans are loans for which you do not need to provide collateral, such as a house or a car. You can use personal loans for a variety of purposes, including debt consolidation, medical bills, and home improvement projects.

The format’s APR loans range from 5.75% to 31.44%, which has a similar and slightly higher minimum when compared to similar lenders like SoFi and Payoff. SoFi has a range of 6.99% – 22.23% APR (with all discounts) and Payoff has a range of 5.99% – 24.99% APR. Your loan will be fixed at a fixed interest rate that does not change over the term of the loan

You can choose the length of 36 months or 60 months using the format.

Pros and Cons of Personal Loan Form

Who is the best shape?

Figure Personal Loans are best for borrowers with

good credit

Who need a large amount of money. Funds are also available quickly, and you will be able to know your rate before committing to a loan, allowing you to shop with other lenders.

However, if you only need a small amount of money, want flexibility in the duration of your term, or your credit is in worse shape, another lender may be a better option than look.

How Personal Loans Figure Compared

You will pay an origination fee of 0% to 5% of your total loan amount with Payoff and Figure, while you will not pay any creation fee with SoFi. The construction fee will be deducted from the total loan proceeds.

The loan term on form and repayment is a maximum of five years, while the maximum loan term for SoFi is seven years. If you are looking to split your payments over more time, SoFi might be the best option for you.

You’ll get your funding within a day with Figure, while it may take a few business days with SoFi and Payoff.

Is the format trustworthy?

The figure has an F rating from the Better Business Bureau, a non-profit organization focused on consumer protection and trust. BBB’s ratings are based on a company’s response to consumer complaints, its honesty in advertising, and transparency about its business practices. However, take the low rating with caution, as two unresolved complaints and the company’s relative newness (established in 2018) are the reasons for a BBB score.

Keep in mind that BBB ratings are only a guide and do not necessarily reflect what your experience with a particular company will be. The shape hasn’t been involved in any recent controversies, so balance its clean history with a sub-par BBB score when deciding if you’re comfortable borrowing from a lender.

Frequently Asked Questions

Are form loans legitimate?

Yes, Shape is a personal loan lender founded in 2018 that lends to borrowers in all 50 states. Online lenders may not have as well known names as traditional lenders, but they have a good reputation.

How long does it take to process pro forma loans?

The form will show you the pre-qualified rate within a few minutes, and may send your money back as soon as the next day if your application is approved before 7 PM ET.

Is the format a direct lender?

Yes, the format is a direct lender. You will go through the application process on the company’s website and then get a loan from the lender.