Digital payments are the wave of the future. By 2023, it’s estimated that there will be 1.31 billion mobile payment users worldwide, up from just 950 million in 2019. Many consumers prefer contactless payment methods because they’re more convenient and secure. They also appreciate the flexible financing options mobile payment apps like Figure Pay provide.
Instead of paying for your purchases upfront, Figure Pay Credit Loans allow you to split the cost into smaller, more manageable monthly installments. Our loans also enable you to build your credit when you make timely payments. And because we consider borrowers with bad credit and thin credit profiles, they’re a great way to establish or rebuild your credit.
Here’s everything you need to know about Figure Pay Credit Loans, a new strategy for building your credit.
Figure Pay’s Credit Loan feature allows you to make purchases at participating retailers without paying for them all at once. Instead, you’ll be able to spread out the cost of your items over four months, which can make it easier to budget for large purchases. Depending on your creditworthiness, you may qualify for financing of up to $2,500.
How Figure Pay Credit Loans work
Before you can start shopping, you’ll need to apply for a Figure Pay Credit Loan. Although we check every applicant’s credit, you can rest assured that your credit score won’t take a hit as a result.
If you have a good credit score, you may be eligible for financing instantly. But if you have no or less-than-perfect credit, you can still work your way into the Credit Loan program. The easiest way to do this is to deposit at least $1,200 into your Figure Pay account two months in a row.
Once you’re approved, you’ll be able to view your credit offer in your account. But your loan won’t be funded until you shop at a participating retailer using Loan Mode.
You can activate Loan Mode in the Figure Pay mobile app. Once you turn it on, it will be available for the next thirty minutes. If you haven’t checked out by then, you’ll need to reactivate Loan Mode, or else your purchase will be funded from your account balance.
When you pay using Loan Mode, we’ll only disburse enough money to cover your purchase. So, if you spend less than your available credit, you’ll be able to take out more loans later up to the approved limit.
After your loan is funded, you’ll pay it back in installments over four months. With an end date, you won’t get caught in a debt cycle like you might if you paid the minimum balance on a credit card. We also charge simple interest instead of compounding, so you don’t have to pay interest on interest.
How Figure Pay helps you build credit
Figure Pay Credit Loans are one-time installment loans you pay back over four months. Your payment history over the course of the loan gets reported to the three major credit bureaus. If you make on-time payments, it can help build (or rebuild) your credit and boost your FICO score.
Another benefit of Figure Pay loans is that you may still qualify even if you have bad or no credit. Many other credit card and loan providers require good or excellent credit scores. This can make it difficult to access the credit you need to improve your FICO score if you have a thin credit file or made financial mistakes in the past.
Figure solves this problem by allowing you to prove your creditworthiness and qualify for loans a different way. All you have to do to earn credit is making those deposits of at least $1,200 into your account for two consecutive months.
Other advantages to mobile payments
The opportunity to rebuild your credit isn’t the only benefit of using Figure Pay. Here are some of the key advantages of mobile payments over credit cards and cash.
Safe, contactless payments
Having a safe way to pay is even more important amid the pandemic. Mobile payments are contactless and more hygienic than handling cash or touching card readers. In a recent survey, 82% of consumers said they view mobile apps and digital wallets as the cleaner way to pay.
When it comes to security, mobile payments are also more secure than credit cards and cash. Scammers can skim cards or steal money out of your wallet but it’s far harder to compromise a mobile payment app.
In-person credit card fraud has decreased substantially during the pandemic due to the widespread adoption of digital payments. So, if you want to keep your sensitive financial information secure, it may be a good idea to go contactless with Figure Pay.
Figure Pay also offers an added layer of protection that many other mobile payment apps don’t. Since we’re partners with UMB Bank1, any money you store in our app is FDIC insured, which provides extra peace of mind.
Rewards and referral bonuses
You won’t miss out on rewards when you ditch your credit card and switch to mobile payments. We’ve partnered with Dosh Holdings LLC2 to provide top-notch rewards to our customers.
You can view cashback offers from participating retailers in your area under the rewards tab in the Figure Pay app. Once your purchase clears, your cashback will be deposited into your account automatically so you can put it to good use.
Plus, shopping isn’t the only way to get rewarded. You can also earn cash bonuses by referring your friends to the app. You’ll receive $25 for each friend who joins Figure Pay and spends at least $50 within the first 60 days. You’ll also get $25 if you join through someone else’s referral link. You can earn up to five of these bonuses for a total of $125.
No minimum account balances or fees
Only 47% of checking accounts at big, traditional banks are truly free. Most checking accounts come with monthly maintenance fees and penalties if your account balance dips too low.
Figure Pay offers a different way to pay without all the hidden costs. There are no transaction fees or minimum account balances you need to maintain. The only time you might be charged a fee is if you use your Figure Pay Prepaid Visa® Debit Card at a third-party ATM.
However, we’ve partnered with Allpoint to give you complimentary access to their network of over 55,000 ATMs, so you can withdraw cash for free3.
Quick, easy transfers
Another benefit of our mobile payment app is easy transfers. You can send and receive money from family and friends in just a few taps. There are no transaction fees either, which means none of your hard-earned money will be wasted.
Sign up for Figure Pay
Figure Pay allows you to make secure, contactless payments and easy transfers directly from your phone. It even offers flexible financing options to help you boost your credit and break up big purchases into more manageable monthly payments.
Sign up today for a safe, secure, and easy mobile payment system from Figure Pay!
Figure Payments Corporation dba Figure Pay | NMLS #2033432. 100 West Liberty Street, Suite 600, Reno, NV 89501. (800) 260-1795.
The Figure Pay Visa® Prepaid Card is issued by Pathward, N.A., Member FDIC, pursuant to a license from Visa USA Inc. Deposit account held at UMB Bank, n.a., Member FDIC. Loans offered by Figure Lending LLC dba Figure. 15720 Brixham Hill Ave, Suite 300 Charlotte, NC 28277 (888) 819-6388. NMLS 1717824. www.nmlsconsumeraccess.org Equal Opportunity Lender. Standard data charges may apply. Terms apply. Figure Pay FAQs
1 Figure Pay-branded demand deposit account is held at UMB Bank, n.a., member FDIC
2 Dosh is a third party that is not affiliated with Pathward, N.A., or Visa.
3 We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMS within the Allpoint network. You will not be charged a fee when using an Allpoint ATM.
*Figure Pay is available in Alaska, Arizona, Colorado, Delaware, Illinois, Iowa, Kansas, Kentucky, Maine, Maryland, Missouri, Montana, New Hampshire, New Mexico, Oregon, South Dakota, and Utah with more states to come.