At Figure, we’re committed to making your HELOC application process as fast, secure, and stress-free as possible. One step in that process is verifying your income, and to help with that, you may be asked to connect your bank or payroll account using a tool called Plaid.
We chose to partner with Plaid because it allows us to verify your income and account information instantly, without requiring you to upload documents or search for paperwork. It also helps us ensure your experience stays fully online, secure, and in your control.
If you're not familiar with Plaid, here’s what you need to know.
What is Plaid?
Plaid is a secure financial technology platform that lets you connect your bank, payroll provider, or tax information directly to apps you trust — like Figure. Instead of sending us sensitive documents, Plaid allows you to verify your income with just a few clicks. The information shared is encrypted, never stored by Figure, and only includes what’s necessary to move your application forward.
What information does Figure access through Plaid, and why?
When you link a financial account using Plaid, we access only the specific data required to verify your income and confirm account ownership:
Deposit activity to confirm income inflows
Account ownership to prevent fraud
Account type and balance to ensure stability of funds
We never see or store your login credentials, and you can revoke access at any time via the Plaid Portal.
We know income verification can be a hassle, so we’ve built a faster, more automated experience. Most applicants finish this step in under a minute.
Figure offers several verification options:
Link your bank account
Connect your payroll provider
Share your most recent tax return
Or upload documents manually, if needed
Which financial institutions connect with Plaid?
Plaid connects with over 12,000 financial institutions, including popular apps and nearly every major U.S. bank. That means you can link your account in seconds if you bank with institutions like Chase, Bank of America, Wells Fargo, Capital One, or PNC.
To see if your bank or provider is supported, you can browse Plaid’s full partner directory.
Why does Figure use Plaid?
By using Plaid, Figure is able to provide a secure, seamless experience, allowing you to verify your financial information quickly, without leaving the site or uploading documents manually.
Here’s how Plaid helps both you and Figure:
Faster verification: Instantly access direct-deposit or payroll data instead of waiting for W-2s or paystubs, speeding up your application process
Less paperwork: No need to upload documents or enter data manually, saving you time and effort
Secure, direct data access: Information comes directly from your bank or payroll provider, reducing errors and improving accuracy
Fraud protection: Data is encrypted and transferred securely through Plaid, helping ensure fair, secure application reviews
By using Plaid, we’re able to process your application with speed and confidence — while keeping your data protected.
Is Plaid safe to use?
Yes, Plaid is generally safe to use.
Here’s how Plaid keeps your information secure:
End-to-end encryption keeps data scrambled when it’s in transit and at rest. Meaning that even if someone intercepted your data, it would be unreadable.
Tokenization ensures your actual login credentials are never shared with Figure or stored by Plaid.
Built-in multi-factor authentication to ensure it’s really you. Even if your bank doesn’t require it, Plaid often adds an extra verification layer to help keep your account secure.
24/7 monitoring and automated alerts help prevent unauthorized access.
User control tools in the Plaid Portal allow you to manage or revoke access to which apps have access to your accounts.
How does Plaid work during my application?
Here’s what to expect during the process:
Choose to link your account
You’ll see a prompt within the Figure application to connect your bank or payroll provider.Select your institution
Plaid supports over 12,000 financial institutions. Search for yours and select it.Log in securely
You’ll be asked to enter your login credentials — these are encrypted and never shared with Figure.Approve the data share
Plaid clearly shows what information will be shared. You must review and approve before we receive anything.Your information is sent to Figure
Only the necessary data (like income deposits or account ownership) is passed along to support your application.
FAQs
Is Plaid legit?
Yes, Plaid operates under strict regulatory and privacy standards, undergoes independent security audits, and maintains certifications that reflect its commitment to protecting user information. Plaid is also transparent about how your data is handled, giving you full control over what you share and with whom in the Plaid Portal.
Does Plaid charge a fee?
No, Plaid does not charge you, the consumer, any fees. Any costs are covered by the app or institution (like Figure) that uses Plaid to verify your financial information.
How does Plaid handle your information?
Plaid only accesses the data you approve, uses encryption and tokenization to protect it, and gives you full control through the Plaid Portal.
Why does Plaid need banking login credentials?
Plaid temporarily uses your credentials only to establish a secure connection with your bank or payroll provider. Once connected, Plaid generates a secure token to share data with Figure. Your actual credentials are never stored or seen by Figure and are encrypted and protected within Plaid’s system. Many banks are now moving toward token-based connections that don’t require credentials at all.
Can you remove access later?
Yes. You can log in to the Plaid Portal at any time to manage or revoke access to any connected apps.
