Figure HELOC vs. Truist HELOC
Skip the 30-Day Wait—Get a Fixed-Rate Figure HELOC in as Few as 5 Days2: Navigates to numbered disclaimer!
- Lock in a competitive, fixed rate1: Navigates to numbered disclaimer and say goodbye to unpredictable payments!
- 5 minute approval with our 100% online application. Funding in as
few as 5 days2: Navigates to numbered disclaimer - Borrow from just $15k (perfect for smaller projects) up to $750,0005: Navigates to numbered disclaimer.
Redraw up to 100% as you repay1: Navigates to numbered disclaimer - Enjoy a seamless, paperless application process. Get your rate as
of July 18, 2025. Checking your rate won’t impact your credit!3: Navigates to numbered disclaimer
The #1 non-bank home equity line
of credit in the U.S.*
Featured in
Compare a Figure HELOC vs. Truist HELOC
Discover why Figure HELOC is a better choice for unlocking your home’s equity.
| Figure HELOC | Truist HELOC | |
|---|---|---|
| Rate Type | Fixed (predictable payments)1: Navigates to numbered disclaimer | Variable; optional fixed-rate locks ($15 each) + $50 annual fee* |
| Application Process | 5 minutes, 100% online application process | 15-min online application** |
| Appraisal Requirement | No in-person appraisal for loans under $400K | Yes, typically requires a full appraisal*** |
| Fund Disbursement | Funding in as few as 5 days2: Navigates to numbered disclaimer for loans under $400K. Direct deposit to the account of your choice! | 30 - 35 days on average** |
| Service fees | $0 annual fee | $50 annual fee* |
- * bankrate.com/home-equity/reviews/truist/
- ** nerdwallet.com/reviews/mortgages/truist-bank-heloc-review
- *** truist.com/loans/heloc
Skip Truist 30-day limbo. Apply with Figure in minutes and get funded in as few as 5 days for loans under $400K2: Navigates to numbered disclaimer
Unlock Your Equity Online in Just 1-2-3 with a Figure HELOC
- 1
Complete our 100% online
applicationNo in-person appraisal needed for loans under $400K. Prequalification won’t affect your credit score3: Navigates to numbered disclaimer. You’ll
instantly see your HELOC options. - 2
Get approved in 5 minutes,
funding in as few as 5 days2: Navigates to numbered disclaimerBorrow from $15,000 to $750,0005: Navigates to numbered disclaimer with one-time
origination fee.6: Navigates to numbered disclaimer Easy online notary services in most locations
with expert support. - 3
Option to redraw up to 100%1: Navigates to numbered disclaimer
Take advantage of the option to take additional draws
as needed.
See Why Customers Across the U.S. Chose Figure:
One of the easiest loans I have ever received.
All is done online and with the proper information they wanted I received money in six days. I have recommended Figure to those looking for loans.
Written by customer— CAD
Painless way to borrow money
I wanted a HELOC for debt consolidation purposes and Figure made it happen for me all at my computer keyboard! Favorable terms with ability for early repayment. Recommend highly!
Written by customer— Laurence J.
Figure was a breath of fresh air...
After going crazy with a different HELOC company, Figure was a breath of fresh air. I was approved and closed within 24 hrs. The money should be delivered within 5 business days. Rates were on par and flexible choices sealed the deal.
Written by customer— Steve M.
Quick and painless HELOC
I had started a traditional HELOC application with a standard bank and it was taking forever -- five-plus weeks. I decided to try Figure to see if I could get things done faster and it was incredibly quick and easy, and basically the same rate. I wish I'd gone with them first!
Written by customer— Margaret H.
3347 Excellent Reviews on trust pilot
Trustpilot reviews Opens in a new window.Don’t wait—unlock your equity in as few as 5 days2: Navigates to numbered disclaimer. Start your Figure HELOC application now!
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-rate1: Navigates 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.