For Individuals

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Figure Pay is a deposit and payment account offered by Figure with FDIC insured funds held at UMB Bank, n.a. (“Figure Pay account”), peer to peer payment services, and a point of sale loan product (“Figure Pay Credit Loan”) to help customers finance their purchases. Figure Pay’s digital account allows customers to direct deposit funds such as payroll or government disbursements. The Figure Pay app and peer to peer payment services are offered by Figure Payments Corporation, and Figure Pay Credit Loan is offered by Figure Lending LLC.

Figure Pay is not a bank, but we do have a bank partner, UMB Bank. The Figure Pay-branded demand deposit account is held at UMB Bank, n.a. (“Figure Pay account”), and deposits at UMB are insured up to the maximum FDIC limit. These funds can be transferred to other banks or to other Figure Pay account holders and can be used to make payments at participating Figure Pay merchants, first in Montana and then in select states later in 2021.

A card will not be issued at initial launch in Montana. Once Figure Pay launches more broadly, we will send customers a hybrid card that you can use at any merchant that accepts Visa. This will be a debit card that allows you to use funds from your deposit account and, if you are approved, funds from your Figure Pay Credit Loan.

Figure Pay does not charge any fees. You’re welcome! When we introduce the prepaid debit card, you may be charged a fee by a third-party ATM for the withdrawal of cash.

You do not earn interest on the deposits in your Figure Pay account, but you also pay no fees!

Go to the app store and search “Figure Pay.” Download the app and follow registration instructions. For Android users, go to the google play store to download the Figure Pay app.

Anyone can download the Figure Pay app, but currently, you can only sign up for a Figure Pay account or apply for a Figure Pay Credit Loan if you reside in Montana. In addition, use of the app is limited to Montana at this time, with more states to come. Once we launch nationally later in 2021, you will be able to use Figure Pay in the additional states we roll out in.

Yes, please provide your email and we will send you an invitation once Figure Pay is live in your state.

Similar to other demand deposit accounts, you must be at least 18 years of age (or the age of majority in your state) to participate.

You can use Figure Pay to send money to friends and family who are also Figure Pay users. You can also use Figure Pay to make purchases at participating Figure Pay merchants who have Figure Pay merchant accounts. Once Figure Pay launches a debit card, you will be able to use your Figure Pay card at any merchant that accepts Visa.

A Figure Pay Credit Loan is an installment loan product that allows you to buy now and pay later, while building your credit with on-time repayment. A Figure Pay Credit Loan can be used to finance a purchase of $50 to $600 at any participating merchant. The initial Figure Pay launch will have exclusive merchant payment options locally in Montana. As we expand, we’ll onboard more merchants and have plans to issue a card with access to deposit account funds and Figure Pay Credit funds that can be used at any merchant that accepts Visa. Figure Pay Credit is NOT a credit card - it is a one-time installment loan that you pay back over 4 months. We do not want our borrowers to get stuck in a debt spiral of high interest, lots of fees and confusing terms.

A credit check is not required for a Figure Pay account. When you apply for a Figure Pay Credit Loan we will complete a soft credit check through Experian solely to evaluate your eligibility for a loan. A soft credit pull will not affect your credit. If you do not have a FICO score or you have a low FICO score, don’t worry! You can still qualify for credit by earning credit through deposits into your Figure Pay account and making a purchase.

With a Figure Pay Credit Loan, you are approved for up to a specific amount but the loan is funded only at the point of sale and for the amount of the purchase, which may be less than the total amount for which you were approved. You can have multiple loans outstanding at any time, but the total loans given cannot exceed the initial credit offer provided (e.g., if you were approved for $200, the maximum number of loans outstanding at any given time would be 4 if each purchase is for $50 dollars)

You can receive a total of $50 in one-time bonuses for opening and funding your Figure Pay account. You’ll receive your first $25 bonus after successfully opening your account. You’ll receive your second $25 bonus after connecting an external bank account and depositing at least $100 into the Figure Pay account. Figure will deposit the bonuses into your Figure Pay account after successful completion of each step outlined above.

You can receive a $5 bonus for each friend you refer who opens a Figure Pay account, and you will also receive a $5 bonus when you open a Figure Pay account if you were referred by an existing Figure Pay account holder. You can receive a maximum of 5 of these bonuses, or $25. To initiate a referral, click on the “Refer a Friend” tab in your app and follow the instructions. The referred customer must use the referral link they receive to sign up in order for you and your referral to receive the bonuses. If a referred customer receives a referral link from more than one person, Figure Pay will provide the referral bonus to the person whose link is used to complete the Figure Pay account opening process, regardless of when the referral links were sent. If a referred customer registers for a Figure Pay account using any other method, the registration will not count as a referral and the referrer and referred customer will not earn a referral bonus. The referred customer must register for a Figure Pay account using a valid and current email address that has not previously been used to register for a Figure Pay account. Referral funds will be deposited after the referred customer successfully opens their account.

We reserve the right to cancel, modify or terminate the Program at any time for any reasons.

For Businesses

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Figure Pay for business makes taking payments easier. Figure Pay is a deposit account for business and point of sale payment system. Using the Figure Pay app, merchants can take contactless payments through the Figure Pay network at a fraction of the traditional cost, only 0.50% vs. up to 2.75-3.00% (see below for more detail on fees), and receive instant settlement to your Figure Pay account for business.

Figure Pay is not a bank, but we do have a bank partner, UMB Bank, n.a. The Figure Pay-branded demand deposit account for business is held at UMB Bank, n.a. (“Figure Pay account for business”), and deposits at UMB Bank, n.a. are insured up to the maximum FDIC limit. These funds can be transferred to your account at other banks or to facilitate a refund to Figure Pay account holders.

Merchants will not receive a credit or debit card. However, you can, in your individual capacity, sign up for an individual Figure Pay account as a consumer, which will include a hybrid card that you can use at any merchant that accepts the card once the card feature is launched later in 2021.

There are no fees on the Figure Pay account for business for the pilot launch - we appreciate merchants who become early adopters. Later in 2021, an interchange fee will be rolled out that will be 0.50% on all transactions conducted over the Figure Pay network. This represents an 80% reduction in fees compared to traditional networks that charge up to 2.75-3.00% on every transaction.

Go to the app store and search “Figure Pay.” Download the app and follow registration instructions. For Android users, go to the google play store to download the Figure Pay app. In order to participate at this time, you’ll need to be a retailer in Montana. Get in touch with us at https://www.figure.com/figurepay/merchants to learn more.

You are eligible to receive a maximum of two (2) merchant referral bonuses of $250 each, for a combined total of $500. To initiate a referral click on “Invite” next to “refer a merchant” in your app settings. The merchant(s) you refer must sign up for a Figure Pay Merchant account using the referral link you share. If a referred merchant receives a referral link from more than one person, Figure Pay will provide the referral bonus to the person whose link is used to complete the Figure Pay Merchant account opening process, regardless of when the referral links were sent. If a referred merchant registers for a Figure Pay Merchant account using any other method, the registration will not count as a referral and you will not earn a referral bonus. You are only eligible to receive a referral bonus if the referred merchant registers for a Figure Pay Merchant account using a valid and current email address that has not previously been used to register for a Figure Pay Merchant account. The referral bonus is earned when the referred merchant successfully opens a Figure Pay Merchant account and completes a minimum of $100 in aggregate transactions on Figure Pay within the first three (3) months of sign-up. The referral bonus will be deposited into your Figure Pay account within twenty (20) days of the bonus being earned.

We reserve the right to cancel, modify or terminate the Program at any time for any reasons. See terms and conditions for additional details.