Why a home equity line of credit is better than a personal loan4navigates to numbered disclaimer
Homeowners have options when it comes to financing your next big purchase or project.
- Access to up to $400k5navigates to numbered disclaimer
- Lower rates than Personal Loans
- Tap your home equity in as few as 5 minutes
- 100% online application and with funding in as few as 5 days2navigates to numbered disclaimer
Checking your rate will not impact your credit.3navigates to numbered disclaimer
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Figure's HELOC vs. Personal Loan4navigates to numbered disclaimer
Compare HELOCs and the average Personal Loan side-by-side to help you make an informed decision about tapping into your home's equity.
Figure HELOC | Average Personal Loan*navigates to table disclaimer | |
|---|---|---|
| Application | 100% online, see your rate instantly | Varies by lender |
| Fixed rate1navigates to numbered disclaimer | ||
| Average APR | Lower | Higher |
| Amount | Up to $400k5navigates to numbered disclaimer | Up to $100k |
| Prepayment penalty | None | Possible |
| Tax deductible | For home improvement
(be sure to consult a tax professional) | Not tax deductible |
| Overall cost | Lower | Higher |
Learn why Figure’s HELOC could be the better choice:
Faster and easier
With Figure, you could get approved in as little as 5 minutes with funding in as few as 5 days,2navigates to numbered disclaimer all with a 100% online application. Personal loans often require more documentation and can take longer to process.4navigates to numbered disclaimer No need to jump through hoops or waste time with lengthy in-person appointments.
Borrow more for less
HELOCs typically offer lower interest rates than personal loans, which could help you save money over time. Plus, with Figure, you could borrow up to $400k5navigates to numbered disclaimer and enjoy longer loan terms. And with the ability to redraw funds as needed, you have the flexibility to manage unexpected expenses or ongoing needs.
Trusted with billions
At Figure, we've helped thousands of people achieve their financial goals through our innovative and convenient lending solutions. Figure has funded over $10 billion in HELOCs, making us a trusted and experienced lender in the industry. Our innovative technology and customer-centric approach make us the best choice for your financing needs.
Secured Borrowing for Lower Rates4navigates to numbered disclaimer
A Figure HELOC typically has lower interest rates than personal loans. Unlike unsecured personal loans, a HELOC is secured by the equity in your home, leading to lower interest rates, longer terms, and lower payments. Figure provides fixed rates for added stability and predictability in your payments, reducing the cost of borrowing over time.
Potential Tax Breaks
Depending on how you use the loan, interest payments may be tax deductible which isn't the case for a personal loan. Be sure to consult a tax advisor.
Figure’s HELOC offers greater borrowing flexibility compared to personal loans4navigates to numbered disclaimer
A HELOC is faster and has easier approvals, better terms, and lower rates. If you're a homeowner with equity in your home, a HELOC from Figure may be the perfect solution for your financing needs.
Have more questions?
How fast can I get my loan?
If you have everything ready, you can get funding in as few as 5 days. A Figure HELOC is almost as fast as a personal loan. Because it’s secured by your home, we are legally required to offer a 3-day rescission period which is why we offer funding in 5 days instead of 1-2.
What are the benefits of a secured loan, like a Figure HELOC?
Figure’s HELOC is fully disbursed in a lump sum, providing both the flexibility of a line of credit with the predictability of a personal loan. A HELOC is secured by your home which means you are offered a lower rate, longer terms, and typically lower payments compared to an unsecured loan.
What documentation do I need to apply?
Have your ID ready. You will also need login credentials to your online bank accounts for both income verification and setting up your disbursement account.
What are the tax benefits of a Home Equity Line of Credit?
Depending on how you use the funds, interest payments from a home equity loan or home equity line of credit might be tax deductible when filing your annual taxes. Consult a tax advisor about your specific situation.
Figure’s HELOC is faster than a bank loan, cheaper than a personal loan4navigates to numbered disclaimer
Complete an application in as little as 5 minutes with a 100% online application, and you could have funding initiated in as few as 5 days.2navigates to numbered disclaimer
- Fixed rates1navigates to numbered disclaimer
- Borrow up to $400k5navigates to numbered disclaimer
- Redraw up to 100%
- Longer loan terms available
- Use your home’s equity without giving up your low mortgage rate
- No in-person appraisal needed
What can I use a home equity line of credit for?
A HELOC can be used for many different purposes such as:
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.