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.

Checking your rate will not impact your credit.3navigates to numbered disclaimer

9+ Billion in Equity unlocked with Figure's platform

Featured in

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

Application100% online, see your rate instantlyVaries by lender
Fixed rate1navigates to numbered disclaimerYesYes
Average APRLowerHigher
AmountUp to $400k5navigates to numbered disclaimerUp to $100k
Prepayment penaltyNonePossible
Tax deductibleFor home improvement
(be sure to consult a tax professional)
Not tax deductible
Overall costLowerHigher

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 $9 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?

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

What can I use a home equity line of credit for?

A HELOC can be used for many different purposes such as:

Home improvement

Finance your next project.

Learn more
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Find my rate

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 customerCAD

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