Debt Consolidation made easy with Figure
Transform your finances and simplify your credit card debt with Figure's flexible Home Equity Line of Credit. Homeowners can tap equity for cash to consolidate debt into one easy payment AND lower overall interest payments.
Pre-qualification does not affect your credit score.3navigates to numbered disclaimer
See the benefits of financing your high-interest debt with Figure:
100% online application
No in-person appraisal needed. Get approved in 5 minutes.
Option to redraw up to 100%
Lock in a lower rate with the option to redraw up to 100%.
Funding in as few as 5 days2navigates to numbered disclaimer
Traditional banks and credit unions can take 2-6 weeks to process a loan.
Online video notary & support
Benefit from easy online notary services available in most locations, and expert support. We've got you covered.
Figure HELOC vs. a High-Interest Credit Card
Using a HELOC to consolidate credit card debt allows you to combine payments into one monthly payment. PLUS, chances are a HELOC will offer a lower APR than your credit cards, which reduces interest costs and makes your payments more manageable.4navigates to numbered disclaimer In some cases, interest on a HELOC may be tax deductible.7navigates to numbered disclaimer
Figure HELOC | High-Interest Credit Card | |
|---|---|---|
| Balance | $40,000 | $40,000 |
| One-Time Origination Fee | Up to $1,996 | Typically $0 |
| Term | 5 years | 5 years |
| APR | 10.27% | 24.14% |
| Monthly Payment | $881 | $1,154 |
| Total Repayment | $52,852 | $69,238 |
Save up to $273 per month and up to $16,000 in interest over the live of the loan in this example*
When done right, debt consolidation can save you money and help you pay off your debt faster.
*All savings calculations are estimates. Savings totals are calculated using the average mortgage balance, average interest rates, and average HELOC amount applied for, and subtracting the difference paid over the life of the estimated loan terms. Actual savings will depend on several factors determined at the time of application and may be less than estimated.