Figure Lending Review: Student Loan Refinancing

December 3, 2019 Off By administrator

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Bottom line: Best for applying and receiving funds fast.

Pros & Cons


  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
  • No late fees.
  • Loans fund in as little as five days.


  • You cannot refinance without a bachelor’s degree.
  • You can’t apply with a co-signer.
  • Loans not available in 18 states.

Full Review

Figure Lending launched in 2018 offering home equity lines of credit. It started refinancing student loans in October 2019.

Features and availability for Figure’s student loan refinance product are currently limited. What Figure does offer right now is speed: Its all-digital application process eliminates steps like uploading pay stubs to verify income, for example. Figure also fully automates loan processing, allowing it to refinance loans in as little as five days; this can take weeks with other lenders.

Fast funding isn’t a must when refinancing student loans. But the accelerated timeline will let you start saving sooner.

FIGURE LENDING student loan refinancing at a glance

  • Paperless application process.
  • Loans aren’t available in Arkansas, Delaware, Hawaii, Indiana, Maryland, Mississippi, Nevada, Ohio, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, West Virginia and Wisconsin.
  • You must have at least a bachelor’s degree to refinance with Figure.

How FIGURE LENDING could improve

Figure Lending could improve its student loan refinancing product by:

  • Letting borrowers apply with a co-signer.
  • Offering loans in more states.
  • Including interest rate information on its website.

Figure Lending student loan refinancing details

  • Soft credit check to qualify and see what rate you’ll get: Yes.
  • Loan terms: 5, 7, 10, 15 or 20 years.
  • Loan amounts: $5,000 to $250,000.
  • Can transfer a parent loan to a child: No.
  • Application or origination fee: No.
  • Prepayment penalty: No.
  • Late fees: No.

Compare Figure Lending’s range of interest rates with other student loan refinance lenders. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. To see what rate Figure will offer you, apply on its website.


  • Minimum credit score: 680.
  • Minimum income: No minimum, but you must meet a minimum discretionary income cutoff.
  • Typical credit score of approved borrowers or co-signers: Not available.
  • Typical income of approved borrowers: Not available.
  • Maximum debt-to-income ratio: 65%.
  • Can qualify if you’ve filed for bankruptcy: Yes, after seven years.


  • Citizenship: Must be a U.S. citizen.
  • Location: Loans aren’t available in Arkansas, Delaware, Hawaii, Indiana, Maryland, Mississippi, Nevada, Ohio, Pennsylvania, South Carolina, South…

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