When it comes to getting a personal loan, there are a lot of options to choose from. You can go with a traditional bank, or you could try a new company like Figure Lending. So, is Figure Lending legit? Or is it a scam? In this blog post, we will take an in-depth look at Figure Lending and see what their loans are all about. We will also compare the pros and cons and see if they are worth your time and money. Keep reading for the answers you’re looking for!
When it comes to Figure Lending, they are a company that offers personal loans. You can borrow up to $100,000 from Figure Lending, and the terms range from 24 to 60 months. The interest rates for Figure Lending start at just under 11%, which is higher than the average personal loan.
One thing to note about Figure Lending is that they do have origination fees. These fees can range from 0% to up to 12%, depending on your credit score and other factors. This is something you need to be aware of before you apply for a loan with Figure Lending.
Another thing to keep in mind is that Figure Lending doesn’t have the best customer service. There have been reports of people not being able to get in touch with customer service or not getting helpful answers when they did.
This is something to consider if you are thinking about taking out a loan with Figure Lending.
Now that we know a little bit more about Figure Lending, let’s take a look at the pros and cons.
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Figure Lending Pros and Cons
If you’re considering using Figure Lending to consolidate your debt, you should be aware of the pros and cons before making a decision.
The biggest con is the high-interest rate. Figure Lending charges a much higher interest rate than other lenders, so you’ll end up paying more in the long run.
Figure lending charges an origination fee, which is a fee charged for processing your loan. This fee can be as high as 0.5% to 11% of your loan amount.
Another con is that it’s easy to get trapped in a bait and switch scheme with Figure Lending. They lure you in with the promise of low-interest rates, but then they hit you with an origination fee that can add hundreds of dollars to your loan.
The only real proof of Figure Lending is that they offer a very quick and easy application process. But even this isn’t enough to outweigh the high-interest rates and fees.
If you’re considering using Figure Lending, be sure to weigh the pros and cons carefully before making a decision.
What is Figure Lending?
If you’re like most people, you may not have heard of Figure Lending. That’s because it’s a relatively new bait and switch scheme that’s being used by personal loan companies. Here’s how it works:
You apply for a personal loan from a company that offers Figure Lending. The company tells you that you’re approved for the loan, but there’s a catch. You have to pay an upfront fee before you can get the money. This fee can be anywhere from $50 to $500, depending on the size of the loan.
Once you pay the fee, the company then tells you that they can’t give you the loan after all. They claim that their underwriting department has determined that you’re not a good candidate for the loan. They keep your money, and you’re left with nothing.
If you’re considering applying for a personal loan, beware of Figure Lending. It’s nothing more than a bait and switch scheme designed to take your money.
How does Figure Lending work?
Figure Lending is a bait and switch scheme that offers personal loans at high-interest rates. The company uses aggressive marketing tactics to lure people in, promising low-interest rates and easy approval. Once you apply for a loan, the terms and conditions are changed dramatically. Interest rates are increased significantly, and approval is often difficult to obtain. As a result, many people end up paying far more than they expected for their loans.
If you’re considering taking out a personal loan, be sure to do your research first. There are many reputable companies that offer loans at reasonable interest rates. Don’t fall victim to the bait and switch schemes of companies like Figure Lending.
How to qualify for a Figure Lending personal loan?
If you’re like most people, you probably don’t have a lot of extra cash on hand. That’s why personal loans can be such a helpful way to finance large purchases or consolidate debt. But how do you actually qualify for a personal loan?
There are a few things that lenders will look at when considering your application for a personal loan. Your credit score is one of the most important factors that will be considered. Lenders want to see that you have a history of making on-time payments and managing your credit responsibly. They also want to see evidence that you have the ability to repay the loan in full.
In addition to your credit score, lenders will also look at your employment history and income. They want to see that you have a stable job and a steady income stream. This helps them to assess your ability to repay the loan on time.
Finally, lenders will also look at your debt-to-income ratio. This is a measure of how much debt you have relative to your income. Lenders want to see that you have enough income to cover your current debts as well as the new personal loan payments. A high debt-to-income ratio may make it harder to qualify for a personal loan.
Loans by Figure Lending are personal loans that can be used for a variety of purposes, including consolidating debt and financing large purchases. Once you have all of this information, you’re ready to apply for a personal loan from Figure Lending.
What is the APR on a Figure Lending personal loan?
The annual percentage rate (APR) on a personal loan from Figure Lending is a bit higher than average but still manageable for some borrowers. The current APR for personal loans is 11.99%, which is higher than the average APR of around 4.99%. However, this is still lower than the typical APR for credit cards, which can be as high as 20% or more.
They also charge an origination fee of 0.5% to 11% of the loan amount, depending on your creditworthiness. This will make it harder for customers with lower credit scores to qualify for personal loans with Figure Lending.
If you have good or excellent credit, you may be able to get a personal loan from Figure Lending at a lower APR than the current 11.99% rate. However, if you have fair or poor credit, you may end up paying a higher APR. In general, it’s always best to shop around and compare rates from multiple lenders before choosing a personal loan.
What kind of loans does Figure Lending offer?
They offer two types of personal loans: fixed-rate loans and variable-rate loans. Fixed-rate loans have interest rates that stay the same for the life of the loan, while variable-rate loans have rates that can change over time. You can use their personal loan calculator to see which type of loan is right for you.
How much does Figure Lending charge?
Figure Lending charges an origination fee of 0.5% to 11% of your loan amount. There are also hidden fees that can add up, including a late payment fee of up to $15 and a returned payment fee of up to $25. So, while personal loans from Figure Lending may be a good option for some borrowers, it’s important to understand all of the fees involved before you apply.
What is the minimum credit score for a Figure Lending personal loan?
The answer is: it depends.
While Figure Lending doesn’t have a minimum credit score requirement, they do consider your credit history when making lending decisions. Most of their customers have been approved with a credit score of over 600. So, if you have a strong credit history, you’re more likely to be approved for a loan with them.
Of course, the credit score is just one factor in their approval process. They also look at your employment history, income, and other factors to determine whether or not you’re a good candidate for a loan.
Who owns Figure Lending?
The owner of Figure Lending is Mr. Michael Cagney. He is the CEO of the company and has been since it was founded in 2018.
Figure Lending is a private company, so there is no public information about its ownership structure. However, we do know that Cagney owns a majority stake in the company.
Cagney has been involved in the financial technology industry for over 20 years. He co-founded SoFi, one of the largest online lenders, in 2011 and served as its CEO until 2015. He then went on to LaunchFigure Technologies, Inc., a fintech company that offers digital lending products and services, in 2018.
How does Figure Lending affect your credit?
If you’re considering taking out a loan with Figure Lending, it’s important to understand how hard pulls and late payments can impact your credit score.
A hard pull is when a lender checks your credit report in order to make a lending decision. This type of inquiry can temporarily lower your credit score by a few points. However, hard pulls only stay on your report for around two years and their impact diminishes over time.
If you’re planning on taking out a loan with Figure Lending, it’s important to make sure you keep up with your payments. Late payments can damage your credit score and stay on your report for up to seven years.
Overall, taking out a loan with Figure Lending can have a major impact on your credit score. It’s important to be aware of how hard pulls and late payments can affect your credit.
How to cancel Figure Lending?
If you need to cancel your Figure Lending loan for any reason, you can do so by following these steps. First, you’ll need to pay off any outstanding balance on the loan. Once that’s done, simply contact their customer service team to cancel the loan.
They’ll need your account information and loan number to cancel it for you. Finally, be sure to cancel any future automatic payments from your bank account to Figure Lending.
Doing so will ensure that you’re not inadvertently charged for a loan you no longer want.
Who is Figure Lending affiliated with?
There are a few negative affiliations that Figure Lending has. One is with a company called National Recovery Agency. This company is known for harassing people for debt collection. Another negative affiliation is with a company called iQor. This company has been accused of scamming people out of money. Finally, there is a negative association with a company called Central Asset Recovery Bureau. This company has been known to use illegal tactics to collect debts.
These associations may be negative, they can necessarily reflect negatively on the quality of the service that Figure Lending provides. These companies are some of the many that Figure Lending works with in order to provide people financial assistance.
Figure Lending BBB Reviews
If you’re considering taking out a loan with Figure Lending, you may want to take a look at their BBB reviews first. Unfortunately, the company has an F rating from the Better Business Bureau.
One of the biggest concerns raised in the complaints is that Figure Lending failed to deliver on its promises. In some cases, they promised lower interest rates or monthly payments, but then customers ended up with much higher rates. Other customers felt like they were misled about how long it would take to get their loans funded.
It’s also worth noting that all of the complaints closed in the last three years were resolved in favor of the customer. However, four complaints have been closed in the last twelve months, so it’s possible that the company is still having some issues.
Here are some Figure Lending BBB Reviews:
Barry G 04/07/20221.0 out of 5.0 stars
Got their personally addressed card in the mail offering a potential ***** of 300K over 30 years at less than 4%. Filled out the personal assigned account online application in less than 5 minutes. Less than 5 minutes later was offered online an ***** of 120K @ ****% APR and a ****% loan fee. Solid income of 80K+ after taxes and 500K equity in the house. FIGURE then requested income verification with direct access to the income bank account through a secure 3rd party that would show annual income. Gave them access, and was notified by my bank that my account was accessed 3 times by the third party within a few hours. The next day FIGURE inexplicably tells me that they can only verify an annual income of 27K despite the bank plainly showing a federal annuity deposit of at least 6K a month. At FIGUREs request then submitted correlated pdf files directly from the bank and payroll provider with matching income amounts. Chirping crickets for two days. Attempted to submit tax info direct from *** as one of the FIGURE options but when the *** requested a secure 10 digit account number from ******* to transmit the info to, FIGURE response was inexplicably blown it off as some kind of a problem with the *** and do not supply the requested 10 digit number. Agreed to once again submit the pdf files. Chirping crickets for 2 days and making a phone call to talk with a human who could not explain how the idiotic low-income number was determined and that someone above her pay grade would call me the very next day to review what they had and needed for income verification. Chirping crickets for 2 days followed by a generic email request for undefined financial verification records before the 10-day application period expired. Another phone call to another associate who had no apparent record of the first call. I canceled the ***** application. Good luck.
Ben Leach 12/13/20211.0 out of 5.0 stars
They don’t even deserve a star. Not truthful. Lie to you. Filed for the subordination of loan to refinance house its been three months and they are still not approved Yep they asked me for a $300 subordination fee over a month ago. I have called multiple times and I’ve been lied to by multiple Employees. They promised approval and overnighted the paperwork and then the next day they don’t even know that anyone called and said that I’m in the beginning stages three months in and after paying them already. The first few people I called were literally mean and vicious to me. They refuse to take any blame and don’t deserve any business.
Constantino F 12/07/20211.0 out of 5.0 stars
Too bad there isn’t the ability to give this film a negative rating, but I guess it will have to be a rating of 1 like the others who had negative experiences with this firm. Coming from the standpoint of a state-licensed real estate again my experience was horrible. What a complete waste of my time and a **** shame that this firm did a hard credit pull on my file.. I sent 8 emails and spoke to the customer service 5 times then it got escalated to a supervisor and a manager, and again a complete waste of my valuable time. I would never ever recommend this firm to anyone as a licensed professional.
Is Figure Lending Legit or a Scam?
If you’re considering taking out a loan with Figure Lending, you might want to think twice. The company has an F rating on the Better Business Bureau, and there are a lot of negative reviews online from customers who say they were bait-and-switched or otherwise scammed by the company.
So what’s going on? It seems that Figure Lending is using a bait-and-switch scheme to lure people in with the promise of low interest rates, only to switch them to a much higher rate once they’ve already signed the contract. This is obviously not a legitimate way of doing business, and it’s no wonder that so many people have had such negative experiences with this company.
If you’re considering taking out a loan, you would be better off going with a different lender. There are plenty of companies out there who can offer you a fair deal, without resorting to shady tactics like bait-and-switch schemes. Do your research and choose a lender that you can trust – otherwise, you might end up getting scammed.
What do you think? Is Figure Lending legit or a scam? Let us know in the comments!
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