States: 46 states + DC (Broad coverage; verify your state at figure.com)
Max loan: $400,000 (Up to $400K in most states; $100K in select states)
Draw structure: Initial lump + redraw (Not a traditional open revolving HELOC)
Who Figure is best for
Borrowers who want a fast, fully digital HELOC with strong state coverage and don't need a traditional revolving draw structure.
Pros
Claims #1 non-bank HELOC lender by volume — established origination depth
Fully digital application, blockchain-settled on Provenance Blockchain
46 states + DC — one of the broadest non-bank footprints
Fast processing compared to traditional mortgage lenders
4.8-star Trustpilot rating, BBB A+
Cons
Draw structure is lump-draw + redraw as you repay — not a true open revolving line like traditional HELOCs
Maximum $100K in select lower-volume states (AK, AR, ID, LA, NM, OK, SD, WY)
Rates not published — must complete application to get a quote
Blockchain settlement is novel — review terms before committing
Figure requirements
Sufficient equity in primary or second home
Minimum credit score — verify with lender
Property in eligible state
Figure alternatives
Better(Better Mortgage Corporation) — Borrowers who want the fastest digital HELOC process and need a lender that covers primary residences, second homes, and investment properties in one product. Read reviewGet started at Better Mortgage Corporation →
Spring EQ(Spring EQ, LLC) — Borrowers who want a home equity specialist (not a generalist bank) with both fixed-rate and variable-rate products and wide state reach. Read reviewGet started at Spring EQ, LLC →
PenFed Credit Union(Pentagon Federal Credit Union) — Borrowers who want a credit union HELOC with broad geographic coverage, a rate-lock feature, and access to both primary and investment properties. Read reviewGet started at Pentagon Federal Credit Union →
Bottom line
Figure — #1 non-bank HELOC lender — fast draw, blockchain-settled. Best for: Borrowers who want a fast, fully digital HELOC with strong state coverage and don't need a traditional revolving draw structure.. Compare it against alternatives before applying; the right fit depends on your situation, credit, and goals.
Questions about Figure
What is Figure's NMLS ID?
Figure Lending LLC holds NMLS #1717824. Verify current state licensing at nmlsconsumeraccess.org under this NMLS ID.
Is Figure's HELOC a true revolving line of credit?
Figure's HELOC has a draw structure that differs from a traditional open revolving HELOC. Borrowers receive an initial lump sum at closing and can redraw funds as they repay the principal balance — but you cannot draw freely at any time up to the credit limit the way a traditional HELOC works. Verify the full draw mechanics at figure.com before applying.
How we rate
Every pick gets a 1–5 ClearValue Rating computed from four weighted factors: Editorial confidence (30%), Cost (25%), Value (25%), and Accessibility (20%).
Scored consistently across every product and independent of any compensation. Full methodology →
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