Personal Finance

Figure No Longer Offers New Personal Loans

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The financial services company Figure is no longer offering new personal loans. Instead, the company is focusing on home lending options like home loans and refinancing and home equity lines of credit.

Figure used to offer online personal loans to good-credit borrowers, with loan sizes from $5,000 to $50,000. While the loans came with origination fees, the lender had benefits like an autopay discount and a mobile app.

If you’re looking for an alternative to Figure, other online lenders provide convenience, while banks and credit unions offer attractive rates for borrowers with good credit.

Alternatives to Figure personal loans

Online lenders

Online lenders promise convenient applications and fast funding. Their loans are available to borrowers across the credit spectrum.

SoFi: SoFi is a consumer-friendly lender with no fees and loans ranging from $5,000 to $100,000. The lender offers an autopay discount and an app to manage your loan from your phone. Borrowers can also take advantage of SoFi’s free career coaching services and hardship plans when needed.

LightStream: LightStream offers personal loans up to $100,000 to cover large expenses like home improvement projects. Its loans don’t include fees and come with perks like a program to beat competitors’ rates and a satisfaction guarantee.

Rocket Loans: With same-day funding, Rocket Loans can be a good fit for borrowers with fair credit or better in need of quick cash. The loans come with fees, but borrowers can get a rate discount by signing up for autopay.


Banks typically provide competitive rates to borrowers with good and excellent credit (690 or higher) and offer a wide range of loan amounts.

Wells Fargo: Wells Fargo offers personal loans with minimal fees, an autopay discount and a variety of repayment terms. Loans range from $3,000 to $100,000, and there’s no origination fee. With the option for a large loan and repayment terms of up to seven years, Wells Fargo is one of the best banks for home improvement loans.

PNC Bank: PNC Bank offers flexibility with a joint loan option and a variety of repayment terms. Loans range from $1,000 to $35,000, and the bank doesn’t charge an origination fee or have a minimum credit score requirement.

Discover: If you’re looking to consolidate debt, Discover can be a strong option. Discover offers consolidation loans ranging from $2,500 to $35,000 and direct payments to creditors. Borrowers must have excellent credit (720 or higher) to qualify.

Credit unions

Credit unions offer flexible terms and low rates, particularly for borrowers who have fair or bad credit (689 or lower). To apply for a loan at a credit union, you first need to become a member.

Alliant: Unlike other credit unions, Alliant’s membership doesn’t require a fee and almost anyone can become a member. The lender offers personal loans from $1,000 to $50,000, and funding can happen the same day you’re approved.

PenFed: Borrowers with PenFed can choose from repayment terms from one to five years, as well as joint and secured loan options. Loan amounts range from $600 to $50,000, and anyone can become a member of PenFed by opening a savings account of $5 or more.

First Tech: First Tech primarily serves employees of tech companies and their families. Members can expect customizable personal loan options, a range of repayment terms and fast funding.

How to compare lenders

The best way to compare personal loan lenders is by pre-qualifying. Pre-qualifying allows you to check your potential rate, loan amount and term without risking a hard credit check, which can temporarily knock a few points off your credit score.

Many lenders allow you to pre-qualify, though it’s particularly common among online lenders. NerdWallet lets you pre-qualify with online lenders with no risk to your credit score.

See if you pre-qualify for a personal loan – without affecting your credit score

Just answer a few questions to get personalized rate estimates from multiple lenders.

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