Figure Loans Alternatives: 6 Lenders to Compare (2026)
If the lender is not the right fit, these are the strongest the lender alternatives for HELOCs, home equity loans, and cash-out refinance in 2026.
Why consider a Figure Loans alternative?
Figure Loans deliver speed and fixed-rate HELOCs, but they are not the right fit for every borrower. The most common reasons to look at an alternative:
- You want a true revolving HELOC with draw-as-needed flexibility (the lender requires a full draw at origination)
- You want a lower origination fee than Figure's up-to-4.99%
- You live in Hawaii, where Figure Loans are not available
- You prefer in-branch service or a loan officer relationship
- You want a home purchase loan, which Figure no longer offers
Top Figure Loans alternatives in 2026
Aven HELOC
A HELOC-as-credit-card product that offers true revolving access to your home equity via a Visa card. Fast approval and no origination fee on standard tiers. Figure vs Aven compared.
Best for: Borrowers who want flexibility to draw small amounts over time.
Spring EQ
A traditional HELOC and home equity loan lender with fast closings (typically 2-3 weeks) and competitive rates. Available in most states. Figure vs Spring EQ compared.
Best for: Borrowers who want a traditional HELOC with variable rates.
Discover Home Loans
Fixed-rate home equity loans with no origination fees, no application fees, and no cash required at closing. Longer closing times than Figure.
Best for: Borrowers who prioritize zero fees over speed.
Rocket Mortgage home equity loan
Rocket Mortgage offers a fixed-rate home equity loan rather than a HELOC, according to LendEDU's April 2026 review. It requires a 680 credit score and an in-person appraisal. Figure vs Rocket compared.
Best for: Borrowers who want brand familiarity and robust phone support.
PenFed Credit Union
Variable-rate HELOCs with competitive member pricing and no appraisal fees on qualifying loans. Credit union membership required.
Best for: Credit union members who want a traditional HELOC.
Bethpage FCU
A HELOC with a 12-month introductory rate followed by variable pricing. Nationwide credit union with digital-friendly application.
Best for: Borrowers who want a competitive intro rate.
Figure Loans vs. The alternatives at a glance
| Lender | Rate Type | Draw Structure | Origination Fee | Funding Speed |
|---|---|---|---|---|
| it | Fixed | Full draw required | Up to 4.99% | ~5 days |
| Aven HELOC | Variable | Revolving via card | Varies | ~1 week |
| Spring EQ | Variable | Traditional revolving | Varies | 2-3 weeks |
| Discover | Fixed | Lump sum (HEL) | $0 | 4-6 weeks |
| Rocket home equity loan | Fixed | Lump sum (no redraw) | Varies | Several weeks |
| PenFed | Variable | Traditional revolving | Varies | 3-5 weeks |
How to choose between Figure Loans and a competitor
The right choice depends on three questions:
- Do you want to draw funds all at once or over time? it forces a full draw. If you need periodic access, pick a traditional HELOC lender.
- How much does speed matter? the lender typically funds in ~5 days. If you have a few weeks, Discover or a credit union may offer lower all-in cost.
- Fixed or variable rate? Figure is mainly fixed-rate, with variable options on some offers. If you expect rates to fall, a variable HELOC may be cheaper over time.
How we chose these alternatives
We looked for lenders that serve the same borrower Figure Loans does: a homeowner who wants to borrow against equity without a full mortgage refinance. Each lender was reviewed on rate structure, draw flexibility, upfront fees, typical funding time, credit requirements, and state availability, using each lender's published information. We do not rank lenders by commission.
Which option fits which borrower
| If you want... | Consider | Why |
|---|---|---|
| Speed and a fixed rate | Figure Loans | Funding in as few as five days with a locked rate |
| To draw small amounts over time | Aven, Spring EQ, PenFed | True revolving access, so you pay interest only on what you use |
| The lowest upfront cost | Discover | Known for no origination or application fees on home equity loans |
| A large national brand and phone support | Rocket Mortgage | Large servicing operation and established support |
| A credit union relationship | PenFed, Bethpage | Member pricing and intro-rate offers |
When Figure Loans is still the better choice
- You need the money within a week and already know the exact amount.
- Your credit score is between 600 and 680, below many bank minimums.
- You want a payment that never changes with the prime rate.
- You prefer a fully online process.
Read the full Figure Loans review or check the eligibility requirements first.
How to compare offers side by side
- Get at least three quotes on the same day, for the same amount and term.
- Compare APR, not just the rate. APR includes fees such as an origination charge.
- Add up upfront costs: origination, appraisal, title, recording, and annual fees.
- Check draw rules: full draw at closing or draw as needed.
- Check rate type: fixed, variable, or a variable rate with a fixed-rate option.
- Read the fine print on early-closure fees and minimum draw amounts.
Use our HELOC calculator to model the payment for each offer.