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Side-by-side comparison
| Feature | Figure HELOC | Spring EQ HELOC |
|---|---|---|
| Line amount | $15,000 to $400,000 on most offers, up to $750,000 for some borrowers | $25,000 to $500,000, per Bankrate |
| Maximum combined LTV | 85% | Up to 90%, depending on credit |
| Minimum credit score | 600 | 660 for HELOCs, per Bankrate |
| Rate type | Fixed (variable options on some products) | Variable HELOC; a fixed-rate HELOC is also offered |
| Draw structure | Full amount at closing; 5-year redraw | 10-year draw period on the variable HELOC with interest-only payments; high minimum initial draw |
| Fees | Origination fee up to 4.99% | $99 annual maintenance fee plus standard closing fees |
| Rate check | Soft credit pull | No soft-pull prequalification, per LendEDU |
| Availability | 49 states + DC | 48 states |
Key differences explained
Flexibility. Spring EQ's variable HELOC follows the traditional model: a long draw period with interest-only payments. That suits ongoing costs, but payments can rise when the draw period ends or rates move. The Figure HELOC starts principal-and-interest payments immediately at a fixed rate.
Minimum draws. Spring EQ requires a large initial draw. Reviewers cite figures such as $25,000 or 75% of the line for its fixed-rate HELOC, and LendEDU reports a $50,000 minimum on its HELOC. Figure, by design, funds the entire line. Neither is ideal if you only need a small amount; see our full draw guide.
Approval. Figure's 600 minimum score and soft-pull rate check make it easier to explore without commitment. Spring EQ asks for at least 660 and a full application before you see terms. Check the Figure requirements before you apply.
Who should choose Figure
- You want money within about a week.
- Your credit score is between 600 and 660.
- You prefer a fixed payment from day one.
Who should choose Spring EQ
- You want a higher LTV of up to 90%, or a large line without Figure's full draw at closing.
- You want a long draw period with interest-only payments during it.
- You prefer a lender that has been BBB-accredited since 2016.
FAQs
Does Spring EQ check rates with a soft pull?
Which lender lets me borrow more?
Sources: Bankrate Spring EQ review (March 2026), LendEDU Spring EQ review (2026), Figure Lending published disclosures.
Our team researches home equity products using lender disclosures, NMLS records, CFPB data, and independent reviews. Every figure is fact-checked before publishing and pages are re-reviewed regularly. Our editorial standards · Report an error