Achieve vs. Figure HELOC compared

If you’re a homeowner weighing a Figure HELOC against an Achieve Loans home equity line of credit (HELOC), you're already on the right track. A home equity line of credit lets you borrow against the equity in your home, and both Achieve Loans and Figure offer online-first applications designed to move faster than those of traditional lenders.

The two lenders differ in rate structure, loan limits, term lengths, and how they handle the draw process. This side-by-side comparison breaks down each so you can decide which one fits your situation.

Achieve Loans HELOC at a glance

An Achieve Loans HELOC stands out because it’s a fixed-rate line of credit. Most HELOCs carry variable rates that could change over time, but with Achieve Loans, your rate is locked in from day one. That means your monthly payment stays more predictable for the life of the loan.

Achieve Loans offers HELOCs up to $700,000, with a five-year draw period, and no early prepayment penalty. Payments are fully amortizing, so you pay down principal and interest from the start. You can prequalify and apply completely online.

Figure HELOC at a glance

Figure is an online lender known for speed. Its HELOC product comes in variable-rate or hybrid options, with credit limits up to $750,000. Figure’s draw period ranges from two to five years, with repayment terms up to 30 years.

The application is fully digital, and Figure also has no prepayment penalty. Figure HELOCs are also amortized, meaning there are no interest-only payments during the draw period. Paying down your principal from the start helps you pay less interest overall compared to interest-only payments.

Loan type and rates

The biggest difference between these two lenders is the rate structure. Achieve Loans’s HELOC is fixed-rate from start to finish, so your interest rate won’t change at all during your loan term. Figure HELOC rates vary depending on the option you choose: Figure offers both fixed- and variable-rate draws. 

In other words, Figure's fixed-rate HELOC is more of a hybrid product. Each new draw has its own interest rate. The rate is set at the time of the withdrawal and is based on the Prime rate, plus Figure's margin. That means that, whether you have a fixed- or variable-rate HELOC through Figure, the rate you pay for additional draws may be higher than the rate you paid for the initial draw.

A true fixed rate HELOC, like the one offered through Achieve Loans, gives you a predictable payment every month. If predictability is a priority, a true fixed-rate option removes that uncertainty.

Qualification and credit

Both Achieve Loans and Figure consider similar details when deciding on your application:

• Credit profile: Both check your credit score and credit report to gauge your history of debt repayment.

• Home equity: Lenders calculate your combined loan-to-value ratio (CLTV) by dividing your total mortgage debt by your home's market value.

• Income and existing debts: They'll estimate your debt-to-income ratio (DTI) by dividing your total monthly debt by your gross (pre-tax) monthly income.

Achieve Loans allows applicants across a range of credit profiles, accepting scores as low as 600 in some cases. Figure also sets a general credit score minimum of 600, though may require a minimum score of 660 or higher for investment properties. 

Each lender weighs your full financial picture, not just your score. For a deeper look at what lenders look for, see home equity loan requirements.

Funding speed and the online process

Funding speed is often a deciding factor for HELOC borrowers, and both of these lenders advertise a similarly quick turnaround and fully online applications. 

Achieve Loans says loans could be funded as fast as five days after approval, with an advertised average around 11 business days. The process starts with a soft-check prequalification that won't affect your credit score.

Figure also advertises funding in as few as five days, as well as allowing you to check your estimated rate with a soft credit inquiry. Both lenders may use an automated valuation model (AVM) instead of a traditional in-person appraisal, which can save time. Figure may require an in-person appraisal for loan amounts over $400,000.

Is Figure a good HELOC company? That depends on your priorities. If speed is at the top of your list, both lenders move faster than the traditional two- to six-week HELOC timeline.

Keep in mind that actual timelines depend on factors like document readiness, loan size, and state-specific requirements. Every HELOC also includes a federally required three-business-day right-of-rescission period after closing before funds are released. If you change your mind about your choice of lender or the HELOC itself, you can cancel the loan within this window.

Which lender is right for you?

The right HELOC depends on what you need most. If you want the certainty of a fixed rate that never changes during your loan term, Achieve’s structure is built for that. If you want a potentially larger maximum line of credit or a variable-rate option, Figure may be a better fit.

Before you commit either way, get a prequalified estimate from each lender so you can compare rates and terms side by side. Look beyond the advertised rate and consider origination fees, draw requirements, and the repayment timeline to get the full picture. 

If you’re ready to get started with Achieve Loans, our prequalification uses a soft credit check, so it won’t affect your credit score. You could get a rate estimate in minutes and, if approved, have funds in as fast as five days.