Image : Figure

Figure Technologies, The stealth fintech startup launched by former SoFi CEO/co-founder Mike Cagney after a departure from the fintech giant has now debuted a digitally processed home equity loan service which it says can cut traditional home loan approval times to 5 minutes.

Figure said the fixed-interest home equity loans ranging between $15,000 and $100,000 is its first product. Approval takes five minutes with a time of 5 days set for receipt of the funding. Figure known to have raised $50 million from several investors leverages blockchain, AI, and advanced analytics for unlock of new access points for consumer credit products to cater for better lending solutions.

Figure CEO Mike Cagney image : Figure

Annual percentage interest rates will start at 5.99% on Figure’s platform with borrowers able to pay five, seven, 10 or 15 years. Figure will charge an origination fee ranging from 1 percent to 3 percent of the initial drawn amount for the product launching in 25 states across the U.S.

The company also plans to debut an alternative to reverse mortgages for empty nesters and retirees and a wealth management solution in future time.

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