Figure vs. Spring EQ HELOC
Figure and Spring EQ compared on rates, fees, borrowing limits and fixed-rate options, from each lender's published terms.
Reviewed by Shawn Way, NMLS #1007298★ 4.9 from 111 reviewsUpdated
Disclosure: Shawn Way is a loan officer at West Capital Lending, Inc., which competes with these lenders. West Capital Lending also originates HELOCs through Figure's lending platform, so Shawn can offer Figure-powered HELOCs himself. HELOCHQ isn't paid by any lender for reviews, and every fact below comes from the lender's own published terms.
Figure is built for speed: online approval in minutes and funding in as few as five days, per the lender. Spring EQ is built for reach: up to 90% of home value and credit scores from 640.
On this page
Side by side
| Figure | Spring EQ | |
|---|---|---|
| Type | Online lender | Home equity specialist |
| Rate | As low as 7.35% APR, per the lender's homepage | Variable; rates not published |
| Credit score | Not published by Figure as of October 23, 2026; ask the lender | From 640 |
| Max borrowing | Not published by Figure as of October 23, 2026; ask the lender | Up to 90% of home value |
| Line size | Up to $750,000 | $50,000–$500,000 |
| Terms | Not published by Figure as of October 23, 2026; ask the lender | Draw period with interest-only option; lengths not stated |
| Fees | Not published by Figure as of October 23, 2026; ask the lender. Ask about any origination fee | No application fee; a lender fee and an annual fee apply; no prepayment penalty |
| Fixed-rate option | Not published by Figure as of October 23, 2026; ask the lender | Separate fixed-rate HELOC offered |
Sources: Figure (checked October 23, 2026) and Spring EQ (checked October 23, 2026). Terms change; confirm with each lender.
Use a free calculator, or get your HELOC rate from Shawn.
The difference that matters
Ask both about origination or lender fees, since Figure's fees aren't on its homepage and Spring EQ charges a lender fee and an annual fee. Compare the APR on written offers, not the headline rate.
Choose Figure if
- You want the fastest fully online process
- Your credit and equity are strong
- You want the whole line funded at once
Choose Spring EQ if
- Your credit score is in the 640s or 650s
- You need to borrow up to 90% of your home's value
- You want a separate fixed-rate HELOC option
If neither fits
Different lenders draw the line in different places on credit score, loan-to-value, property type and state. A broker can price several lenders with one application. Get your HELOC rate, or if you already have an offer from either lender, see how it compares with HELOCs closed this year.
Full reviews
Shawn Way is a loan officer at West Capital Lending, Inc., which may compete with the lenders reviewed here and may also arrange loans through some of them as a mortgage broker. Facts come from each lender's own website on the date shown and can change; confirm current terms with the lender.
Sources
Official sources behind this guide.
- What is the difference between a home equity loan and a HELOC? · Consumer Financial Protection Bureau
- What you should know about home equity lines of credit (booklet, PDF) · Consumer Financial Protection Bureau
- Regulation Z §1026.40: Requirements for home equity plans · Consumer Financial Protection Bureau