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According to the report, Figure customers said they used their HELOC loans for home improvement (42.8%), debt consolidation (36.6%), or making a significant purchase (8%). Compared to the pre-COVID months (January-March 2020), 54.2% of consumers said they used their HELOC for debt consolidation, while 29.7% reported using it for home improvement and 5% for a significant purchase.
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“In today’s higher interest rate environment, a HELOC offers customers an affordable way to borrow money, and for individuals with equity in their home can be a much less expensive option versus a personal loan, credit card or private student loan,” said Daniel Wallace, general manager of Figure’s lending business. “Whether consumers are looking to remodel their homes or send their child off to college, Figure stands ready to provide consumers with an affordable option that best fits their financial needs.”
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