Now, Student Loan Refinance, in Minutes, on the Blockchain

October 28, 2019 | Digital Assets, FinTech, News
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Student loan refinancing from Figure Technologies consolidates all your loans into one single payment at a new lower rate.

Mike Cagney-founded Figure Technologies uses the blockchain to process transactions on its lending platform. The use of the blockchain allows Figure to function paperless, and that helps to speed up its loan procedure. However, other loan providers are still mostly ‘analog,’ and this is where Figure steals a march over them.

Figure and blockchain: Helping students with their loans

Meanwhile, a look at the Figure Tech website shows up some interesting advantages:

  • No prepayment or origination fees
  • Auto-pay discount
  • Forbearance
  • Get pre-qualified in minutes
  • Paperless, no hassle, because Figure runs on a blockchain platform
  • Bye to loan sharks – “We’ll get rid of the other lenders and fully service your loan. Leaving you with one low monthly payment.”
  • Therefore a mega-money saver, and good for making room in your budget

Loans and interest

Students can refinance loans from $500 to $250,000. Terms are from 5 through 20 years. Though interest rates will vary by borrower, Figure is offering fixed rate loans starting at 3.49%.

Figure uses Provenance blockchain

The use of the blockchain means the fintech can probably securitize its loan portfolio at a later date. The proprietary Provenance blockchain is a distributed ledger technology housed as a separate business unit in Provenance Blockchain, Inc.

The fintech will use Provenance to originate, finance, and sell home equity loans (HELOC).

Thereafter, Figure would target these at banks, asset managers and credit funds.

The company recently closed on a $20 million Reg D security token offering (STO) utilizing Provenance blockchain for the purpose of the offering.

[Related Story: Paying Off Student Loan Debt Most Significant Life Milestone for 35% of Millennials ]

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