Figure Sees 300 Percent Surge Due to Rate Cut

Blockchain based lending fintech Figure has seen a 300 percent surge in loan applications due to the recent rate cut by the Fed; the Fed recently took an unprecedented step and dropped rates by 50 basis points in a bid to slow market volatility due to the coronavirus; Figure CEO Mike Cagney said the surge in applications was due in large part to low mortgage rates; “HELOCs and student loan refinancing. Consumers will benefit through lower debt costs and, for cash-out refi and HELOCs, more cash on hand,” said Cagney to Crowdfund Insider. “I believe this is the fastest a de novo Fintech has exceeded $1 billion in funded loans.” CrowdFund Insider