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Consolidate debt and more with these low-interest loans. Rates from
5.99% to 29.99%
finder.com’s rating: 4.2 / 5.0
FreedomPlus could be best for middle-income borrowers who want to consolidate debts at a lower interest rate. It offers competitive interest rates and discounts that borrowers could qualify for if they apply with a qualifying co-applicant or have sufficient retirement assets.
Sound like what you’re looking for? Read on to learn more about FreedomPlus.
Max. Loan Amount
5.99% to 29.99%
Min. Credit Score
FreedomPlus Personal Loans
Min. Loan Amount
Max. Loan Amount
5.99% to 29.99%
Interest Rate Type
Minimum Loan Term
Maximum Loan Term
Total 3 days. 24 hours for approval, receive funds potentially 48 hours later
What makes FreedomPlus personal loans unique?
FreedomPlus offers personal loans with affordable interest rates that are particularly useful for debt consolidation. In fact, you could qualify for an additional discount if you use at least 85% of your loan to pay off preexisting debt.
The process is quick and relatively painless, and you can see rates you might qualify for without taking a hit to your credit score.
What are FreedomPlus personal loans?
FreedomPlus personal loans are unsecured, fixed-rate term loans. You can use them for just about any expense, including the cost of a wedding, home improvements, medical expenses or even a vacation. However, most borrowers use its loans for debt consolidation.
Limited availability. FreedomPlus does not service CO, CT, HI, IA, KS, ME, NH, NY, ND, OR, RI, VT, WI, WV or WY
Small range of loan amounts. Need to finance an expense under $10,000 or more than $40,000? You’ll need to look at other lenders.
Origination fee. Expect to pay a fee of up to 5% of your loan amount when you borrow from FreedomPlus.
Limited website. It’s hard to find basic information like eligibility requirements on this lender’s relatively barebones website.
Not a student loan alternative. You can’t use your FreedomPlus personal loan to cover educational expenses.
Compare more personal loan providers
Updated September 21st, 2019
What does the Internet say about FreedomPlus?
As of July 2018, FreedomPlus has an A+ rating with the Better Business Bureau (BBB) based on factors, such as transparent business practices and how it handles customer complaints. FreedomPlus is no longer accredited by the BBB due to a company decisions to no longer apply for accreditation.
It doesn’t do quite as well on Trustpilot, garnering an average of 8.3 out of 10, with only 70% of customers rating it as excellent. Customers say its strong point is customer service.
Multiple customers report trouble with the transfer of their funds to creditors. Others were unpleasantly surprised by nonsufficient funds fees and didn’t like how much the origination fee turned out to be.
Am I eligible?
To qualify for a FreedomPlus loan, you must:
Make at least $30,000 annually
Have a debt-to-income ratio of 40% or lower
Have a credit score of 640 or higher
To qualify for the lowest interest rate, you’ll need to have excellent credit, borrow up to $12,000 with a term of 24 months and be able to qualify for FreedomPlus’s discounts.
If you fall short on any of these requirements, consider applying for a FreedomPlus personal loan with a creditworthy cosigner to increase your chances of acceptance.
How do I prequalify?
FreedomPlus runs a soft credit check that won’t affect your credit score.
If you qualify, a loan consultant gets in touch with you over the phone to discuss your options and ask for documentation.
At that point, you upload documents and carefully read the loan contract before signing it.
FreedomPlus asks for, among other potential things: A valid ID. Applicants typically use a driver’s license, but other forms of government-issued ID are accepted. Income verification. Have a few recent pay stubs on hand before you apply.
Applying with a cosigner
FreedomPlus allows you to apply with a co-applicant, which could increase your chances of getting a loan. With a cosigner, FreedomPlus considers two incomes, lowering your debt-to-income ratio and ultimately your assessed risk to the lender.
I got the FreedomPlus personal loan. Now what?
Consider setting up autopay, which streamlines your repayments. This doesn’t exactly mean you can completely forget about your FreedomPlus personal loan, however.
Keep an eye on your personal bank account and your loan amount to make sure everything goes smoothly. That way you can also avoid NSF or late fees. FreedomPlus charges a late fee of $15 or 5% of the amount due after a 10-day grace period.
Contact customer service as soon as possible if you notice anything off with your account.
FreedomPlus personal loans could be a solid option for people with good credit looking to consolidate debt, though those with excellent credit and retirement savings might get the most out of it.
These loans have some limitations, however: They’re not offered in every state and come with a relatively restricted range of loan amounts.
No. Interest rates for FreedomPlus loans are fixed, so you won’t surprised by a rate hike in six months.
Customers borrow an average of $19,000.
Your credit score, history and loan amount are the primary factors that FreedomPlus uses to determine your APR, though you could lower your rate further by qualifying for one of its three discounts.
Disclaimer: To check the rates and terms you qualify for, a soft credit pull will be done that will not affect your credit score. However, if you choose a product/offer and complete a credit application, your full credit report will be pulled from one or more consumer reporting agencies, which is considered a hard credit pull, and may affect your credit.
All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.
Personal loan ratings
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We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.
Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.
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