FreedomPlus personal loans review June 2019 |

FreedomPlus personal loans review

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Consolidate debt and more with these low-interest loans. Rates from 5.99% to 29.99% *.’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.

Product NameFreedomPlus Personal Loans
Min. Loan Amount$10,000
Max. Loan Amount$40,000
APR5.99% to 29.99%
Interest Rate TypeFixed
Minimum Loan Term2 years
Maximum Loan Term5 years
RequirementsMust have a credit score of 620+, debt-to-income ratio of 40% or lower and annual income of at least $30,000.

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.

FreedomPlus personal loans aren’t available in:

  • Colorado
  • Connecticut
  • Hawaii
  • Iowa
  • Kansas
  • Maine
  • New Hampshire
  • New York
  • North Dakota
  • Oregon
  • Rhode Island
  • Vermont
  • Wisconsin
  • West Virginia
  • Wyoming

If you live in one of those states, look for other lenders that operate in your area.

What are the benefits of FreedomPlus personal loans?

  • Quick funding. FreedomPlus deposits your funds into your personal bank account in as little as three days after submitting your application.
  • Discounts. Get a discount on your loan if you add a qualifying co-borrower, use at least half your loan to pay off other debts or prove you’ve saved $40,000 or more for retirement.
  • No prepayment fees. FreedomPlus doesn’t penalize borrowers who pay off their loans early to save on interest (and get out of debt faster).
  • Cosigners welcome. If your credit score or income isn’t high enough to qualify, you could apply with a co-applicant to strengthen your application.
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What to watch out for

  • 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.

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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.

The whole process could take as fast as three days if you have all of your documents on hand.

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Scan these documents before you apply

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.
freedomplus application process 4

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.

Bottom line

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.

Consider comparing the rates and terms of other lenders to make sure you find the best option for you.

Frequently asked questions


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 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

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

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.

Read the full methodology of how we rate personal loan providers.

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