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FreedomPlus personal loans review

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Borrow up to $40,000 with this highly rated provider — but rates can go up to 29.99%.

finder.com’s rating: 4.2 / 5.0

★★★★★

  • Best for borrowers with good credit who need at least $10,000.
  • Pick something else if you want a lender with a faster turnaround.

$40,000

Max. Loan Amount

5.99% to 29.99%

APR

620

Min. Credit Score

Details

Product NameFreedomPlus Personal Loans
Min. Loan Amount$10,000
Max. Loan Amount$40,000
APR5.99% to 29.99%
Interest Rate TypeFixed
Min. Credit Score620
Minimum Loan Term2 years
Maximum Loan Term5 years
Turnaround TimeTotal 3 days. 24 hours for approval, receive funds potentially 48 hours later
Go to Freedom Financial Asset Management, LLC's website

Expert review

Anna Serio

Review by


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.

Expert review

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 will likely get the lowest rates. Unlike many personal loan providers, you can even apply with a cosigner to increase your chances of approval. And former customers give it high ratings on the Better Business Bureau.

It doesn’t work with residents of every state, however. And it’s not a good option if you’re looking to borrow just a few thousand dollars — its loans start at $10,000. It’s also not the fastest lender out there — you might have to wait up to three days to receive your funds.

Not sure FreedomPlus is right for you? Compare your other personal loan options below.

First, am I eligible?

To qualify for a FreedomPlus loan, you must:

  • Minimum annual income $30,000
  • Debt-to-income ratio of 40% or lower
  • Credit score of 620+
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.

Is FreedomPlus available in my state?

While FreedomPlus services a wide borrower base, it doesn’t offer its services to residents of these 15 states:

  • 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 these states, look for other lenders that operate in your area.

Pros

  • Services 35 states
  • Multiple discounts available
  • No prepayment fees
  • Accepts cosigners

Cons

  • May take up to three days to receive funds
  • No loans under $10,000
  • Origination fee of up to 5%
  • Limited information on website

Compare other personal loan providers

Updated November 19th, 2019
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
5.95% to 35.99%
Fair to excellent credit
$100,000
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
3.84% to 35.99%
Good to excellent credit
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
6.98% to 35.89%
600
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
3.84% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
34% to 155% (Varies by state)
No minimum
$10,000
Check eligibility in minutes and get a personalized quote without affecting your credit score.
3.99% to 35.99%
450
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
6.49% to 17.99%
650
$25,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
5.99% to 17.88%
680
$100,000
No fees. Multiple member perks such as community events and career coaching.

Compare up to 4 providers

What do customers say about FreedomPlus?

BBB accreditedNo
BBB ratingA+
BBB customer reviews5 out of 5 stars, based on 445 customer reviews
Trustpilot score4.9 out of 5, based on 940 customer reviews
Customer reviews verified as of11 November 2019

Borrowers complimented FreedomPlus on its professional, kind customer service and quick process. The most recent negative reviews, however, state that payments can be difficult to make and that the website is outdated.

How do I apply?

Follow these steps to apply for a FreedomPlus personal loan online:

What information do I need to apply?

When you fill out the FreedomPlus application, you will need to provide three pieces of information:

  • Valid government-issued ID
  • Proof of income
  • Social Security number

Applying with a cosigner

FreedomPlus allows you to apply with a cosigner, 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

What happens after I apply?

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.

Finalizing your loan may take three or so days, provided you have the necessary documentation on hand.

How do repayments work with FreedomPlus?

You’ll be on the hook for monthly repayments with FreedomPlus. 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.

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

Frequently asked questions

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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

★★★★★ — 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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