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FreedomPlus personal loans review

Borrow up to $50,000 with this highly rated provider — but most borrowers pay a 4.99% origination fee.’s rating: 3.6 / 5.0


Bottom line. Best for borrowers with good credit who need to borrow under $12,000 and can pay back the loan quickly. Pick another lender if you don’t want to pay origination fees. See our 30-second take.


Min. Loan Amount$5,000
Max. Loan Amount$50,000
APR7.99% to 29.99%
Interest Rate TypeFixed
Min. Credit Score600
Origination Fee1.99% to 4.99%
Loan Term2 to 5 years
Turnaround TimeAs soon as the next business day


  • Services 39 states
  • Multiple discounts available
  • No prepayment fees
  • Accepts coapplicants


  • May take up to three days to receive funds
  • No loans under $5,000
  • Origination fee of up to 4.99%
  • Limited information on website

Our take on FreedomPlus

FreedomPlus is best for fair to good credit borrowers who need a personal loan ranging from $5,000 to $50,000. Interest rates start at 7.99% and cap out at 29.99% APR, and you can take two to five years to pay back your loan. But its best rates go to excellent credit borrowers looking for $12,000 or less that can pay back their loan within two years.

With FreedomPlus, anyone with a credit score of 600 and up can apply for a loan. You can also apply with a creditworthy coapplicant to increase your chances of loan approval and get a rate discount. Rate discounts are also available on debt consolidation loans if you choose to have FreedomPlus pay your creditors directly. This lowers risk to the company.

The company charges a 1.99% to 4.99% origination fee, and states that most borrowers pay the maximum fee of 4.99%. However, not all personal loan providers charge an origination fee. So, if you have good to excellent credit, you can avoid paying this fee by going with another lender like Sofi, LightStream or Marcus.

But despite the fees it charges, FreedomPlus comes highly rated by past customers, earning high marks on sites like Trustpilot and the Better Business Bureau (BBB) website. However, its services are only available in select states and loan amounts vary by the state you live in.

FreedomPlus rates, fees and terms

FreedomPlus’ rates are about average for lenders that cater to fair and good credit borrowers – ranging from 7.99% to 29.99% when fees are factored in. To get the best rate, you need excellent credit, a low debt-to-income (DTI) ratio and to borrow within certain limits.

Unlike some lenders, you’ll be on the hook for a 1.99% to 4.99% origination fee with FreedomPlus, with most borrowers paying the maximum fee of 4.99%. Repayment terms range from 24 to 60 months, but you’ll get a better rate by choosing a shorter term.

To see how much borrowing from FreedomPlus might cost you, use this calculator to enter your desired loan amount, loan term and APR.

Is FreedomPlus available in my state?

While FreedomPlus services a wide borrower base, it doesn’t offer its services to residents of these 11 states:

  • Colorado
  • Connecticut
  • Hawaii
  • Kansas
  • New Hampshire
  • North Dakota
  • Oregon
  • Vermont
  • Wisconsin
  • West Virginia
  • Wyoming

How FreedomPlus compares other personal loan providers

To see more options, select your credit score and state, then select Show me my personalized options.

1 – 5 of 5
Name Product Filter Values APR Min. Credit Score Loan Amount
Best Egg personal loans
7.99% to 35.99%
$2,000 to $50,000
A prime online lending platform with multiple repayment methods.
Credible personal loans
3.99% to 35.99%
Fair to excellent credit
$600 to $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Upstart personal loans
5.6% to 35.99%
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
SoFi personal loans
7.99% to 23.43%
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
LendingClub personal loans
6.34% to 35.89%
$1,000 to $40,000
A peer-to-peer lender offering fair rates based on your credit score.

Compare up to 4 providers

FreedomPlus reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 4.77 out of 5 stars, based on 1602 customer reviews
Trustpilot Score 5 out of 5 stars, based on 4,591 customer reviews
Customer reviews verified as of 10 August 2022

FreedomPlus receives overwhelmingly positive reviews from thousands of customers on websites like Trustpilot and the BBB. It even earns high marks from BBB reviewers, which is unusual for a financial services company. Borrowers praise FreedomPlus for its professional, kind customer service and quick processing times. But a few reported trouble getting in touch with customer service when they wanted to make changes to their loan.

FreedomPlus has been accredited with the BBB since 2021 and earns an A+ business rating for how it has handled its BBB customer complaints over the past three years. The Better Business Bureau (BBB) has issued an alert for scammers posing as FreedomPlus representatives and some customers filed complaints after they were contacted by scammers.

Look out for people claiming to represent FreedomPlus who ask you to do business on another website or send money overseas. If you've received an offer from FreedomPlus but aren't sure it's legitimate, call 800-368-0061 to check.

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 coapplicant

FreedomPlus allows you to apply with a coapplicant, which could increase your chances of getting a loan. With a coapplicant, 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 need to make 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.

Is FreedomPlus legit?

Yes. FreedomPlus is headquartered in San Mateo, CA and operates under Nationwide Mortgage Licensing System (NMLS) number 227977. According to its website, all loans offered through FreedomPlus are made by Cross River Bank, a New Jersey State Chartered Commercial Bank or MetaBank. FreedomPlus’ privacy policy is on its website, which you can view to learn how your information is used and shared with other businesses.

Frequently asked questions

What's the average amount of a FreedomPlus loan?

Customers borrow an average of $19,000.

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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