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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.
$40,000
Max. Loan Amount
5.99% to 29.99%
APR
620
Min. Credit Score
| Product Name | FreedomPlus Personal Loans |
|---|---|
| Min. Loan Amount | $10,000 |
| Max. Loan Amount | $40,000 |
| APR | 5.99% to 29.99% |
| Interest Rate Type | Fixed |
| Minimum Loan Term | 2 years |
| Maximum Loan Term | 5 years |
| Turnaround Time | Total 3 days. 24 hours for approval, receive funds potentially 48 hours later |
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.
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.
If you live in one of those states, look for other lenders that operate in your area.
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.
To qualify for a FreedomPlus loan, you must:
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.
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.
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.
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.
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.
Consider comparing the rates and terms of other lenders to make sure you find the best option for you.
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.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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