FreedomPlus Personal Loans offers loans from $5,000 to $35,000 and rewards borrowers who are working to consolidate debt.
FreedomPlus Personal Loans is an online lender that provides customers with some unique perks that other companies normally don’t offer. These include the ability to pay debt directly, and rewards for consolidating debt. The company is based in San Mateo, California, and was founded by Joseph Toms in 2014.
Quick overview of FreedomPlus Personal Loans
Here are a few things to keep in mind if you’re interested in applying for a personal loan through FreedomPlus.
- The average credit score of a FreedomPlus borrower is between 700-740. Good credit is typically required.
- You will need to have a low debt-to-income ratio and earn $25,000 or more annually.
- Before you are approved for a loan, you will be required to speak to a consultant first. Sometimes, they can help you get better rates.
- FreedomPlus encourages borrowers to have co-signer by offering lower interest rates to those who do.
- The APR varies from 7.93% to 29.9%, but averages around 21.7% for most customers.
For more information, check our detailed FreedomPlus Personal Loans product page.
How does FreedomPlus differ from other lenders?
FreedomPlus Personal Loans is unique in the lending world because they offer incentives to lower the APR on your loan. Considering the already competitive APR, the option to lower your interest even further could be wildly beneficial in helping get debt under control. One way you can decrease your APR is by applying with a cosigner, as this is encouraged by FreedomPlus. Another way is to consolidate your debt and pay off your creditors directly. Aside from this being an added benefit that most lenders don’t offer, FreedomPlus may even lower your interest by 1% to 3% if you choose to go this route.
How to apply
FreedomPlus Personal Loans takes pride in offering their customers a quick and simple application process.
- Step 1: Fill out the online application form with all the required information and wait for FreedomPlus to conduct their credit check. They will only do a soft pull from Experian so it won’t affect your credit score.
- Step 2: If you’re approved, you will need to create an account online and provide more details about your financial situation. It’s at this point that you can opt to lower your interest by adding a cosigner or paying off your creditors directly.
- Step 3: After you select the loan you need, a FreedomPlus loan consultant will contact you to gather more information (verifying your identity and bank account), and to finalize the approval.
- Step 4: Once everything is finalized, you can then choose which day each month you would like to make your payment. This date can be changed at any time.