FreedomPlus offers personal loans from $10,000 to $35,000 and rewards borrowers who are working to consolidate debt.
FreedomPlus is an online lender that provides personal loan 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.
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Quick overview of FreedomPlus
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 4.99% p.a., but averages around 21.7% for most customers.
- There is an origination fee of up to 5% of the amount of the loan.
What makes FreedomPlus unique?
FreedomPlus Personal Loans is unique in the lending world because of offered 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.
How to apply for a FreedomPlus personal loan
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 of the required information and wait for FreedomPlus to conduct their credit check. Only a soft pull from Experian is used for the check, 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 may opt to lower your interest by adding a cosigner, or by 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.
As with any loan, it’s important to review the APR and terms before you sign. Make sure that the loan you’re getting is the one that best suits your needs.
Frequently asked questions
Can I make payments early?
Yes, there are no prepayment penalties.
Can I still get a loan through FreedomPlus if I have a bankruptcy on my credit report?
Yes, but not if it was within the last 2 years.
What is the minimum amount I can borrow?
FreedomPlus offers loans that start at $10,000. However, they do not arrange loans in Arizona under $10,500; Massachusetts under $6,500, Ohio under $5,500 or Georgia under $3,500.