Take advantage of the discounts offered for having joint borrowers having over $40,000 in retirement savings.
APR
7.99%-29.99%
Loan Amount
$7,500 -$40,000
Term
24 to 60 months
Min score
620
Take advantage of the discounts offered for having joint borrowers having over $40,000 in retirement savings.
APR
7.99%-29.99%
Loan Amount
$7,500 -$40,000
Term
24 to 60 months
Min score
620
FreedomPlus is the online personal loan provider of Freedom Financial Network. It is based out of San Mateo and was started in 2013. FreedomPlus has tapped talent from other large personal loan providers such as LendingClub and Prosper. They have funded over 1 billion dollars in personal loans.
FreedomPlus is good for those with okay to excellent credit and good financial positions. It has quick turnaround times and a human touch that can help you find the right loan for you.
However, because FreedomPlus charges origination fees, more qualified borrowers may be able to qualify for better terms and larger loan amounts at another top lender.
- Joint Borrowers
- Soft Pull Inquiry
- Competitive Interest Rates
- Quick Turnaround Times
- Customer Service
- Discounts
- No Prepayment Penalty
- Origination Fee
- More Interaction
- Not Available in All States
- Fees
- Higher Minimum Amount
Is Freedom good for debt consolidation?
Freedom is a decent option if you’re looking for a debt consolidation loan. You can borrow $7,500 -$40,000 and the lender also offers direct payment to creditors. This means that you don’t need to wait for the loan funds to arrive.
Freedom will pay out to designated creditors on your behalf, and then provide the remainder of the funds to you. However, you do need to be prepared for a loan origination fee.
Can I add a cosigner to a Freedom personal loan?
Unfortunately, Freedom does not allow co signers on its personal loans. However, if you have concerns that your credit may not be sufficient to secure a loan, you can submit a joint application.
The key difference between a joint application and using a co-signer is that the other party can also access the loan funds.
Does Freedom offer more financial products besides personal loans?
Freedom specializes in lending, so all its products are tailored to this niche. In addition to personal loans, you can access home loans and mortgages.
Freedom also offers credit cards with a variety of cards to suit your requirements. This includes 0% purchase deals and balance transfer cards, which you can compare on the lender’s website.
Can I pay off a Freedom loan early?
Freedom does not have any prepayment fees, so it is possible to repay your loan early either in a lump sum or by making additional payments.
However, if you are thinking of switching to another lender, it is worth considering the origination fee that was paid at the start of your Freedom loan and factoring this into your calculations.
In this Review..
Requirements & Repayment Options
FreedomPlus has a maximum DTI of 45 percent and one of the largest minimum loan sizes available, at $7,500. Its maximum loan amount is $40,000. Applicants must have a credit score of 620 or higher to be considered for FreedomPlus.
Compared to similar personal loan lenders, the required score is reasonable. For example, Lending Point credit score is 580 while Upgrade minimum score is 620 .
A borrower's DTI affects how much you can borrow in addition to influencing her approval chances, with FreedomPlus offering loans up to 35 percent of the applicant's pre-tax (gross) income within the standard loan range.
With FreedomPlus, you can set your payment due date once and change it twice during the course of a year. With FreedomPlus, you can also send payments directly to creditors. They do not, however, provide an autopay discount. Co-applicants are permitted and can assist prospective borrowers in qualifying for a lower interest rate.
FreedomPlus Loan Pros & Cons
As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:
- Joint Borrowers
FreedomPlus allows for joint borrowers on their personal loans. They even offer interest discounts for joint borrowers. It improves your chances of getting approved. Many loan providers do not allow joint borrowers.
- Soft Pull Inquiry
FreedomPlus does an initial soft pull inquiry so the borrower can get an idea of the options for which they may qualify.
- Competitive Interest Rates
FreedomPlus has very competitive rates for strong borrowers. In the fine print they state what it takes to get their lowest rate: excellent credit, a loan less than $14,000, and a term of 24 months.
- Quick Turnaround Times
FreedomPlus has a quick and simple application process and the loan is usually funded in about 48 hours.
- Customer Service
FreedomPlus has loan specialists who can help you find the right loan for you and help you get any eligible discounts.
- Discounts
FreedomPlus offers discounted rates for the below items. These items may also help you get approved.
- No Prepayment Penalty
FreedomPlus does not have a prepayment penalty.
- Origination Fee
FreedomPlus deducts a one-time origination fee of 0% to 5% of your loan amount directly from your loan funds. This should be considered in the pricing of your loan when you apply. Take into consideration that there are other lenders who do not charge an origination fee.
- More Interaction
If you are looking for minimal human interaction and you don’t want to have to speak to a representative, Freedom Plus will not be the loan provider you want.
- Not Available in All States
FreedomPlus operates in 36 states. Check to see if they operate in your state by starting the application process – one of the questions they ask is in which state you reside. If you reside in a restricted state they will let you know.
- Fees
FreedomPlus has late fees and other processing fees. There are other lenders available that do not have these fees.
- Higher Minimum Amount
The lowest personal loan amount you can get with FreedomPlus is $7,500.
Customer Experience
- 4.7/5 on BBB customer reviews (+700 reviews): BB customer reviews allow customers to post positive, negative, or neutral reviews about marketplace experiences.
- 4.9/5 on Trustpilot ( 1800 reviews): TrustScore is also an overall measurement of reviewer satisfaction, represented numerically from 1 to 5.
FreedomPlus | |
|---|---|
iOS App Score | 4.5 |
Android App Score | 3.3 |
BBB Rating | N/A |
WalletHub Rating | 4.5 |
Contact Options | phone |
Availability | 5 am – 5 pm (PT) |
What Can a FreedomPlus Personal Loan Be Used For?
FreedomPlus offers personal loans for many different reasons including debt consolidation, home improvements, wedding costs, major purchases, relocation, medical expenses, travel, and auto maintenance. FreedomPlus offers little information about what the loans can be used for.
- Home Improvement – FreedomPlus home improvement loans can be used for home repairs or renovations. The advantage of using a FreedomPlus home improvement loan is that you do not have to use your home as collateral and you get funds much quicker with less documentation. FreedomPlus has a quick turnaround, usually within 48 hours after applying. Typically, it takes a month or more to get an equity line of credit on your home.
- Debt Consolidation – FreedomPlus debt consolidation is paying off one or more prior unsecured loans with the new loan. In the debt consolidation process, you can create one payment to one lender. FreedomPlus pays creditors directly. If you elect to pay creditors directly, it may help you get approved.
- Relocation – Moving can be expensive. You can get a loan from FreedomPlus to help cover those costs. Additionally, if you have unexpected auto repairs you can use FreedomPlus to help cover those costs.
- Auto Refinancing – Additionally, if you have unexpected auto repairs you can use FreedomPlus to help cover those costs.
How to Apply For a Personal Loan With FreedomPlus
- 1.
The FreedomPlus application process is simple and quick, but you do have to speak with a representative about your loan. You first answer some questions about how much money you need and for what.
- 2.
You then fill in some basic information about yourself.
- 3.
Then FreedomPlus does a soft credit pull to see if you are eligible for a loan. A soft pull does not affect your credit. Then FreedomPlus will call and discuss the loan with you and the things you should consider. They will also verify the information you put on your application.
- 4.
They can also discuss with you customizing your loan to save you money and increase personal loan eligibility. For example, FreedomPlus offers discounts for adding a co-applicant and paying off your creditors directly. There is also a retirement discount for those who have over $40,000 in a retirement account.
- 5.
They will do a hard pull and let you know if you have been approved. You may still need to upload documents to verify your ID, income, or address. You then will sign loan documents and funds are usually in your account within 48 hours of applying..
FreedomPlus FAQs
Is FreedomPlus a good place to get a loan?
FreedomPlus offers loans with a decent maximum amount and reasonable rates, depending on your circumstances. You do need a decent credit score to qualify, which may be a barrier to some. So, this does make FreedomPlus a good option if you have fair credit.
Does FreedomPlus check your bank account?
FreedomPlus does require applicants to declare their income and employment status. You will also need to supply a valid ID as part of the loan application. FreedomPlus will need to verify your income and may check your bank account.
However, in many cases, supplying supporting documentation such as pay stubs, bank statements or tax returns could negate the need to check your bank account.
If you can't meet the minimum requirements, you can compare other personal loan lenders. Keep in mind to pre-qualify so your credit score won't hurt. Also, there are alternatives to personal loans you may want to consider.
Is FreedomPlus better than RocketLoans?
RocketLoans loan amount is slightly higher, but the lowest possible rate is higher. Additionally, RocketLoans requires a higher minimum FICO score, a minimum income and two years of credit history.
This means that in many cases, FreedomPlus is likely to be the better option. You can qualify with a slightly lower credit score, and if you have good credit, you’ll qualify for a lower rate. So, unless you need that extra loan amount, opt for FreedomPlus.
Is FreedomPlus better than Discover?
Discover has a lower maximum loan amount and the starting APR is higher. However, at the top end of the scale, the rates are lower than FreedomPlus. Discover also has more stringent applicant requirements. You need an excellent credit score to qualify.
The only advantage of Discover is the lender has a completely digital application process. This speeds up approval decisions and you can typically receive funds within one business day. So, unless you are in need of quick cash and can meet the credit score requirements, FreedomPlus is likely to be a better choice.
Alternative Personal Loans Lenders
 |  |  | |
|---|---|---|---|
APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 8.99% – 23.43% (with discounts)
| 8.41%-29.99%
| 6.99% – 24.99%
|
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 24-84 months
| 36-60 months
| 36-72 months
|
Loan Amount | $5,000 – $100,000
| $2,000 -$45,000
| $3,500 – $40,000
|
Minimum Score | 680
| 640
| 660 (FICO)
|
Funding Time | Up to 7 days
| As soon as same day
| 1 to 4 days
|
Review Personal Loan Top Lenders
Avant
Best Egg
CitiBank
Credible
Discover
Figure
FreedomPlus
Payoff
LendingPoint
LendingTree
Marcus
OneMain Financial
RocketLoans
SoFi
Upgrade
Upstart
Wells Fargo
Compare Alternatives
Freedom vs Upstart vs Avant
Avant is best suited for people with bad credit, whereas Upstart offers small loans and quick funding. Finally, FreedomPlus is appropriate if you require a large loan or a joint loan. When compared to one another, each of these lenders has advantages and disadvantages.
Read Full Comparison: Freedom Vs Upstart Vs Avant: Choose The Right Personal Loan
Freedom vs LendingPoint vs Avant
FreedomPlus is an online lender that only works with relatively large loan amounts and also provides joint loans. Avant caters to people with low credit scores and focuses on providing quick access to funds.
Finally, LendingPoint is a similar option to Avant in many ways, such as its acceptance of lower credit scores and quick application process.
Read Full Comparison: LendingPoint vs Freedom vs Avant: Which Personal Loan Is Better?
