FreedomPlus 2023 Review
FreedomPlus Overview
Since 2013, FreedomPlus has grown into a major player in the personal loan market, offering consolidation loans for borrowers who want to pay off credit card debt. One of their major selling points is that they approve consumers and provide them with funds quickly, sometimes in as little as 72 hours. Our FreedomPlus Personal Loan review will help you decide if this company is the right lender for you.
FreedomPlus Pros
- Reputable Customer Service: FreedomPlus is known for their loan consultants, who offer great customer service over the phone. As of December 18th, 2018, FreedomPlus had 87% positive reviews on the BBB website.
- Additional Discounted Loan Rates: You can qualify for discounted rates (from 5.99%* APR) if your loan is utilized primarily for direct pay to creditors (credit card consolidation), apply for a loan with a co-borrower, or have over $40,000 of retirement savings.
- Quick Application Process: The application process is simple and only takes a few minutes.
- Same-day Approvals: Loans are funded and in your FreedomPlus account in as little as 72 hours.
- Offers Co-Signed And Joint Loans
- Direct Payment To Creditors: FreedomPlus offers direct payment to creditors if clients take out loans meant for debt consolidation.
FreedomPlus Cons
- FreedomPlus loans have high minimum loan amounts.
How Does FreedomPlus Work?
FreedomPlus is an online personal lender that focuses on quick approval and funding. If you’re well qualified, you can get money in as little as 24 hours from the time that you apply for a loan.
When you apply for a loan, FreedomPlus does a soft pull on your credit. FreedomPlus loans reviews the details of your credit profile and the financial information that you provide to determine whether it can pre-qualify you for a personal loan.
If you do prequalify, the company gives you a quote for interest rates and fees. You can then choose whether to move forward with the loan.
Products Offered
FreedomPlus focuses on personal loans, a flexible type of loan that doesn’t require collateral and that can be used for almost any purpose.
The company mentions a few specific reasons for getting a personal loan, including:
- Debt consolidation
- Home improvement
- Major purchases
- Weddings
- Vacations
- Unexpected bills
- Emergency expenses
- Starting a business
- Moving costs
However, there are many other reasons that you might consider applying for a personal loan. Regardless of why you’re applying, the loans on offer will have the same minimums, maximums, rates, and fees.
How to Qualify for a FreedomPlus Personal Loan?
As with any loan, you can improve your chances of qualifying for a loan from FreedomPlus by having a high credit score, low debt, and high income. However, the company does publish some minimum requirements.
- Have a credit score of 600 or higher
- Have a debt-to-income ratio of 45% or less
- Have a credit history at least three years long
- Have at least two other credit accounts
- Not have any bankruptcies in the past two years
If you meet the above requirements, you have a chance of getting a loan from FreedomPlus.
How to Apply for a FreedomPlus Personal Loan?
FreedomPlus does most of its lending online, but you do have the option to speak to a consultant over the phone to discuss details of your loan or finalize your application.
When you apply for a loan online, you begin by selecting a loan amount you're requesting. You will also need to identify the reason for the loan and submit your credit score.
You will also need to provide basic personal information like your name, email, and employment. FreedomPlus initially performs a soft pull on your credit score, which does not count against your rating. Based on your credit history and other information, they can pre-qualify you for a loan at a set interest rate.
If you choose to move forward with the offered loan, FreedomPus will do a hard pull on your credit to confirm your details.
Terms & Requirements
To be eligible for a loan from FreedomPlus, you must meet these requirements:
- Have a valid ID
- Be over 18 years of age
- Be a US citizen
- Live in one of the 36 eligible states
- Have a verifiable bank account and income
FreedomPlus Pricing
FEES
- Prepayment fees: Zero prepayment fees.
- Origination fee: There is an origination fee of 0 to 4.99%.
- There is a late fee of either $15 or 5% of the amount due after a 10 day grace period, whichever is greater.
- There is a personal check processing fee of $15, but the company offers ACH automatic payments with no processing fees.
- There is an unsuccessful payment fee of $15.
BORROWER REQUIREMENTS
- To qualify for a loan, you need a minimum FICO® credit score of 620. The average borrower has a score over 700.
- The maximum debt-to-income ratio allowed is 40%.
- The average borrower’s debt to income ratio is 20%.
- The average borrower has a minimum gross income of $30,000.
- Your credit history should show at least two active credit accounts that are at least 3 years old.
DISCOUNTS
FreedomPlus offers the following discounts:
- Direct pay discounts if you are using a loan for debt consolidation and allow FreedomPlus to send the money directly to your creditors.
- Co-applicant discounts when you have a co-signer for your loan.
- Lower interest rates if you’re actively planning for your retirement and have a separate savings account.
LOAN TERMS
- FreedomPlus loan terms range from 2 to 5 years.
- Loan amounts range from $5,000 - $50,000
- Loans through FreedomPlus can be funded in as little as 3 days.
- FreedomPlus’s interest rates start as low as 7.99% with the top rate being 29.99%.
For Whom FreedomPlus is Good?
FreedomPlus targets borrowers with fair or better credit who need to get money quickly. The company also offers discounts to specific types of borrowers, including people who have retirement savings and who sign up for direct payments.
This means that people who are in a solid financial position and who can apply with a co-borrower, such as a spouse or partner, are likely to get the best deals from FreedomPlus. People with poor credit will struggle to get a good loan from the company.
FreedomPlus Personal Loan Alternatives
FreedomPlus is just one of dozens, if not hundreds, of personal lenders out there. It’s always in your best interest to shop around and compare offers from multiple lenders to get the best deal.
Here are some other lenders to consider.
Summary
FreedomPlus's services encompass all the necessary characteristics for a reputable lender. Customer and professional reviews on FreedomPlus loans note that the lender adds a nice personal touch. Their competitive rates and discounts are ideal if you are trying to consolidate and pay off credit card debt. Interested individuals can contact FreedomPlus to see if they prequalify.
Contact FreedomPlus
Phone: 800-375-9401 Address: FreedomPlus 1875 S. Grant St. #450 San Mateo, CA 94402
Frequently Asked Questions
How does FreedomPlus compare to other lenders?
FreedomPlus is unique in the fact that they provide discounts for those who wish to consolidate debt, are planning for their retirement, or sign up with a co-applicant.
How do I know if I qualify for FreedomPlus?
Individuals who are eligible for FreedomPlus must be a US citizen, over 18 years of age, and live in one of the 41 eligible states. Those who are interested can submit a simple application with basic financial information to see if they are pre-approved by FreedomPlus.
What are my obligations if I sign up with FreedomPlus?
You will need to provide financial information to FreedomPlus so that they may determine your loan eligibility. Once your loan has been disbursed, you will need to make consistent payments on the loan itself so you don't fall further into debt. We recommend using the direct pay option so that you aren't tempted to use your loan to make new purchases, and so you can qualify for the additional interest rate reduction.
How can I contact FreedomPlus?
You can follow FreedomPlus on Twitter or Facebook.
Their mailing address is 1875 S. Grant St. #450 San Mateo, CA 94402
What are FreedomPlus's business hours?
FreedomPlus loan consultants are available to help you Monday through Friday from 6 AM to 7 PM PST and on Saturday from 7 AM to 3 PM PST.
Is FreedomPlus legit?
Yes, FreedomPlus is legit, offering personal loans to customers in more than 30 states.
What credit score is needed for FreedomPlus?
FreedomPlus requires a minimum credit score of 600 to qualify for its loans.
Does FreedomPlus do a hard pull?
FreedomPlus does a soft pull when you first apply, giving you a chance to prequalify for a loan. If you choose to move forward with the loan, the company will initiate a hard pull.
Is FreedomPlus a direct lender?
Yes, FreedomPlus offers loans directly to borrowers.
FreedomPlus Disclaimer
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.
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