FreedomPlus

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.

To qualify with FreedomPlus, you must have a valid ID, over 18 years of age, be a US citizen, and live in one of the 36 eligible states.

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.

Although you can apply to FreedomPlus online, during the process you can speak with a loan consultant on the phone in order to further discuss the details of your loan and finalize your application.

FreedomPlus caters to each individual, and works with creditors to get the results you need. For example, if you are using your personal loan to pay off credit card debt, FreedomPlus will not include this debt when looking at your debt-to-income ratio, and they even pay off your credit card on your behalf once you are approved.

Contact FreedomPlus

Phone: 800-375-9401 Address: FreedomPlus 1875 S. Grant St. #450 San Mateo, CA 94402

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.

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 $7,500 to $40,000.
• Loans through FreedomPlus can fund in as little as 3 days.
• FreedomPlus’s interest rates start as low as 7.99% with the top rate being 29.99%.

Summary

FreedomPlus's services encompass all the necessary characteristics for a reputable lender, but with a 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.