FreedomPlus 2019 Review
Since its founding in 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.
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.
FreedomPlus Cons
- There is an origination fee of 0 to 5% on loan applications.
- FreedomPlus does not offer loans to the state of Iowa.
FreedomPlus Pricing
Fees
- Prepayment fees: Zero prepayment fees.
- Origination fee: There is an origination fee of 0 to 5%.
- 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.
- Their loan amounts fall between $10,000 to $40,000.
- Loans through FreedomPlus can fund in as little as 3 days.
- FreedomPlus’s interest rates start as low as 5.99% 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.
Frequently Asked Questions
What is a personal loan?
A personal loan is a large cash fund you can borrow for personal use, like paying off consolidated debt, investing in your home, a vacation, or wedding. When working with a company such as FreedomPlus, the loan is intended be used to reduce or eliminate your debt.
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.
Is this a guaranteed fix for my credit score?
No company can promise to improve your credit score or get you out of debt. What they can do is provide solutions to help you pay off what you owe in a reasonable amount of time.
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.
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.
- Recognition from Bloomberg Businessweek, the San Francisco Business Times, and the Wall Street Journal
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