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Personal Loans

FreedomPlus Personal Loans Review

FreedomPlus is no longer in business. Check out our picks for the best personal loans to see other options.

at FreedomPlus’s secure website
Editorial Rating

Editorial Rating

What we like:

Human engagement during application

Rates (APR)4.99% – 29.99%
Loan Terms2 – 5 years
Loan Amounts$7,000$35,000
FeesOrigination fee: 0% – 5%

Prepayment penalty: None
See how FreedomPlus’s personal loan product stacks up with other options

The online lending market is booming right now, and more consumers than ever are choosing to apply for personal loans without stepping foot into a bank. Though there are numerous online personal loan lenders available, FreedomPlus continues to remain a competitive option.

Founded in 2013, FreedomPlus is part of the Freedom Financial Network, an organization that aims to provide “comprehensive consumer advocacy services” through each of its companies, including, Consolidation Plus, and Freedom Debt Relief.

A quick visit to the site shows a commitment to that consumer advocacy, as FreedomPlus promises to make smarter decisions that support the unique needs of each borrower. This FreedomPlus review will help you decide if this lender is right for you.

In this review:

FreedomPlus Personal Loans: At a glance

FreedomPlus personal loan
Loan amounts$7,500$40,000
Term lengths24 – 60 months
Interest rates6.99% – 29.99%
Origination fee0% – 4.99%

FreedomPlus offers fairly standard loan rates and term lengths, although its minimum loan amount may be too high for borrowers looking to cover smaller expenses.

The lender takes a unique approach to lending by incorporating a loan consultation requirement into its application process. This can help some borrowers secure better rates than they would otherwise, and highly qualified borrowers may even receive rates as low as 5.99%.

However, with rates as high as 29.99%, this loan product may be expensive for those with poor credit. Additionally, borrowers who would prefer to apply for a loan without speaking to a representative may not appreciate the FreedomPlus personal loan process.

Pros & cons of a FreedomPlus Personal Loan


  • FreedomPlus moves past basic algorithmic loan decisions and gives some borrowers, particularly those who barely or loosely meet eligibility requirements, the opportunity to further explore their options instead of receiving an outright denial.

  • During the phone consultation, some borrowers may find they qualify for lower rates based on certain eligibility criteria, like the presence of a retirement account or the decision to send funds directly to creditors when the loan is being used to pay down debt.

  • Borrowers with fair or good credit may find that FreedomPlus offers highly competitive loans, particularly when compared to other top lenders.

  • FreedomPlus offers considerable discounts for applying with a co-borrower, having retirement assets over $40,000, and putting loan proceeds directly towards debt consolidation.


  • While the FreedomPlus loan consultation may be a boon to some borrowers, others may find the requirement to be a burdensome hurdle that can slow the loan process and delay funding. This may be the case for prime borrowers who can quickly and easily access similar rates and terms with a competitor like LightStream.

  • Though some highly qualified borrowers may secure the lowest rate, others may only qualify for rates towards the higher end of the range. In general, we found FreedomPlus was best for fair credit borrowers, with some good credit lenders being better for those with higher scores.

  • Many borrowers will also have to pay an origination fee. Some other lenders have no fees.

Applying for a FreedomPlus Personal Loan

To qualify for a FreedomPlus loan, you must be at least 18 years of age, have a valid ID and checking account, and be able to provide proof of income.

The loan application process can be broken down into the following steps or phases.

Step 1: Applying

Like many of today’s online lenders, the FreedomPlus personal loan process starts with a quick and easy application at Applicants will be required to provide the following information:

  • Desired loan amount
  • Loan purpose (e.g., home improvements, debt consolidation, vacation, etc.)
  • Estimated credit score (e.g., excellent, good, poor, etc.)
  • State in which they live
  • Employment status and income
  • Contact information
  • Social Security number

Upon application completion, a screen will appear notifying the applicant if they have been pre-qualified for a loan and, if so, the approximate loan amount.

Step 2: Loan Consultation

Each applicant is required to speak with a loan consultant before finalizing the loan. Typically, a loan consultant will reach out to the applicant within a few hours or days to complete an application review. However, applicants are invited to contact FreedomPlus immediately if they don’t want to wait.

During the consultation, the FreedomPlus representative will ask a series of questions that help to determine the best loan terms for the applicant’s individual circumstances. Borrowers who meet one or more of the following criteria may be eligible for a lower rate.

  • Willing to add a co-borrower to the loan
  • Currently has retirement savings
  • Willing to opt for direct payment if all or part of the requested amount will go towards paying other creditors

Step 3: Loan Approval & Funding

Assuming the applicant wants to proceed with their loan offer, they will need to provide a valid ID, proof of income, and proof of a checking account. After all the required information is collected, they can sign the loan agreement.

Following lender approval, loans are typically funded within 48 hours, though some borrowers may have access to loan proceeds as soon as the same business day.

Securing Better Rates

As mentioned above, some borrowers with good credit will be eligible for better rate terms when they meet certain criteria. Some borrowers might also be able to secure a lower origination fee.

If you aren’t happy with your quoted rate and haven’t had much luck securing a better rate elsewhere, then you may want to take the time to improve your credit score before reapplying.

Though every lender uses different approval criteria, most of them, FreedomPlus included, rely on credit scores as a primary indicator of creditworthiness.

The following actions can help you improve your credit score and access more affordable loans:

  • Pay your bills on time, every time
  • Keep credit usage (e.g. credit card balances) low
  • Limit the total amount of hard credit inquiries
  • Increase your available credit by opening a new credit card
  • Regularly review a copy of your credit report to spot problem accounts or errors

Where to find FreedomPlus alternatives

In a world increasingly driven by algorithms, the personal touch of a FreedomPlus personal loan may be attractive to you—or not. However, as we’ve stated above, FreedomPlus is best suited for fair credit borrowers.

If your credit is poor, you should consider these bad credit loan options instead. If your credit is good, get quotes from a few of the lenders on our list of the best personal loans.

And if you want to compare FreedomPlus against other fair credit options, check out our page of personal loans for fair credit.

How we rated FreedomPlus Personal Loans

FreedomPlus received a rating of 4.8/5. LendEDU rates personal loan partners based on a variety of data points including rates, terms, fees, funding time, soft credit check availability, and more. You can learn more about our rating methodology here.