What we like:
Human engagement during application
|Rates (APR)||4.99% – 29.99%|
|Loan Terms||2 – 5 years|
|Loan Amounts||$7,000 – $35,000|
|Fees||Origination fee: 0% – 5%|
Prepayment penalty: None
Late fee: $15 or 5% of amount due, whichever is greater
In a world of digital convenience, it can be a challenge to find hands-on lending without physically entering a bank or lending institution. However, FreedomPlus appears to give the best of both worlds.
FreedomPlus incorporates over-the-phone loan consultation prior to approval. This offers borrowers the opportunity to discuss information that is pertinent to their pending application, with the possibility of lowering interest rates based on a variety of factors, including cosigners and retirement fund status.
How to Get a FreedomPlus Loan
The FreedomPlus application process is fairly straightforward, a sentiment that aligns with their general presence. The information on requirements and the process is easy to locate, which helps create a sense of transparency from the start.
To apply, interested customers can simply fill out the online application, which requires users to submit their signature, a valid ID, verification of income, and an active bank account.
After submission, potential borrowers will receive a phone call from a loan consultant to further collect qualifying information that extends past the credit report. Once approved, borrowers can expect to receive their funds in as little as 48 hours.
To be approved for a FreedomPlus loan, applicants should have a minimum credit score of 640, an income of at least $30,000 a year, and a debt-to-income ratio that is less than 40 percent.
The Basics of FreedomPlus Loans
If approved for a FreedomPlus loan, borrowers can expect a 4.99% to 29.99% annual percentage rate. To qualify for the lowest rates, borrowers must have excellent credit; take out a two-year, $15,000 loan; and meet one of the following requirements: have a cosigner, be using at least 50 percent of the funds to pay off existing debt, or have at least $40,000 in a retirement account.
Despite the strict requirements for the lowest interest rates, borrowers who are considered creditworthy but don’t meet the aforementioned requirement might receive an APR as low as 6.99% to 7.99%. Additionally, depending on the amount of the loan, as well as the rates and terms, borrowers might be subject to an origination fee of up to 5 percent.
Loans amounts can range from $10,000 to $35,000 with repayment terms spanning from 24 months to 60 months. Although the loan is geared toward debt consolidation and repayment, the funds can be used for other expenses, like home improvements or a wedding.
FreedomPlus loans come with a slightly lower APR than other similar lenders, like BestEgg (5.99% minimum) and Sofi (6.26% minimum). Although, as mentioned above, the requirements to receive that 4.99% APR are a bit stringent.
Further, those who prefer to have some type of human engagement during the process may find comfort in FreedomPlus’s application process, as there is a required phone conversation, and that conversation can help the lender consider factors outside of a credit score when reviewing the loan. This practice deviates from the tunneled application process currently used by many similar lenders. Customers who have used FreedomPlus loans also found customer service after loan approval to be satisfactory, which backs up the lender’s “friendly” mission, a sentiment that new borrowers may appreciate.
With a minimum credit score requirement of a 640, FreedomPlus is not designed for those with low credit scores. And the best rate is, as mentioned, only available to those who meet specific requirements.
Additionally, while some personal loans are available in as little as one day, FreedomPlus loans may take a bit longer, though the average of 48 hours doesn’t make that wait much longer.
Finally, if you’re looking for minimal interaction, and therefore prefer an application process that is limited to a desktop or mobile experience, FreedomPlus likely won’t be your best option.
FreedomPlus aims to put a personal touch on online lending, and they appear to be doing just that. If you’re looking for that type of experience, have good credit, and want to refinance current credit card debt, FreedomPlus might be worth considering.4.24 FreedomPlus Personal Loans
Author: Jeff Gitlen
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