FreedomPlus Personal Loans Review
FreedomPlus takes a personalized approach to online lending by requiring each borrower to meet with a loan consultant via phone. Paired with competitive rates, this makes FreedomPlus personal loans an attractive option in an otherwise digitally driven loan marketplace.
- FreedomPlus is a good personal loan option for borrowers with fair credit, but good- or bad-credit borrowers may want to consider other options.
- Although you can begin the application process online, you need to speak with a representative on the phone to complete the loan application process.
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
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 Bills.com, 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 loan: At a glance
- Pros & cons of a FreedomPlus personal loan
- Applying for a FreedomPlus Personal Loan
- Where to find FreedomPlus alternatives
FreedomPlus personal loan: At a glance
|FreedomPlus personal loan|
|Loan amounts||freedomplus-perl-53-amountlow – freedomplus-perl-53-amounthigh|
|Interest rates||freedomplus-perl-53-fixlow% – freedomplus-perl-53-fixhigh%|
|LendEDU rating||4.38 / 5.00|
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 excellent credit may find that FreedomPlus offers highly competitive loans, particularly when compared to other top lenders such as Citizens Bank (as low as citizensbank-perl-37-fixlow%) and LendingClub (as low as lendingclub-perl-46-fixlow%).
- 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 SoFi or Best Egg.
- Though some highly qualified borrowers may secure that 5.99% rate, others may have to settle for loan rates as high as 29.99%, which could drastically increase their monthly payments. In general, we found FreedomPlus was best for fair credit borrowers, as other options worked better for borrowers on either extreme of the credit spectrum.
- Many borrowers will also have to pay an origination fee. Some other lenders, such as LightStream, have removed all origination and application fees from their loan products.
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 FreedomPlus.com. 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.
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 4.38 / 5.00 as a fair credit lender. LendEDU rates personal loans based on the weighted average of multiple data points, which vary by credit category. You can learn more about our rating methodology here.4.38 FreedomPlus Personal Loans
Author: Jennifer Lobb
Your Guide to Financial Freedom
Money tips, advice, and news once a week
Join the LendEDU newsletter!Thanks for submitting!Please Enter a valid email
Personal Loans Information
Personal Loan Reviews