Our Rating: 86%
Freedom Plus Personal Loan Review
- Quick funding (within two business days)
- Option to change your payment date
- No prepayment penalties
- Joint loans
- Offers direct payment to creditors with debt consolidation loans
- Availability varies by state
- High minimum loan amount
- Origination fee
About Freedom Plus Personal Loans
Freedom Plus Personal Loan Snapshot
$7,500 - $40,000
7.99% to 29.99%
Minimum Credit Score:
Time to Funding:
Within 48 hours
Has Origination Fee:
Origination Fee: 1.99% - 4.99%
What loan amount would you look to borrow?
Pros and cons of Freedom Plus Personal Loans
Before signing up for a loan with Freedom Plus, take a look at this breakdown of some of its benefits and drawbacks.
Quick funding: Same day approval with the and fund deposited within 48 hours.
No prepayment fees: No prepayment fees giving you the option to pay off your loan early, saving on interest costs.
Joint loans: Unlike some online lenders, FreedomPlus allows you to add a co-borrower to your loan, which may increase the likelihood of you being approved if you have less-than-excellent credit.
Direct payment to creditors: Direct pay discount - Allows borrowers who want to use the loan to consolidate debt and allows FreedomPlus to use at least 85% of their loan funds to pay their creditor directly.
Availability varies by state: FreedomPlus also does not offer loans in every state.
Origination fee: Origination fees of up to 4.99% depending on your loan amount and repayment terms.
Minimum Loan Amount: Minimum loan amount of $7,500 which is high compared to other lenders.
Are Freedom Plus Personal Loans Available in your State?
FreedomPlus loans ranging from $7,500 to $40,000 with fixed rates. However, in some states, the minimum loan amount can vary:
- Arizona $10,500
- Georgia $3,500
- Ohio $5,500
The repayment terms range from 24 to 60 months. Interest rates range from 7.99%to 29.99 % APR.
In order to qualify for the best rate, it is suggested you have excellent credit, request to borrow less than $12,000 and have a repayment term of 24 months. Other ways for borrowers to qualify for the best rates is if they:
- Apply with a co-signer with good credit and solid income.
- Use at least 85 percent of the loan amount to directly pay off a qualifying existing debt.
- Show proof of sufficient retirement savings.
After applying for a loan, approval can take two to three hours to complete. After being approved you will need to upload the required documents and sign the loan contract the same day.
Fees and penalties
FreedomPlus doesn’t charge an origination fee of 1.99 percent to 4.99 percent. There is no application fee or prepayment fee. There is a late payment fee of $15 or 5 percent of the amount that’s due.
How to get a Personal Loan with Freedom Plus
The application can be done online or by calling a FreedomPlus loan consultant. To start the process, check to see if the lender operates where you live by entering your state. If Freedom does lend in your state, you’ll need to provide your name, employment status, income level, address, and date of birth.
After applying the lender will then run a soft credit check to see if you’re prequalified. If you are preapproved, you’ll be given a phone number where you can speak with a loan consultant to complete the application process.
After a hard credit check, you’ll then need to provide your ID, proof of income, and bank account verification. You will then be prompt to sign the loan contract to complete the process.