What is FreedomPlus?
FreedomPlus specializes in helping customers find loans that are perfectly tailored to their needs by offering personalized service. It customizes your loan by working with a network of lenders that offer different types of loans and cater to a wide variety of consumers. This means that rather than originate, or fund, loans, FreedomPlus uses your information to connect you with an appropriate third-party lender.
The company, operating out of Arizona, was founded by CEO Andrew Housser. Housser first co-founded affiliated company Freedom Financial Network in 2002. FreedomPlus is one of several arms of Freedom Financial Network, a company that aims to offer comprehensive financial services to consumers.
This FreedomPlus review will delve into the products and services offered through this company and discuss whether or not it might be a good fit for you. We’ll also go over some alternative options for borrowing.
FreedomPlus personal loan highlights
- Low interest rates: The APRs offered are as low as some of the personal loans out there, making them a competitive and affordable option. APRs on the loans range from 5.99% to 29.99%.
- Quick decision: It’s possible to qualify same-day with loan offered through FreedomPlus. Credit decisions are often made within a few hours, and if you’re approved, your funds can be made available within 48 hours of acceptance of the loan.
- Loans for less-than-perfect credit: While your credit will be checked, it’s not the only factor that FreedomPlus takes into account when making loan decisions. You can even improve your chances of qualifying for the lowest rates by adding a co-borrower, providing proof of enough retirement savings, or using at least 85% of the loan to pay off other debt.
- No prepayment penalty: If you end up with enough money to pay off your loan early, you don’t have to worry about being penalized a fee for doing so. FreedomPlus does not charge a prepayment fee.
- Minimum credit requirement: Varies
- Terms: 24 to 60 months
- Fees: 0.00% - 5.00% origination fee
FreedomPlus Personal Loan Details
FreedomPlus product details
By pairing with a network of lenders, FreedomPlus can offer a range of different loan terms and amounts for borrowers of varied credit backgrounds. By using FreedomPlus, you get personal access to a loan consultant who can help you find the right financial product for your needs.
Loans offered through FreedomPlus are meant to be used for a variety of personal purposes, including home improvements, medical expenses, moving expenses, weddings and car maintenance. They’re particularly marketed as a way to consolidate your debt and pay it off at a lower interest rate. In fact, if you use at least 85% of your loan to pay off other debt, this might help you qualify for the lowest available rates.
In order to make your payment schedule more manageable, FreedomPlus requires only one monthly payment. They also allow you to select your own payment due date, so you can schedule loan payments after payday to make sure you always have enough money.
- Minimum credit score: Varies
- Minimum credit history: While you’ll likely need to have excellent credit to qualify for the lowest rates, FreedomPlus services customers with a range of different credit backgrounds and considers more than just your credit score when making a decision.
- Maximum debt-to-income ratio: Varies
In order to qualify for a loan through FreedomPlus, you must be at least 18 years of age and a legal resident of the United States. If you live in Alabama or Nebraska, you must be at least 19 years of age.
There are additional restrictions that vary by state, and residents of certain states may not be eligible for a loan. You can call FreedomPlus to see if your state is eligible. Residents of Arizona are not eligible for loans of less than $10,500, while residents of Massachusetts are not eligible for loans of less than $6,500. Ohio residents can’t apply for loans of under $5,500, and Georgia residents are ineligible for loan amounts under $3,500.
Because the loans may be offered through third-party providers, you might have to meet other requirements as specified by each individual lender. In addition to your credit history, most lenders will also consider your income, as well as the ratio of the loan amount to your income and the ratio of your current debt to your income.
Applying for a personal loan through FreedomPlus
Fill out a preliminary form to see if your state is serviced. The first step is to fill out a brief form on the FreedomPlus website that asks you how much you want to borrow, what the money is for, what your credit score is, and what state you live in. If your state is eligible, you’ll be asked to submit your contact information. In submitting your contact information, you agree to be contacted by phone, text, email or mail by potential lenders.
Verify your information. You’ll then be asked to provide a signature and a valid form of identification. You’ll also have to send over verification of your income and bank account.
Get your loan decision. It’s typical to receive your loan decision within two to three hours of applying.
Receive your funds. If you’re approved, you should receive the funds for your loan within 48 hours from the time of approval.
Pros and Cons of a FreedomPlus Personal Loan
Who’s the best fit for a personal loan through FreedomPlus?
Because it works with a network of different lenders, FreedomPlus can be a good fit for folks with good and average credit alike. If you have excellent credit, FreedomPlus offers some of the lowest rates on personal loans out there. You might find FreedomPlus to be a good fit if you’re adding a co-borrower who has a higher income or have sufficient funds saved for retirement, as both of those things can help you qualify for low interest rates.
FreedomPlus is a particularly good option for people who are looking to consolidate and pay off high interest debt using a personal loan. Putting at least 85% of your loan toward existing debt can help you qualify for the lowest APR. It’s worth noting that you can only qualify for the lowest rates if you’re borrowing less than $12,000 with a two-year term.
On the other hand, FreedomPlus might not be the best option for people who need small loan amounts or short-term solutions. The smallest loan amount offered through FreedomPlus is $7,500, and you should never borrow more than you need. The shortest loan term available is two years, although it’s important to remember that FreedomPlus doesn’t charge any prepayment fees if you pay off your loan ahead of schedule.
Make sure to weigh your options before making a decision. Look for low interest rates and no fees, as well as loan amounts and terms that meet your needs.
Alternative personal loan options
- APR range: 5.99% to 24.99%
- Credit requirements: 640 minimum credit score
- Terms: 24 to 60 months
- Origination fee: 0.00% - 5.00%
Payoff offers the same loan terms as FreedomPlus and very similar interest rates and origination fees. Its main function is to help you consolidate credit card debt, and it offers loans as small as $5,000 and as large as $35,000.
- APR range: 5.98% to 29.99%
- Credit requirements: 640 minimum credit score
- Terms: 36 or 60 months
- Origination fee: 1.00% - 6.00%
RocketLoans also offers some of the lowest rates on personal loans available, and it’s even possible to receive your funds on the same day if your application is completed early enough. You can borrow up to $45,000, and customers who set up autopay qualify to receive a discount on their interest rate.
Northwest Federal Credit Union
- APR: Starting at 7.99%
- Credit requirements: 581 minimum credit score
- Terms: Up to 84 months
- Origination fee: No origination fee
If you need a little more time to pay off your loan and want to lower your monthly payments, Northwest Federal Credit Union might be a good option, as it offers loan terms of up to 84 months. You do have to qualify for membership, but you can do so by simply joining one of its partner organizations.
Interested in a personal loan?Here are the top personal loan lenders of 2019!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|5.74% – 16.99%1||$5,000 - $100,000|
|7.54% – 35.99%||$1,000 - $50,000|
|7.99% – 35.89%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|5.99% – 29.99%3||$7,500 - $40,000|
|6.79% – 20.89%4||$5,000 - $50,000|
|9.99% – 35.99%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|