FreedomPlus Personal Loan Review

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

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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
Fees and Penalties
  • Term lengths: 24 to 60 months
  • APR range: 5.99% to 29.99%
  • Loan amounts: $7,500 to $40,000
  • Time to funding: Typically 48 hours upon approval
  • Credit check: Hard Pull
  • Origination fee: 0.00% - 5.00%
  • Prepayment fee: $0
  • Late payment fee: Not specified
  • Other fees: Varies by lender

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.

Eligibility requirements

  • 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
  • Fast decision: Given that you could apply, receive a loan decision, and have your loan funded all within a couple of days, FreedomPlus offers speedy loan service, which is helpful when you need money quickly.
  • Low rates: The range of available APRs are on the low end of available loans. The highest rates offered are rather expensive, although they’re still far below what many predatory lenders charge. Rates on the low end of FreedomPlus’s range are some of the best on the market.
  • Network of lenders: Because FreedomPlus works with a network of different lenders, it offers a variety of loan products with different terms, amounts and credit score requirements. This makes it easier to find a good fit for most people.
  • No prepayment penalty: The prepayment fee is always $0 at FreedomPlus. This is a good feature to look for, because it means you can pay off your loan early and save money on interest without incurring penalties.
  • Origination fees: FreedomPlus charges origination fees ranging from 0.00% - 5.00%. While some of its lenders don’t charge any origination fees at all, others charge 5%, which is rather steep. It’s best to look for personal loans that don’t charge origination fees.
  • Residency requirements: Depending on where you live, FreedomPlus might not offer loans to residents of your state. There are also restrictions for residents of certain states on the amount of money that can be borrowed.
  • Privacy concerns: While your information is secure with FreedomPlus, submitting an application online gives it permission to provide your information to its network of lenders. This means that lenders can call, text and email you, even if your name is on a “do not call” list.

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!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 16.240% APR (with AutoPay). Variable rates from 5.75% APR to 14.60% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.75% APR assumes current 1-month LIBOR rate of 2.50% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (

2 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

3 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 9.99% APR to a high of 35.99% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

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 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

**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.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* 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

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** 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.

5.75% – 16.24%1$5,000 - $100,000

Visit SoFi

7.46% – 35.99%$1,000 - $50,000

Visit Upstart

7.99% – 35.89%*$1,000 - $50,000

Visit Upgrade

5.99% – 24.99%2$5,000 - $35,000

Visit Payoff

5.99% – 29.99%3$7,500 - $40,000

Visit FreedomPlus

6.79% – 20.89%4$5,000 - $50,000

Visit Citizens

9.99% – 35.99%5$2,000 - $25,000

Visit LendingPoint

6.95% – 35.89%6$1,000 - $40,000

Visit LendingClub

6.99% – 18.24%7$5,000 - $75,000

Visit Earnest

9.95% – 35.99%8$2,000 - $35,000

Visit Avant

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

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