Does applying for a personal loan ever feel a bit impersonal?
If you’re looking for a lender with a human touch, FreedomPlus could be the company for you.
Before approving your application for FreedomPlus personal loans, the lender has you speak with a customer service representative. Their job is to get a full picture of your financial situation to make sure you’re taking out the right loan for your needs.
Plus, the lender is transparent with its loan terms and fees, so you know what you’re getting into before you sign on the dotted line.
Here’s a full review of FreedomPlus so that you can learn what makes its personal loans so personal.
FreedomPlus personal loans overview
Check out FreedomPlus’ rates, terms, and fees below.
|Borrowing limits||$10,000 – $35,000|
|APRs||4.99% – 29.99%|
|Repayment terms||2 – 5 years|
|Origination fee||0% – 5%|
FreedomPlus offers personal loans to borrowers. You can use a personal loan for just about anything, including:
- Credit card consolidation
- Home improvement
- Medical expenses
- A major purchase
- Moving or relocation expenses
- Travel or a vacation
- An auto purchase
- Business expenses
FreedomPlus interest rates and fees
FreedomPlus offers APRs between 4.99% and 29.99%, depending on your creditworthiness. You could qualify for interest rate discounts and deductions for a few reasons, including:
- Applying with a co-applicant, especially if your cosigner has excellent credit, low debt, and a high income.
- Opting into direct pay, particularly if you let FreedomPlus pay off your credit card balances.
- Having $40,000 in retirement savings or 401(k) investments.
Besides interest, you also need to cover an origination fee between 0% and 5%. On a $10,000 loan, this origination fee could be as high as $500.
Finally, be aware of additional fees for late and failed payments. These include:
- $15 or 5% of the amount due — whichever is greater — for late payment after a 10-day grace period
- $15 for personal check processing if you choose to mail your payment
- $15 for failed payment
As long as you stay on top of your payments and pay online, you shouldn’t have to pay for any of these extra fees.
FreedomPlus works with credit scores of 640 or higher
FreedomPlus is transparent about terms on its personal loans, including its range of APRs and repayment terms.
After speaking with a company representative, I learned that:
- FreedomPlus works with people with credit scores of 640 and up.
- The average FreedomPlus borrower has a score of 720.
- FreedomPlus borrowers must make at least $30,000 in income and have a debt-to-income (DTI) ratio less than 40%. The average FreedomPlus borrower has a DTI ratio of 20%.
This lender can be a good option for those who are building their credit but don’t have excellent credit scores just yet.
Of course, you have to make sure you can pay back the loan on time and in full, or you could find yourself with worse credit than when you started.
Using the FreedomPlus online platform
FreedomPlus makes it easy to apply for a personal loan online. You’ll start by answering one simple question at a time, including:
1. How much you wish to borrow
2. The reason for which you’ll use your loan
3. Where your credit score stands
You’ll also enter your address and income, along with other identifying personal information. Plus, you can add a creditworthy cosigner to strengthen your application or snag an even lower interest rate.
After submitting all your application materials, a customer support representative will call you to go over the details of your application. The company said it will look at other factors beyond your credit score to help you qualify.
Besides speaking with a consultant, you’ll also need to upload documentation to support your application. This includes a government-issued ID, as well as paperwork to verify your income.
The last step is reviewing your offer and signing the agreement. From start to finish, you could get approval and funds in your account within 48 hours.
FreedomPlus eligibility requirements
FreedomPlus requires you to have a valid U.S. address and Social Security number, as well as a verifiable source of income and a minimum credit score of 640.
FreedomPlus loans are available in 36 states — Alabama, Alaska, Arizona, Arkansas, California, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, and Washington — as well as the District of Columbia.
What customers have to say about FreedomPlus personal loans
Strong customer support might be the secret to the company’s great reputation. Borrowers give it an average rating of 4.8 out of 5 through the Better Business Bureau (BBB).
The majority of customers are happy with their FreedomPlus personal loans experience. On the BBB website, 91 of 108 customer reviews are positive. On Consumer Affairs, 266 of 288 reviews give the lender four or five stars out of five.
One BBB reviewer said the process was “fast and easy” and FreedomPlus had “great customer service.” Another said, “My loan was approved in less than 24 hours!” The reviewer said her loan representative was friendly and went out of their way to help.
Of course, not all customers had good experiences. Some negative BBB reviewers said customer service wasn’t helpful. Another said they were overcharged and didn’t know about extra fees.
Overall, most customers are satisfied with the borrowing process. If you’re looking to borrow, make sure you understand all the terms and conditions before finalizing the deal.
FreedomPlus offers an easy online application process, competitive rates, and flexible terms on its personal loans. As long as you have a solid plan for repayment, FreedomPlus could be the right lender to meet your needs.
Note: Student Loan Hero has independently collected the above information related to these financial products. FreedomPlus has neither provided nor reviewed the information shared in this article.
Interested in a personal loan?Here are the top personal loan lenders of 2018!
|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 6.16% to 35.89%. 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 time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. 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 or longer.
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.
|7.73% – 29.99%||$1,000 - $50,000||Visit Upstart|
|6.26% – 14.87%1||$5,000 - $100,000||Visit SoFi|
|6.99% – 35.97%*||$1,000 - $50,000||Visit Upgrade|
|8.00% – 25.00%2||$5,000 - $35,000||Visit Payoff|
|4.99% – 29.99%3||$10,000 - $35,000||Visit FreedomPlus|
|5.99% – 18.99%4||$5,000 - $50,000||Visit Citizens|
|15.49% – 34.49%5||$2,000 - $25,000||Visit LendingPoint|
|6.16% – 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|