FreedomPlus Personal Loan Review

Note: We regret to inform you that FreedomPlus is no longer operational. However, we understand the importance of finding suitable personal loan options for your needs. We recommend exploring our carefully curated selection of top personal loan providers to discover alternative choices that can meet your financing requirements. Our list includes reputable lenders that offer competitive rates and flexible terms. We are committed to assisting you in finding the best personal loan solution that aligns with your financial goals.

What is FreedomPlus?

FreedomPlus is an online lender that offers personal loans to borrowers with fair to good credit. The company was founded in 2013 and is based in San Mateo, California.

FreedomPlus offers personal loans that can be used for a variety of purposes, including:

• Debt consolidation
• Credit card refinancing
• Home improvement
• Major purchases
• Car financing
• Business loans
• Vacations
• Medical expenses
• Moving and relocation costs

FreedomPlus is a good option for borrowers who are looking for a large loan amount and fast funding. The company also offers some unique features, such as the ability to choose your payment date and prequalify with a soft credit check. However, there are some downsides to using FreedomPlus, such as the high minimum loan amount and origination fees.

FreedomPlus Rates and Fees [At a Glance]

What type of personal loans does FreedomPlus offer?

FreedomPlus offers personal loans that can be used for a variety of purposes, such as:

• Debt consolidation: Combine multiple high-interest debts into one lower-interest loan.
• Credit card refinancing: Refinance your credit cards at a lower interest rate, saving you money on interest payments.
• Home improvement: Make home improvements, such as a new roof or a kitchen remodel.
• Home purchase: Purchase a home with a personal loan.
• Major purchase: Buy a car, furniture, or other major item.
• Car financing: Finance the purchase of a car with a personal loan.
• Business loan: Start or grow your business with a personal loan.
• Vacation: Take a dream vacation without putting it on credit cards.
• Medical expenses: Pay for medical expenses that your insurance doesn't cover.
• Moving and relocation costs: Cover the costs of moving to a new home or city.

FreedomPlus loans can be used for a variety of other purposes as well. The company's lending criteria are flexible, so borrowers with a variety of credit scores and financial situations may be eligible.

FreedomPlus Pros and Cons

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Pros

• Flexible payment options: You can choose your payment date and change it as needed.
• Prequalification: You can see your potential interest rates and terms without affecting your credit score.
• Direct payment to creditors: FreedomPlus can pay off your creditors directly, which can save you time and hassle.

Cons

• High minimum loan amount: The minimum loan amount is $7,500.
• No secured loan option: There is no option to secure your loan with collateral.
• Origination fees: FreedomPlus charges an origination fee of 1.99% to 4.99% of the loan amount.

Who should use FreedomPlus?

FreedomPlus is a good option for borrowers who are looking for a flexible and convenient personal loan. However, it is important to be aware of the high minimum loan amount and origination fees before you apply. Here are some of the people who might benefit from using FreedomPlus:

• Borrowers with fair to good credit: FreedomPlus requires a minimum credit score of 620, so it is a good option for borrowers with fair to good credit.
• Borrowers who need a large loan amount: The minimum loan amount is $7,500, which is higher than some other lenders. However, FreedomPlus does offer loans up to $50,000, so it is a good option for borrowers who need a large loan amount.
• Borrowers who want flexible payment options: FreedomPlus allows you to choose your payment date and change it as needed. This can be helpful for borrowers who have irregular income or who want to make their payments on a specific date.
• Borrowers who want to pay off their creditors directly: FreedomPlus can pay off your creditors directly, which can save you time and hassle.

Is a credit check required in order to obtain a loan with FreedomPlus?

If you are approved for a loan, FreedomPlus will perform a hard credit check before funding the loan. A hard credit check does affect your credit score, so it's important to only do this if you are sure you want to take out the loan.

Here's a breakdown of the credit checks involved in the FreedomPlus loan process:

• Soft credit check: This is done during the prequalification process and does not affect your credit score.
• Hard credit check: This is done after you are approved for a loan and before the loan is funded. It does affect your credit score.

Does FreedomPlus cost any money?

FreedomPlus does not charge any fees to apply for a loan. However, there are some fees associated with the loan itself, including:

• Origination fee: This is a one-time fee that is charged when you take out the loan. The origination fee is typically between 1.99% and 4.99% of the loan amount.
• Interest: This is the cost of borrowing money. The interest rate is determined by your credit score and other factors.
• Late fees: These fees are charged if you make a late payment. The late fee is typically between $15 and $35.

Overall, the cost of a FreedomPlus loan will depend on the loan amount, the interest rate, and the origination fee. It is important to compare the cost of a FreedomPlus loan to the cost of loans from other lenders before you decide to apply.

Where does FreedomPlus operate?

FreedomPlus operates throughout the United States but there are several states where residents cannot use their services. These states include:

• Colorado
• Connecticut
• Hawaii
• Kansas
• New Hampshire
• North Dakota
• Nevada
• Oregon
• Vermont
• West Virginia
• Wisconsin
• Wyoming

How is FreedomPlus’s customer service and support?

FreedomPlus customer service is generally rated as good. Customers have praised the company's responsiveness and helpfulness. The company offers a variety of ways to contact customer service, including phone, email, and live chat.

Here are some reviews of FreedomPlus customer service from Trustpilot:

• "I had a great experience with FreedomPlus's customer service. I called in with a question and the representative was very helpful and informative. I would definitely recommend FreedomPlus to others." - 5 stars
• "I had a problem with my loan and FreedomPlus's customer service was very helpful in resolving the issue. They were quick to respond and they were able to help me get the problem fixed quickly." - 4 stars
• "I had a question about my loan and I emailed FreedomPlus customer service. They responded to my email within 24 hours and they were able to answer my question in a clear and concise way." - 3 stars

However, some customers have complained that customer service can be slow at times. Additionally, some customers have said that they have had difficulty getting in touch with customer service after hours.

Overall, FreedomPlus customer service is generally rated as good. However, there have been some complaints about slow response times and difficulty getting in touch with customer service after hours.

How do I qualify for a loan with FreedomPlus?

FreedomPlus has a few requirements that you must meet in order to qualify for a loan. These requirements include:

• Minimum credit score: 620
• Maximum debt-to-income ratio: 45%, excluding mortgage
• Minimum income: None
• Minimum credit history: Three years and two accounts
• **Not actively delinquent on debt
• No bankruptcy in the last 24 months

In addition to these requirements, FreedomPlus may also consider other factors when evaluating your loan application, such as your employment history, your income stability, and your debt-to-income ratio.

If you think you may qualify for a loan with FreedomPlus, you can start by completing the online prequalification process. This process is quick and easy, and it will give you an idea of your potential interest rate and terms without affecting your credit score.

If you are prequalified for a loan, you can then submit a full application. FreedomPlus will review your application and make a decision within a few days.

How to apply for a FreedomPlus loan

Here are the steps on how to apply for a FreedomPlus personal loan:

1. Go to the FreedomPlus website and click on the "Apply Now" button.
2. Enter your personal information, including your name, address, date of birth, and Social Security number.
3. Enter your financial information, including your income, debt, and assets.
4. Provide your employment information, including your employer's name, address, and phone number.
5. Provide your contact information, including your email address and phone number.
6. Review the terms and conditions of the loan and click on the "Submit" button.

FreedomPlus will review your application and make a decision within a few days. If you are approved for a loan, you will be able to sign the loan documents electronically. The funds will be deposited into your bank account within a few business days.

Here are some additional tips for applying for a FreedomPlus personal loan:

• Get prequalified before you apply. This will give you an idea of your potential interest rate and terms without affecting your credit score.
• Have all of your documents ready. FreedomPlus will need to see proof of your income, employment, and other financial information.
• Be prepared to answer questions about your credit history. FreedomPlus will want to know about your past borrowing history and your payment history.

If you follow these tips, you will increase your chances of being approved for a FreedomPlus personal loan.

Where to find FreedomPlus alternatives?

There are a number of places where you can find FreedomPlus alternatives. Here are a few suggestions:

• Online lenders: There are a number of online lenders that offer personal loans, including SoFi, Earnest, and LightStream. These lenders typically have lower interest rates than traditional banks, and they offer a variety of loan terms to choose from.
• Credit unions: Credit unions are nonprofit financial institutions that often offer lower interest rates on loans than traditional banks. You can find a list of credit unions in your area by using the National Credit Union Administration's (NCUA) online directory.
• Banks: Some banks offer personal loans, but their interest rates are typically higher than those of online lenders or credit unions. However, banks may offer other benefits, such as the ability to get a loan in person.
• Comparison websites: There are a number of comparison websites that allow you to compare interest rates and terms from different lenders. This can be a helpful way to find the best loan for your needs.

Here are some of the FreedomPlus alternatives that you can consider:

• SoFi: SoFi offers personal loans with interest rates starting at 5.99% APR. The company also offers a variety of other financial products, such as student loans, mortgages, and investment accounts.
• Earnest: Earnest offers personal loans with interest rates starting at 5.99% APR. The company also offers a variety of repayment options, including biweekly payments and extended repayment terms.
• LightStream: LightStream offers personal loans with interest rates starting at 6.99% APR. The company also offers a variety of loan terms, up to 72 months.
• Barclays Personal Loans: Barclays offers personal loans with interest rates starting at 6.99% APR. The company also offers a variety of repayment options, including biweekly payments and extended repayment terms.
• Credit unions: Credit unions are nonprofit financial institutions that often offer lower interest rates on loans than traditional banks. You can find a list of credit unions in your area by using the National Credit Union Administration's (NCUA) online directory.

Is FreedomPlus legit and trustworthy?

Yes, FreedomPlus is a legitimate and trustworthy lender. It is a registered trademark of Freedom Financial Asset Management, LLC, which is a Better Business Bureau (BBB) accredited company with an A+ rating. FreedomPlus has been in business since 2013 and has helped over 100,000 borrowers.

Here are some of the factors that make FreedomPlus a legitimate and trustworthy lender:

• It is a registered trademark. This means that FreedomPlus has been trademarked by Freedom Financial Asset Management, LLC, and is therefore a legitimate company.
• It is BBB accredited. The BBB is a non-profit organization that helps consumers find businesses that are trustworthy and reliable. FreedomPlus has an A+ rating with the BBB, which is the highest possible rating.
• It has been in business for over 10 years. This shows that FreedomPlus is a stable and established company.
• It has helped over 100,000 borrowers. This shows that FreedomPlus has a proven track record of helping borrowers get the loans they need.