FreedomPlus Personal Loan Review

Borrow $7,500 - $50,000 and get funded a fast as 1-3 business days

FreedomPlus Personal Loans

At a Glance:

  • Loans between $7,500-$50,000
  • Best for consolidating a large amount of credit card debt
  • Borrowers have the ability to choose and later change payment due date
  • Offers direct payment to creditors to help with debt consolidation efforts
  • FreedomPlus is limited in where it can operate - residents of at least 12 states will not be able to use their services

What is FreedomPlus?

FreedomPlus is an online lender that offers options for debt consolidation for a variety of borrowers. It was formed in 2013 and is currently based out of San Mateo, California.

FreedomPlus Rates and Fees



Loan term:

2-5 years

Loan amounts:


Hidden fees:

Origination fees, late fees may apply

Minimum credit score required


Extra perks:

Ability to choose and change payment due date

Fund availability

1-3 business days

What type of personal loans does FreedomPlus offer?

FreedomPlus offers personal loans that can be used in a variety of situations including but not limited to:

  • Debt Consolidation
  • Credit card refinancing
  • Home improvement
  • Home purchase
  • Major purchase
  • Car financing
  • Business loan
  • Vacation
  • Medical expenses
  • Moving and relocation costs

FreedomPlus Pros and Cons


  • Option to choose and change your payment date
  • Soft credit check with pre qualification prior to accepting a loan offer
  • Offers direct payment to creditors


  • High loan amount minimum
  • No secured loan option
  • Origination fees

Who should use FreedomPlus?

The ideal FreedomPlus borrower is someone who is seeking to consolidate a large amount of debt and has a stable income and a fair or good credit score to help demonstrate financial responsibility. FreedomPlus funds most loans within one business day so it’s also the fitting option for anyone who is facing a financial emergency and needs funds quickly.

What are some of the benefits of using FreedomPlus?

You will have the ability to change your payment date.

One of the biggest perks of a FreedomPlus personal loan is that you can select your payment date. This can give you a big advantage as you can select a payment date after your payday so that you know you will always be able to pay on time. This perk can end up saving you a lot of money in the long run by avoiding late fees.

FreedomPlus offers debt consolidation services.

Borrowers may use a balance transfer loan from FreedomPlus to pay off credit cards and consolidate debt. FreedomPlus will distribute the funds from your loan to multiple creditors, paying off your debts and making the debt consolidation process easier. The loan has the same rates, conditions, and requirements as the rest of the company's loans so you won’t need to pay any fees for utilizing this service.

You can prequalify with a soft credit check before finalizing an application.

When you're first applying for a personal loan with FreedomPlus, you may be able to pre-qualify for a rate, which means you can view all of the rates you might be eligible for without making any commitments and accepting an offer. When  you do accept a loan offer, FreedomPlus will conduct a hard credit check, which may result in a minor drop in your credit score. However, as long as you don't have a lot of credit inquiries on your record, this is typically not a major concern. By the time the hard credit check is completed, you'll also know if you'll be approved for a loan.

FreedomPlus offers fast funding.

Another factor that makes FreedomPlus such a desirable option to many looking to consolidate debt and address emergency situations is that the funds are typically deposited within one business day. In some cases, borrowers receive the funds the same business day and FreedomPlus states that the longest funding time is typically around three days.

What are some of the downsides to using FreedomPlus?

The minimum amount you can borrow is quite high at $7,500.

Although this may not be a downside if you are specifically seeking a higher loan amount, the fact that the minimum amount you can borrow is $7,500 can make FreedomPlus an unsuitable option for many. As they may charge origination fees and you will pay interest on the amount you borrow, taking out such a large amount may lead to you paying more than you need to in fees throughout the loan term.

You will likely have to pay an origination fee.

Online lenders charge origination costs, and FreedomPlus is no exception. They charge fees ranging from 1.99% to 4.99%, which are reasonably cheap. Although that range is offered, most borrowers end up paying the full 4.99% origination fee.

There are no options for secured loans with FreedomPlus.

Secured loans are a type of loan that requires collateral such as a house or a car. When you take out a secured loan the lender will have the ability to take those assets if you default on the loan. Secured loans may be the less desirable option but they typically come with lower interest rates and a larger variety of uses. Although not a dealbreaker, the lack of a secured loan option with FreedomPlus can make it the less desirable option for you.

There are no discounts for setting up autopay.

Although some lenders will offer you a discount if you set up autopayments for your monthly charges, FreedomPlus does not. Usually these discounts will be under 1% so you won’t be missing out on significant amounts of cash but you may still be able to find an alternative loan option that does offer this incentive.

Do I need a credit check to take out a loan with FreedomPlus?

When you are ready to accept an offer, FreedomPlus will perform a hard credit check, but this does not have to happen until you are committed to taking out a loan with them. They will do a soft credit check throughout the prequalification procedure, which will not affect your credit score.

Does FreedomPlus cost any money?

Although it does not cost any money to simply utilize FreedomPlus’ services, there are some fees which may apply in certain situations. For example, you may be obligated to pay origination fees when you take out your loan. Usually an origination fee is a small percentage of the total loan amount and will be deducted from the funds before they are sent to you. You may also be required to pay late fees but these can easily be avoided if you pay your monthly loan payments on time.

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 does offer customer service and support although it is relatively limited and only available during the week. Compared to other lenders the information shared on the website is sparse and they do not include options for financial education.

How to qualify for a Personal Loan through FreedomPlus

FreedomPlus clearly outlines the requirements for borrowers on their website. These requirements include but are not limited to:

  • A credit score of at least 620
  • Minimum debt-t0-income ratio of 45%
  • At least three years of credit history
  • At least two accounts noted on credit history
  • No bankruptcy in the past two years
  • There is no minimum income listed but a stable source of income will help significantly during the application process

How to Apply for a FreedomPlus Personal Loan

If you are interested in applying for a loan through FreedomPlus, you will start the process by heading to their website and filling out an online application. Once you complete the online portion of the application you will be contacted by a FreedomPlus Personal Loan representative who will discuss your options over the phone and help you decide which loan offer to accept. Unlike many other similar lenders, FreedomPlus does require this phone consultation prior to the finalization and evaluation of the loan. Once the application and consultation is complete, you will be able to manage your loan online without contacting customer support in most standard cases.

Is FreedomPlus Legit and Trustworthy?

FreedomPlus is completely legitimate and encrypts your information and keeps it secure as well as any other lender would. However, it may be difficult to communicate with FreedomPlus should you have questions as their customer service and information on their website is very limited. So although they are trustworthy, the lack of efficient communication may not be something you want in a lender.


If you need a large loan amount for debt consolidation and aren’t interested in perks like financial education or a robust website that doubles as a resource, you will likely find a suitable loan through FreedomPlus. Although the customer service is comparatively sparse, it does exist throughout the week and has garnered positive reviews from borrowers. FreedomPlus is a legitimate and trustworthy lender and the flexible and minimalist approach can make it a suitable lender for many.

FreedomPlus Personal Loan Review

Borrow $7,500 - $50,000

APR ranges from 7.99-29.99%

Funding as fast as 1-3 business days

Loan term: 2-5 years

Offers payment date flexibility

Minimum credit score: 620

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