Does FreedomPlus verify income for personal loan applications? This question is about FreedomPlus

Does FreedomPlus verify income for personal loan applications?

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This question is about FreedomPlus

Grace Enfield, Content Writer

@grace_enfield • 11/25/21 This answer was first published on 11/25/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Yes, FreedomPlus will verify your income when you apply for a personal loan. If you do not have any income, you can apply for a FreedomPlus personal loan with a co-signer, and FreedomPlus will verify that person's income instead.

FreedomPlus may verify income by requesting financial information like pay stubs, bank statements or W-2 forms. In other cases, they'll just use credit report information. Either way, you will also have to meet other FreedomPlus requirements to be considered for loan approval.

FreedomPlus Personal Loan Requirements

Be at least 18 years old
Be a US citizen or permanent resident
Have a Social Security number
Have a credit score of 620 or higher

You have a good chance of getting approved for a loan from FreedomPlus if you meet all of these requirements.

If you want a better idea of what other personal loans you may qualify for with your income, you can use WalletHub's free pre-qualification tool.

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How a FreedomPlus Personal Loan Affects Your Credit Score

Hard pull: When you apply for a FreedomPlus personal loan, FreedomPlus will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases.

Increased debt level: Taking out a FreedomPlus personal loan will naturally increase the amount of debt that you have. Since your debt level is one of the components of your credit score, you can expect that to have a negative impact initially.

Account diversity: One positive way that getting a FreedomPlus personal loan can impact your score right away is by adding more diversity to the types of accounts you have open. Your "credit mix" is one of the components of your credit score, and the more types of accounts you have, the better - as long as you handle them responsibly.

Payments: The biggest factor in how a FreedomPlus personal loan affects your credit score is whether you pay on time. If you make on-time payments, your score should steadily increase as a result. If you pay late or fail to make payments altogether, you can expect your credit score to drop.

The bottom line is that while a FreedomPlus personal loan does affect your credit score, most of the way that your score changes depends on how responsible you are with the loan. If you'd like to estimate how certain actions might affect your credit score, you can use WalletHub's free credit score simulator.

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How do I apply for a FreedomPlus personal loan?

To apply for a FreedomPlus personal loan, first check for pre-qualification and decide which way you will apply (online or by phone), then enter your personal and financial information on the application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.

How to Apply for a FreedomPlus Personal Loan… read full answer

Check for pre-qualification. Pre-qualification is a way to check your approval odds and potential rates before applying for a FreedomPlus personal loan. It doesn’t hurt your credit. You can check for pre-qualification on the FreedomPlus website.

Decide which way to apply. You can apply for a FreedomPlus personal loan online or by phone. Applying online is the best way because it typically offers the fastest decision.

Enter your personal information on the application. FreedomPlus requires the following personal information on the application: your full name, phone number, zip code, home address, a valid ID and Social Security number.

Enter your financial information on the application. FreedomPlus requires the following financial information on the application: your employment status, annual income and bank account .

Double check the application for accuracy. To ensure that your FreedomPlus personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.

Submit your application. FreedomPlus will typically provide a decision on your application within 1 business day.

If you are approved for a FreedomPlus personal loan, you will generally receive the funds within 2 business days after approval. After that, it’s your responsibility to make monthly payments until you have fully paid back your loan, including interest.

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Does FreedomPlus do a hard inquiry?

Yes, FreedomPlus does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.

FreedomPlus's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the … read full answer credit score simulator on WalletHub.

If you're looking for a lender that does not do a hard inquiry at all, you could consider NetCredit, Opploans and Integra Credit.

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