FreedomPlus Review

Adam McCann, Financial WriterOct 4, 2021

EDITOR’S RATING: 3.9 / 5

Adam McCann, Financial WriterOct 4, 2021

Editor’s Rating

3.9 / 5

This review is not provided, commissioned or endorsed by any company. Opinions and ratings are our own.

Pros

APRs as low as 7.99%
Loans as high as $50,000
No prepayment fees
High BBB rating
Fairly low credit score needed: 620
Co-applicants allowed

Cons

1.99% - 4.99% origination fee
5% (min $15) late fee
APRs as high as 29.99%
SSN required
No small loans

FreedomPlus Review Summary

FreedomPlus personal loans can be a good choice for people with excellent credit and bad credit alike. Applicants with high credit scores may be able to qualify for the minimum APR of 7.99%, which is among the cheapest on the market. Those with bad credit may be able to qualify for a loan, too, since the minimum credit score requirement is just 620, but they may pay as much as 29.99% in interest each year. FreedomPlus does have an origination fee, by the way, but you don’t have to pay it separately because it’s already built into the APR range.

People who want small loan amounts shouldn’t consider FreedomPlus. FreedomPlus won’t offer loans smaller than $7,500. They won’t lend you more than 35% of your yearly income, either, so keep that in mind. Below, you can see how WalletHub rates FreedomPlus personal loans in our three major categories: Terms, Requirements & Application, and Reviews & Transparency.

2021's Personal Loan Offers

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FreedomPlus Personal Loan Terms


APRs	7.99% - 29.99%
Loan Amount	$7,500 - $50,000
Loan Terms	24 - 60 months
Origination Fee	1.99% - 4.99%
Prepayment Fee	$0
Late Fee	$15 or 5% of amount due
Minimum Credit Score	Fair^*
Minimum Income	Not disclosed
Loan Purpose	Debt Consolidation, Home Improvement, Big Purchase
Time to Receive Loan Money	2 - 3 business days
Other Requirements	18+ years old U.S. citizen, permanent resident SSN

According to multiple third-party sources

FreedomPlus Interest Rates, Fees & Other Terms

Category Rating: 4/5

Overall APR range: FreedomPlus offers fixed-rate personal loans with an APR range of 7.99% - 29.99%.
How rates are determined: The rate you will get largely depends on your credit score, income, and existing debts, among other factors.
Fees: FreedomPlus loans come with an origination fee ranging from 1.99% to 4.99% of the loan amount. FreedomPlus also charges a fee for late payments. The late fee is the greater of $15 or 5% of the amount due. There are no fees for paying off a loan early.
Loan amounts & timelines: FreedomPlus offers loan amounts between $7,500 and $50,000. Their repayment terms range from 24 to 60 months.

FreedomPlus Loan Requirements & Application Info

Category Rating: 4.3/5

Minimum credit score: The FreedomPlus credit score requirement for personal loans is 620, according to company representatives.
Minimum income: FreedomPlus doesn’t disclose a specific minimum income requirement, but they will offer loans of up to 35% of your gross (pre-tax) income.
Age: You must be at least 18 years old.
Citizenship: You must be a U.S. citizen or permanent resident.
Identification: You must have a Social Security number.
Pre-qualification: To see what rates you might get from FreedomPlus, click the “Get My Loan” button on their website. FreedomPlus will ask you questions about things like your credit score and state of residence to see if you qualify. This process will not affect your credit score.
Ways to apply: You can apply for a FreedomPlus personal loan online or by phone at (800) 368-0061.
Joint loans: You can apply for a FreedomPlus personal loan by yourself or with a co-applicant.

FreedomPlus Personal Loan Reviews & Transparency

Category Rating: 3.3/5

Better Business Bureau: FreedomPlus hasn’t chosen to become accredited with the BBB. However, they are highly rated, getting an A+.

Consumer Financial Protection Bureau: There are fewer than 10 complaints about personal loans filed against Freedom Financial Inc., the parent company of FreedomPlus. The complaints are all in the category “charged fees or interest you didn’t expect.”

WalletHub: FreedomPlus receives a 4.5/5 rating out of more than 500 users across the web.

Transparency: FreedomPlus discloses their personal loan terms clearly and in a way that’s easy to understand. Plus, they allow customers to see their potential rates ahead of time through pre-qualification. FreedomPlus does not disclose minimum income requirements.

The score FreedomPlus receives in this category reflects their overall good reputation and honesty. They get knocked a few points because their credit score requirements don’t appear on their website, however.

Summary: FreedomPlus Score by Review Category

Category	Score
Rates, Fees & Other Terms	4/5
Requirements & Application Info	3.3/5
Reviews & Transparency	3.3/5
OVERALL	10.6/15

FreedomPlus vs. Popular Competitors


Reviews	*****	*****	*****
APRs	7.99% - 29.99%	9.99% - 35.99%	9.95% - 35.99%
Loan Amounts	$7,500 - $50,000	$2,000 - $36,500	$2,000 - $35,000
Loan Terms	24 - 60 months	24 - 60 months	24 - 60 months
Minimum Credit Score	Fair^*	Bad^*	Bad^*
Winner	FreedomPlus

According to multiple third-party sources

Methodology

In order to provide the most accurate review of FreedomPlus personal loans, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.

The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back.For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. FreedomPlus terms do not fluctuate significantly by state, however.
The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.

The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.

FreedomPlus Review FAQ (6 questions)

How long does it take to get money from a FreedomPlus personal loan?

Upvotes

Rick Bormin

It takes 2 to 3 business days to get money from a FreedomPlus personal loan, in most cases. That includes both the time it takes to get approved and the time it takes for the funds to be delivered after approval. Keep in mind that this is a typical applicant's experience, and in some cases it could take longer.

How to Get Money From FreedomPlus as Fast as Possible

Fill out the application carefully. You should make sure that all information you enter on the application is correct and complete. That will eliminate any potential delays from FreedomPlus having to request additional information.
Check your credit report for errors. Before you apply, you should verify that everything on your credit report is accurate, as any incorrect negatives on there could impact your chances of approval. If you find any errors, you should dispute them right away to get them removed.
Get your credit score above the minimum. Ideally, you should only apply for a FreedomPlus personal loan once your credit score exceeds the minimum requirement of 620. That will make it easier for FreedomPlus to decide whether you qualify, which could lead to a quicker decision.
Apply online. Online applications have the fastest processing times since they are automated and streamlined.

Once you get approved for a FreedomPlus personal loan, the money will be delivered through an electronic funds transfer to your bank account, which usually takes 1 to 2 business days.

Does FreedomPlus allow cosigners on personal loans?

Upvotes

Rick Bormin

Yes, FreedomPlus does allow cosigners on personal loans, which means that a second person can serve as a guarantor on the loan. Because the cosigner promises to pay the loan back if the primary applicant cannot, FreedomPlus takes the cosigner's credit score and income into account during the application process. As a result, people who wouldn't normally qualify for a loan can apply with a cosigner who has a better credit score and income in order to boost their approval odds.

Key Facts About Getting a FreedomPlus Personal Loan With a Cosigner

You can apply for a FreedomPlus personal loan with a cosigner online or by phone.
Both the cosigner and the primary applicant will need to be at least 18 years old and a U.S. citizen or permanent resident with an SSN.
The cosigner is held legally responsible for making payments if the primary borrower cannot.
Both the primary applicant and the cosigner will have their credit score impacted by the loan, either positively or negatively, depending on whether payments get made on time.

Having a cosigner on a FreedomPlus personal loan can boost an applicant's approval odds. But it's important for people who may become cosigners to think carefully before signing on. Cosigners aren't just doing someone a favor - they're also accepting a significant financial responsibility if the primary applicant can't repay what they owe.

What credit score do you need for a FreedomPlus personal loan?

Upvotes

Rick Bormin

Applicants need a credit score of 620 to get a personal loan from FreedomPlus, according to the company. That means the FreedomPlus personal loan credit score requirement is in the bad credit range. To put this in perspective, most other lenders' credit score requirements for personal loans range between 585 and 700.

Keep in mind that just having a 620 credit score is not enough to qualify you for a FreedomPlus personal loan. FreedomPlus will consider your entire financial profile, including things like your income, existing debts and recent credit inquiries, when deciding whether to approve you. It's also worth noting that some applicants might be able to get a personal loan from FreedomPlus with a slightly lower score if it's offset by other factors like an especially high income. But it's best to wait to apply until your score meets the threshold.

If you're unsure of what your current credit score is, you can check it for free on WalletHub. You can also pre-qualify for a FreedomPlus personal loan online to gauge your chances of getting approved with your current credit score.

Is FreedomPlus legit?

Upvotes

Adam McCann

Yes, FreedomPlus personal loans are legit because FreedomPlus is registered to do business in the states it services, which is a legal requirement to be a legitimate lender. Another reason why FreedomPlus personal loans are legit is that the lender has a rating of A+ from the Better Business Bureau.

Why FreedomPlus Personal Loans Are Legit

FreedomPlus is registered as a business in the states it services.
FreedomPlus has a Better Business Bureau rating of A+.
FreedomPlus has been around since 1855.
FreedomPlus has an average user rating of 4.5/5 on WalletHub.
FreedomPlus personal loans have a rating of 3.9/5 from WalletHub's editors.
FreedomPlus has a secure website, which you can tell by the fact that the URL has "https" in front of it.

While FreedomPlus personal loans are legit, they may or not be the best choice for you. It's important to compare the terms and requirements of FreedomPlus personal loans against your other options before submitting an application.

Does a FreedomPlus personal loan affect your credit score?

Upvotes

Rick Bormin

Yes, a FreedomPlus personal loan does affect your credit score, both when you apply and during the entire time that you are paying the loan off. Initially, a FreedomPlus personal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule.

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.

Does FreedomPlus do joint personal loans?

Upvotes

Rick Bormin

Yes, FreedomPlus does offer joint personal loans, which means that two people put their names on the loan application, as well as share responsibility for paying back the loan. FreedomPlus takes both people's credit score and income into account during the application process and weights them equally.

Key Facts About FreedomPlus Joint Personal Loans

You can submit a joint FreedomPlus personal loan application online or by phone.
Each applicant on the loan will need to be at least 18 years old and a U.S. citizen or permanent resident with an SSN.
Both applicants for a joint FreedomPlus personal loan will be equally responsible for making payments, if approved.
Both people will have their credit score impacted by the loan, whether positively or negatively, depending on whether payments get made on time.

Getting a joint FreedomPlus personal loan can help lighten your load since the responsibility for repayment is shared. But you should make sure your co-applicant is someone you trust to handle the loan responsibly.

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