Pros
- APRs as low as 7.99%
- Loans as high as $50,000
- No prepayment fees
- High BBB rating
- Fairly low credit score needed: 600
- Co-applicants allowed
Cons
- 0% - 4.99%
- 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 600, 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.
FreedomPlus Personal Loan Terms
 | |
| APRs | 7.99% - 29.99% |
| Loan Amount | $5,000 - $50,000 |
| Loan Terms | 24 - 60 months |
| Origination Fee | 0% - 4.99% |
| Prepayment Fee | $0 |
| Late Fee | $15 or 5% of amount due |
| Minimum Credit Score | Bad* |
| Minimum Income | Not disclosed |
| Loan Purpose | Debt Consolidation, Home Improvement, Big Purchase |
| Time to Receive Loan Money | 2 - 3 business days |
| Other Requirements |
|
FreedomPlus Interest Rates, Fees & Other Terms
Category Rating: 80% (4 out of 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 0% - 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 amount due of the amount due. There are no fees for paying off a loan early.
- Loan amounts & timelines: FreedomPlus offers loan amounts of $5,000 - $50,000. Their repayment terms range 24 - 60 months.
FreedomPlus Loan Requirements & Application Info
Category Rating: 86% (4.3 out of 5)
- Minimum credit score: The FreedomPlus credit score requirement for personal loans is 600, 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: 66% (3.3 out of 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
| Info | FreedomPlus | LendingPoint | Avant |
|---|---|---|---|
| Reviews | |||
| APRs | 7.99% - 29.99% | 7.99% - 35.99% | 9.95% - 35.99% |
| Loan Amounts | $5,000 - $50,000 | $2,000 - $30,000 | $2,000 - $35,000 |
| Loan Terms | 24 - 60 months | 24 - 72 months | 24 - 60 months |
| Minimum Credit Score | Bad* | Bad* | Bad* |
| Winner | FreedomPlus | ||
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.
