EDITOR’S RATING
PROS
- APRs as low as 7.99%
- Loans as high as $40,000
- 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
Quick Review: 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.
FreedomPlus Personal Loan Terms
| |
| APRs | 7.99% - 29.99% |
| Loan Amount | $7,500 - $40,000 |
| 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 |
|
FreedomPlus Interest Rates, Fees & Other Terms
Category Rating: 4/5
FreedomPlus interest rates can be as low as 7.99% or has high as 29.99%, depending on your overall creditworthiness. The minimum is one of the lowest on the market. The maximum is fairly high, but there are plenty of lenders that charge more. The higher your credit score and the more money you make, the less risk you pose as a borrower and the lower the interest rate you can expect with FreedomPlus. FreedomPlus offers fixed-rate personal loans, which means your APR will not change with the market.
FreedomPlus may have an origination fee equal to as much as 4.99% of the loan amount. However, that fee is built into the loan’s APR. So the 7.99% to 29.99% range already includes origination fees. You don’t have to worry about paying anything separately. How much your origination fee is depends on the same factors that set your APR.
Though FreedomPlus has no prepayment penalties, they do charge a fee for late payments along the way. The late fee is the greater of $15 or 5% of the amount due.
You can get a lot of funding with FreedomPlus, with loans ranging from $7,500 to $40,000. In addition, the company offers 24 to 60 months to pay loans off. Those factors, combined with the potential for low APRs, are the major reasons why FreedomPlus scores well in this category.
FreedomPlus Loan Requirements & Application Info
Category Rating: 4.3/5
FreedomPlus representatives say that 620 is the minimum credit score requirement for a FreedomPlus personal loan. That’s relatively low, considering that most personal loan companies ask for a score of at least 660. FreedomPlus doesn’t disclose a specific minimum income requirement, but they will only offer loans up to 35% of your gross (pre-tax) yearly income.
If you’re at least 18 years old, you can apply for a FreedomPlus personal loan. You’ll also have to be either a U.S. citizen or a permanent resident of the U.S. You’ll need to provide FreedomPlus with your Social Security number.
If you’re worried about what rates you’ll get from FreedomPlus, you can use the “Get My Loan” button on their website to start the pre-qualification process. FreedomPlus will ask you questions like your credit score and state of residence to see if you qualify. This will not change your credit score, though submitting an application afterward will.
You can apply for a FreedomPlus personal loan online or by phone (800-375-9401). You can apply by yourself or with a co-applicant.
FreedomPlus loses just a few points in this category for not allowing customers to apply with an ITIN or passport in place of an SSN.
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: There is not enough data to assign a user rating to FreedomPlus.
- 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.
FreedomPlus Personal Loans vs. Competing Lenders
FreedomPlus |  LendingPoint |  Avant | |
| Reviews | |||
| APRs | 7.99% - 29.99% | 9.99% - 35.99% | 9.95% - 35.99% |
| Loan Amounts | $7,500 - $40,000 | $2,000 - $25,000 | $2,000 - $35,000 |
| Loan Terms | 24 - 60 months | 24 - 48 months | 24 - 60 months |
| Minimum Credit Score | Fair* | 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.