FreedomPlus Review – Personal 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 5.99%, one of the lowest among personal loan providers. Those with bad credit may be able to qualify for a loan since the minimum credit score requirement is just 620, but they may pay as much as 29.99% in interest each year. FredomPlus 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. For more information on FreedomPlus personal loans, check out the detailed sections below.
FreedomPlus Personal Loan Terms
|APRs||5.99% - 29.99%|
|Loan lengths||24 - 60 months|
|Loan amounts||$7,500 - $40,000|
|Timeline for approval||24 hours|
|Timeline for funding||48 hours|
|Origination fee||0% - 5%|
|Early payoff fee||$0|
|Late fee||$15 or 5% of amount due|
|Required credit score||620|
|Required income||Not disclosed (will loan up to 35% of income)|
(all must apply)
|18+ years old
U.S. citizen, permanent resident
FreedomPlus Interest Rates & Fees
FreedomPlus interest rates can be as low as 5.99% 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 5% of the loan amount. However, that fee is built into the loan’s APR. So the 5.99% 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.
FreedomPlus has no prepayment penalties, but 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.
FreedomPlus Loan Requirements & Application Info
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 Personal Loan Reviews & Transparency
FreedomPlus discloses their personal loan terms clearly and in a way that’s easy to understand. Plus, they do allow customers to see their potential rates ahead of time through pre-qualification. The two areas where FreedomPlus is not transparent are their minimum credit and income requirements. Below you’ll find some information about their reputation with the BBB and WalletHub.
- Better Business Bureau: FreedomPlus hasn’t chosen to become accredited with the BBB. However, they are highly rated, getting an A+.
- WalletHub: WalletHub’s editors think FreedomPlus personal loans deserve a score of 4/5.
FreedomPlus Personal Loans vs. Competing Lenders
|APR||5.99% - 29.99%||15.49% - 34.99%||9.95%|
|Loan Amounts||$10,000 - $40,000||$2,000 - $25,000||$2,000 - $100,000|
|Loan Term||24, 36, 48 or 60 months||24, 36 or 48 months||24, 36, 48 or 60 months|
|Credit Score Required||Good||Bad||Bad|
In order to fairly score FreedomPlus, WalletHub graded them on 23 different points within these categories: loan amounts, fees, APR, loan requirements, the process of applying, customer satisfaction and transparency. Below, you can see the full breakdown.
- Loan amounts: We found out the smallest and largest borrowing amounts, plus the lengths of time available for payoff.
- Fees: Our editors checked into whether FreedomPlus charges any fees on their personal loans, such as fees for paying late, origination fees or fees for paying the loan off early.
- APR: We found out the APR range on FreedomPlus personal loans, plus whether the rates can change or not.
- Requirements: WalletHub looked into what FreedomPlus requires from their applicants in terms of things like income, citizenship, ID and credit score.
- Application process: WalletHub found out how to pre-qualify for a FreedomPlus personal loan and how to submit an application. We also checked into whether FreedomPlus allows co-signers, and how long their decision/funding process takes.
- Customer satisfaction: Our editors read FreedomPlus’s BBB profile, complaints filed with the CFPB against FreedomPlus and WalletHub user reviews.
- Transparency: We scored FreedomPlus on how upfront they are about their terms and who can qualify for a loan.
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