FreedomPlus Personal Loans Review 2021

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FreedomPlus is an online lender offering personal loans from $7,500 to $40,000 to meet a range of needs and promising quick approval and disbursal. A prospective borrower begins by applying online and then talks with a loan consultant.

Fair credit scores of at least 620 can qualify for FreedomPlus personal loans, but excellent credit is needed for the best terms. A FICO score in this range, a loan of less than $12,000 and a repayment term of 24 months could get a borrower the lowest available APR of 7.99%. The lender also offers several interest rate discounts to qualified applicants.

Annual percentage rates are 7.99% to 29.99%, and repayment terms are two to five years. FreedomPlus charges an origination fee of 1.99% to 4.99% of the loan amount but no prepayment penalties.

The lender will verify the borrower’s income and bank account and ask for a signature and a valid ID to approve and fund the loan. FreedomPlus aims to get borrowers their money within 48 hours, as long as they have provided complete applications and supporting documents.

Borrowers can reach loan consultants from 6 a.m. to 7 p.m. Pacific time Monday through Friday and from 7 a.m. to 3 p.m. Pacific time Saturday and Sunday. All loans available through FreedomPlus are made by New Jersey-based Cross River Bank.

  • Qualify with a fair credit score of 620.
  • Access personal loans up to $40,000.
  • Prepay loans without fees.
  • Receive loan funds in as little as 48 hours.
  • Get interest rate discounts for adding a co-borrower to the loan application, using loan funds to pay creditors directly or showing proof of at least $40,000 in retirement savings.
  • Choose and change your payment due date.

  • The smallest loan amount is $7,500.
  • The borrower could pay an APR as high as 29.99%.
  • The lender charges an origination fee of up to 4.99%.
  • The borrower could pay a late fee of either $15 or 5% of the past-due amount, whichever is greater.
  • The lender does not offer a rate discount for using autopay.

FreedomPlus offers unsecured personal loans, including debt consolidation loans. Loans can be used for a variety of purposes, including:

FreedomPlus provides fixed-rate personal loans in amounts ranging from $7,500 to $40,000 with repayment terms from two to five years. Loans are not available to residents of all states, and limitations may apply.

An origination fee of 1.99% to 4.99% of the loan amount applies, but borrowers do not pay application fees or prepayment penalties. The lender also charges a late payment fee of either $15 or 5% of the past-due amount, whichever is greater

APRs are 7.99% to 29.99%, but FreedomPlus offers qualified applicants rate discounts for:

  • Adding a co-borrower. A rate reduction may be available by applying for the personal loan with a co-borrower who has sufficient income.
  • Paying off debt. Using at least 85% of loan proceeds to pay off qualifying debt could help borrowers reduce rates.
  • Having retirement savings. Applicants could qualify for the lowest available rate with proof of at least $40,000 in retirement funds.

The minimum credit score to qualify for a FreedomPlus personal loan is 620, which falls in FICO’s fair range.

Apply online and then speak with a loan consultant about eligibility. Keep in mind that the lender does not allow co-signers, which can help borrowers get approved, but does permit co-borrowers – and offers rate discounts for adding them to loan applications.

FreedomPlus, part of the Freedom Financial Network family of companies, isn’t accredited by the Better Business Bureau, but has an A+ rating.

The Consumer Financial Protection Bureau received three complaints in 2020 about personal loans from Freedom Financial Network, and the financial services company provided a timely response to each complaint. Two complaints were about problems making payments and one was about getting a line of credit.

Personal Loan Finder

Select your desired loan amount and loan purpose, your credit score range, and your state to see estimated annual percentage rates and loan terms.

FreedomPlus is an online lender with an online application process supported by loan consultants available by phone. The lender also prequalifies borrowers online using soft inquiries, which do not harm credit scores, to check your chances of approval.

Borrowers are encouraged to make payments and manage account information online.

If you think you’re ready to apply for a FreedomPlus personal loan, first make sure your credit score is at least 620. But you still might want to check your loan eligibility if you have a borderline credit score. Click Get My Score to begin the lender’s prequalification process and check your odds of approval without hurting your credit.

If you qualify and you like your terms, the next steps are completing the online application and then talking with a loan consultant. Borrowers can apply on their own or with co-borrowers but not with co-signers.

The lender will verify your income and bank account and ask for your signature and a valid ID for loan approval and disbursal. You may need to provide copies of recent pay stubs, bank statements or tax returns for verification.

  • Borrowers who want personal loans of at least $7,500.
  • Co-borrowers who can take advantage of the lender’s rate discount.
  • Consumers who need to consolidate debt.



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