FreedomPlus Personal Loan Review

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APR

5.99%
To
29.99%

Credit Req.

Varies

Terms

24 to 60

months

Origination Fee

0.00% - 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

With a personalized application process that includes a phone interview, FreedomPlus gives people with below average credit a shot at getting approved for a personal loan.... Read More


All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details.

FreedomPlus personal loan details
 

Fees and penalties

  • Terms: FreedomPlus loan terms range from 24 to 60 months.
  • APR range: 5.99% to 29.99% APR
  • Loan amounts: You can borrow from $7,500 to $40,000.
  • Time to funding: If you submit a completed application, which includes your signature, a valid ID and verification of your income and bank account, early in the day, you could receive the money within 48 hours.
  • Hard pull/soft pull: Checking personal loan rates with FreedomPlus only requires a soft pull. The soft pull will not impact your credit history.
  • Origination fee: 0.00% - 5.00%
  • Prepayment fee: $0
  • Late payment fee: Not specified

Eligibility requirements

  • Minimum credit score: Not specified.
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

While FreedomPlus doesn’t detail its credit requirements on its website, it has outlined other requirements for loan approval and its loan parameters. At a minimum, all applicants must be over 18 years old (19 in Alabama or Nebraska), be a U.S. citizen and have a valid ID. Applicants will also need to provide verified income, bank account information and a signature during the application process.

Loan limitations can vary by state. FreedomPlus does not offer loans in Arizona for less than $10,500, in Massachusetts for less than $6,500, in Ohio for less than $5,500, and in Georgia for less than $3,500. Otherwise, FreedomPlus will determine the terms of your loan based on the loan amount and your credit score, total debt, and debt-to-income ratio.

Applying for a personal loan from FreedomPlus

FreedomPlus’s simple application process starts on its website. The application prompt will ask for the amount you’d like to borrow, how you plan to use the money, and the state where you live. Before submitting, you will also need to provide your name, email address and phone number.

After FreedomPlus receives your application, a loan consultant will follow up with a phone call. The platform advertises that it “goes beyond your credit report” to qualify you for a loan, and this conversation will allow you and the consultant to further discuss the loan and your qualifications.

If you apply early in the day and submit all required documents (a valid ID and bank and income documentation) quickly, your loan could be approved the same day. Following approval, funds should be available within 48 hours.

Pros and cons of a FreedomPlus personal loan

Pros:

Cons:

  • Lower credit score: FreedomPlus looks at more than your credit score, so if your credit score isn’t stellar but you are financially stable and pay your bills on time, you could get approved for a loan.
  • Easy application process: Applying for a FreedomPlus loan simply requires filling out an online form, submitting a few documents and speaking with a loan consultant on the phone. Applicants also can expect a quick response, and, if approved, access to the money within as little as 48 hours.
  • No fee for prepayment: You can reduce interest paid on the loan by paying off the loan early.
  • Credit score check: You can pre-qualify for a loan and check your rate with only a soft pullon your credit.
  • Origination fee: FreedomPlus charges an origination fee between 0.00% - 5.00%.
  • Potentially high rates: The APR on a FreedomPlus loan can be as high as 29.99%, which is high compared with some other personal loan companies that focus on borrowers with prime credit scores.
  • Simple website: FreedomPlus’s website is straightforward and easy to navigate, but it doesn’t provide many details about fees and other loan details you’ll need when deciding which loan is best for you.

Who’s the best fit for a FreedomPlus personal loan

While FreedomPlus doesn’t offer the lowest rates, it could be a good choice for those who have a lower credit score and can show they are in a good financial position. The platform offers a quick turnaround, and qualified applicants could have the money in the bank within two days of loan approval.

Borrowers who are motivated to improve their finances also could benefit from a FreedomPlus loan. The platform doesn’t charge a prepayment fee, which means that you can pay off the loan early and save money in interest payments without paying a fee.

FreedomPlus consumer reviews

FreedomPlus has an A+ rating on the BBB. On LendingTree, MagnifyMoney’s parent company, 93% of reviewers said they would recommend working with the lender.

Many LendingTree reviews praise FreedomPlus for their quick application turnaround. They also speak highly of the staff and say the loan application process is easy to complete. Common refrain among reviews include: “easy,” “fast,” and “professional.”

Christopher from Jones, Oklahoma said, “I was initially skeptical about submitting my information, but thought I’d take the chance, and to my surprise, I was contacted very quickly, with a representative who was very professional and was knowledgeable in helping and providing up to date loan information. Afterward, I felt very comfortable moving forward. My representative supported me from the beginning to the end, and the loan was processed within a week. I’m very pleased.”

FreedomPlus FAQ

FreedomPlus offers personal loans.

Borrowers may use personal loan funds for everything from debt consolidation to home renovations, weddings, vacations and more.

Depending on an applicant’s credit score and financial situation, individuals may borrow from $7,500 to $40,000 with a rate of 5.99% to 29.99% APR.

No. A borrower can complete their application process online, at which point FreedomPlus will conduct a soft pull to determine an applicant’s eligibility. This credit check will not affect a borrower’s credit score regardless of outcome.

To apply online, borrowers will need to provide a valid ID, income and bank account information and a signature.

Depending on the time of day when a potential borrower submits their application, they may be approved for a loan that same day and receive the loan amount within 48 hours.

Borrowers may make monthly payments over the phone, by check, online or by setting up automatic payments.

Yes. Borrowers may qualify for discounts if they apply with a co-borrower; if a borrower has more than $40,000 in retirement funds such as an IRA or 401(k); if a borrower allows FreedomPlus to use a borrower’s loan to pay creditors directly. Borrowers may combine any of these discounts.

Alternative personal loan options

Upgrade

Upgrade
APR

6.98%
To
35.89%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.50% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Upgrade is an online lender that offers fairly priced personal loans for a term of either 36 or 60 months.... Read More .


Personal loans made through Upgrade feature APRs of 6.98%-35.89%. All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by WebBank, Member FDIC.

Upgrade also offers an easy online application process and fast response. It’s willing to work with borrowers with credit scores as low as 620. It charges an origination fee of 1.50% - 6.00%.

Pre-qualification, which only requires a Soft Pull, involves a one-page application, and Upgrade will return a decision almost instantly. The platform provides a wider range of loans than FreedomPlus, as applicants can qualify for loans of $1,000 to $50,000 with terms of 36 or 60 months. Money will be deposited to applicants’ bank accounts within days of verification.

SoFi

SoFi
APR

5.99%
To
20.01%

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.99% APR to 20.01% APR (with AutoPay). Variable rates from 6.49% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of November 15, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.49% APR assumes current 1-month LIBOR rate of 1.81% plus 4.93% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

SoFi doesn’t charge a prepayment penalty and offers a simple online application process. The platform provides loans ranging from $5,000 to $100,000 and its maximum APR is 20.01% (if you enroll in autopay). SoFi offers other benefits as well, including no origination fee, live customer support seven days a week and a pause in payments if you lose your job.

LightStream

APR

4.99%
To
16.79%*

with AutoPay

Credit Req.

Not specified

Terms

24 to 144*

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More


*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.

LightStream is a great option for borrowers with excellent credit, as it offers a low APR and flexible terms, and has No origination fee or prepayment fees. Loan terms are determined by what you use the loan for.

If you are approved for a loan and complete all necessary steps before 2:30 p.m. EST, the money can be deposited in your bank that day. LightStream does a Hard Pull, which may have a small impact on your credit score. Borrowers can apply for loans between $5,000 and $100,000.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Anne Bouleanu
Anne Bouleanu |

Anne Bouleanu is a writer at MagnifyMoney. You can email Anne here

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