Who is FreedomPlus?
FreedomPlus is a personal loan company that provides unsecured loans to borrowers who may have trouble securing traditional credit. As other lenders turn their focus on clients with good credit, FreedomPlus offers unsecured loans to “emerging prime” borrowers, or clients whose credit almost reaches a prime score and whose financial situation is stabilized and improving.
The lending platform grew out of Freedom Financial Network (FFN), a consumer finance company founded by Andrew Housser and Brad Stroh. After several years of success working with clients who traditionally would be labeled “subprime,” FFN launched FreedomPlus to offer loans to clients that company leaders believed other personal loan companies may not always consider. FreedomPlus in not a bank. Instead, it works with Freedom Financial Asset Management to connect clients with loans through accredited institutional accounts that are interested in consumer lending.
FreedomPlus personal loan highlights
- Lower credit requirements: FreedomPlus specializes in clients who fall just under a “prime” credit score, which may be considered anyone with scores under 740, the lowest score that FICO considers “very good”.
- Quick approval: If a loan application is fully completed and submitted early in the day, it could be approved the same day and the money could be available within 48 hours.
- Many loan options. FreedomPlus loans are available for everything from paying off high-interest debt to paying for medical expenses or big home improvement projects.
- 0.00% - 5.00%. It’s not uncommon for lenders that work with nonprime borrowers to charge an origination fee. Just know that this fee will be subtracted from your total loan amount.
APR
5.99%
To
29.99%
Credit Req.
Varies
Minimum Credit Score
Terms
24 to 60
months
Origination Fee
0.00% - 5.00%
on LendingTree’s secure website
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
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Eligibility requirements
- Minimum credit score: Varies
- Minimum credit history: Varies
- Maximum debt-to-income ratio: 40%
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, be a U.S. citizen and have a valid ID. Applicants also need at least $25,000 of verifiable income and cannot have filed for bankruptcy in the last two years.
Loan limitations can vary by state. FreedomPlus does not arrange 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, your credit score (you can choose among several score ranges) 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.
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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.
Alternative personal loan options
As with any loan, you will want to look at options before making a decision. Different personal loan companies will offer different terms, so be sure to read through the detailed terms of each one before making a decision about which loan will most benefit you. You’ll want to consider fees, terms and whether the pre-qualification process will impact your credit score. A good place to start is MagnifyMoney’s online tool for comparing personal loans.
Here are some other lending platforms that offer similar terms to FreedomPlus loans.
Upgrade
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. However, it charges a slightly higher origination fee compared to FreedomPlus, at 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 applicant’s bank accounts with days of verification.
APR
7.99%
To
35.89%
Credit Req.
620
Minimum Credit Score
Terms
36 or 60
months
Origination Fee
1.50% - 6.00%
on LendingTree’s secure website
Upgrade is an online lender that offers fairly priced personal loans for a term of either 36 or 60 months.... Read More.
SoFi
Like FreedomPlus, Sofi doesn’t charge a prepayment penalty and offers a simple online application process. Because it has higher credit requirements, borrowers with excellent, good credit looking for more options may want to consider SoFi. The platform provides loans ranging from $5,000 to $100,000 and its maximum APR is 16.24% (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.
APR
5.74%
To
16.24%
Credit Req.
680
Minimum Credit Score
Terms
24 to 84
months
Origination Fee
No origination fee
SoFi offers some of the best rates and terms on the market. ... Read More
Fixed rates from 5.990% APR to 16.240% APR (with AutoPay). Variable rates from 5.74% APR to 14.700% APR (with AutoPay). SoFi rate ranges are current as of March 18, 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 5.74% APR assumes current 1-month LIBOR rate of 2.43% plus 4.28% 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)
LightStream
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, as an APR for an auto loan can be as low as 3.99% while the APR for home improvement loans starts at 4.99% with autopay. 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. Unlike FreedomPlus, 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.
APR
3.99%
To
16.99%
Credit Req.
660
Minimum Credit Score
Terms
24 to 144
months
Origination Fee
No origination fee
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 under the invoicing option are 0.50% 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 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.
