FreedomPlus Personal Loan Review
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What is FreedomPlus?
FreedomPlus is a personal loan company that has provided more than 57,000 clients with upward of $1 billion in originated loans. The lending platform grew out of Freedom Financial Network (FFN), a consumer finance company founded by Andrew Housser and Brad Stroh in 2014. FreedomPlus 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
- 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% - 4.99%: It’s not uncommon for lenders that work with nonprime borrowers to charge an origination fee.
APR
5.99%
To
29.99%
Credit Req.
Varies
Terms
24 to 60
months
Origination Fee
0.00% - 4.99%
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.
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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.
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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.
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
APR
6.98%
To
35.89%
Credit Req.
620
Minimum Credit Score
Terms
36 or 60
months
Origination Fee
1.50% - 6.00%
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 Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/.
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
APR
5.99%
To
20.91%
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 5.99% APR to 21.16% (with AutoPay). SoFi rate ranges are current as of January 30, 2020 and are subject to change without notice. See APR examples and terms. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have excellent credit 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 credit score, credit usage and history, years of experience, our ability to verify your income and employment and other factors. The SoFi 0.25% AutoPay interest rate reduction applies if you 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. AutoPay is not required to obtain a loan.
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.
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 20.91% (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
Credit Req.
Not specified
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 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.
