FreedomPlus Personal Loan Review
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Written By
Updated on Wednesday, July 3, 2019
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
7.99%
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
The loan terms presented are not guaranteed and APRs presented are estimates only. To obtain a loan you must submit additional information and documentation and all loans are subject to credit review and our approval process. The range of APRs is 7.99% to 29.99% and your actual APR will depend upon factors including your credit score, usage and history, the requested loan amount, the stated loan purpose, and the term of the requested loan. To qualify for a 7.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available. All loans are made by Cross River Bank and MetaBank®, N.A., Members FDIC.
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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 7.99% 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
7.99%
To
35.97%
Credit Req.
620
Minimum Credit Score
Terms
36 or 60
months
Origination Fee
2.90% - 8.00%
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 7.99%-35.97%. All personal loans have a 2.9% to 8% 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 2.90% - 8.00%.
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 $35,000 with terms of 36 or 60 months. Money will be deposited to applicants’ bank accounts within days of verification.
SoFi
APR
5.99%
To
18.72%*
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 18.72%% APR (with AutoPay). SoFi rate ranges are current as of June 30, 2020 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, income, and other factors. See APR examples and terms. 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.
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 fixed APR is 18.72% (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 loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay 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 3.49% APR with a term of 3 years would result in 36 monthly payments of $292.98.
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.
