Minimum Credit Score
24 to 60
0.00% - 5.00%
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
Fees and penalties
- 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.
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 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.
Minimum Credit Score
36 or 60
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 .
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 $50,000 and its maximum APR is 16.49% (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.
Minimum Credit Score
12 to 84
No origination fee
SoFi offers some of the best rates and terms on the market. ... Read More
Fixed rates from 5.990% APR to 16.490% APR (with AutoPay). Variable rates from 5.74% APR to 14.60% APR (with AutoPay). SoFi rate ranges are current as of February 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 5.74% APR assumes current 1-month LIBOR rate of 2.51% 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.
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. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
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 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.
Minimum Credit Score
24 to 144
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.
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