FreedomPlus Personal Loans Review for 2023

As its name implies, FreedomPlus offers personal loans with plenty of flexibility. Their loan amounts and rates can suit various purposes, and there are also few restrictions on how to use the funds once you receive them.


Moreover, there are multiple ways you can qualify for an APR discount even beyond a perfect credit score.

Ready to learn more about FreedomPlus personal loans? Keep reading and you’ll find out everything from what kind of loan you can get to how to apply and qualify.

FreedomPlus Personal Loans

Getting a FreedomPlus personal loan offers quite a bit of flexibility. The minimum loan amount is $7,500 and goes up to $40,000. The APR range is from 5.99% to 29.99%, depending on your application information.

FreedomPlus may charge an origination fee of up to 5.0% of the loan amount. That means if you take out a $20,000 loan, you could have as much as $1,000 deducted before you receive your funds. Interest rates are fixed, and your payments will be spread out over two to five years.

What can you use your FreedomPlus loan for?

The options are countless, including paying off high-interest credit card debt, home improvement, medical expenses, weddings, and other major purchases.

Get started with FreedomPlus on FreedomPlus’s secure website

Borrower Profile

To qualify for a personal loan from FreedomPlus, you’ll need at least a 640 minimum credit score. Most borrowers, however, have an average score of 720, so you’ll likely need to be in the “good” range when it comes to credit.

You’ll also need to meet some other requirements besides having decent credit.

For starters, your annual income must be at least $30,000, and they’ll need to verify that during the application process. Applicants need to provide a valid ID and a bank account as well. Freedom Plus also looks at your debt to income ratio, which should be under 40%. Most current borrowers have a DTI under 20%.

While you can use FreedomPlus loans for various purposes, most people use the loan proceeds to consolidate debt and take advantage of a better interest rate than their credit cards.

Freedom Plus is not available in the following states:

  • Colorado
  • Connecticut
  • Hawaii
  • Kansas
  • Maine
  • New Hampshire
  • New York
  • North Dakota
  • Oregon
  • Rhode Island
  • Vermont
  • West Virginia
  • Wisconsin
  • Wyoming

FreedomPlus Application Process

The FreedomPlus loan application process is a fast and simple one. It starts by asking how much you want to borrow. From there, you’ll answer more questions about yourself. You’ll also be required to speak with a loan consultant over the phone. This helps them look beyond your credit score to analyze your loan application.

Once you’ve gone through those steps, you can often receive a same-day decision; in fact, usually within two to three hours. If approved, you can upload all your documents online and even sign your contract with an e-signature.

From start to finish, it’s an easy process, especially if you take a few minutes ahead of time to gather things like your recent pay stubs for income verification.

Once You’re Approved

Things move quickly once you’re approved for a FreedomPlus personal loan. You can usually receive your funds within 48 hours of signing your loan contract. Remember that the loan origination fee will be deducted from the amount before it hits your bank account. You’ll have fixed monthly payments, so as long as you stay on top of them, your amount remains the same.

If you happen to make a late payment after a 10-day grace period, you’ll be charged the higher of $15 or 5% of your amount due. Paying with a check can also be costly, carrying a $15 fee each time. In addition, if the check is ever returned, you’ll be charged another $15 by FreedomPlus. On the plus side, in case you ever want to pay off your FreedomPlus personal loan early, you can do so with no prepayment fees.

FreedomPlus Special Features

One of the qualities that make FreedomPlus really stand out is the ability to lower your APR in several ways. The first is by using a co-borrower. Not only is it ok to have one on your FreedomPlus loan, but you could also see as much as a 5% drop in APR just by adding a co-borrower.

If you’re looking to consolidate your debt, they offer a direct pay discount. If you opt for this method, FreedomPlus will pay your creditors directly and at the same time offer you a lower interest rate. As a result, your loan will cost you even less while removing the burden of taking the extra step to pay off your debts by yourself.

For borrowers with sufficient retirement savings, you could also receive an APR reduction. This can range anywhere between one and three points. There are few lenders who view your retirement savings as an asset in this way, so it’s definitely worth looking into. You’ll typically need at least $40,000 to qualify for this discount.

FreedomPlus’s History

FreedomPlus is an offshoot of Freedom Financial Network, a California-based debt relief company with financial backing from Vulcan Ventures. They are an indirect lender with most of their loans being funded through Cross River Bank and MetaBank, N.A.

After starting a small lending practice with its debt relief customers, Freedom Plus decided to completely branch out and start working with personal loan borrowers in the near-prime credit segment. As a result, the company has grown substantially over the last several years and now offers personal loans for more than just consolidating credit card debt.

FreedomPlus Reviews

One of the best ways to research online lenders is by reading third-party reviews. You can discover what actual customers are saying about them before you choose to do business with them.

FreedomPlus currently has a Better Business Bureau (BBB) rating of A+, indicating excellent customer service. They also have very few complaints. You can find more FreedomPlus reviews at other review sites as well.

Get started with FreedomPlus on FreedomPlus’s secure website

Is a FreedomPlus personal loan right for you?

There are numerous perks that come along with getting your loan through FreedomPlus. While it’s always wise to shop around for the best loan rates and loan terms, you can also use these questions to help guide you through the selection process.

Do you want to use the loan funds to consolidate your debt?

Debt consolidation is one of the most popular uses for personal loans from FreedomPlus, and it’s not surprising why. Many types of debt, especially credit cards, come with high interest rates. Getting a personal loan can help lower your interest rate and put a fixed timeline on your payment period, rather than struggling with ongoing minimum payments.

Don’t forget to consider other low-interest debt consolidation options. If you have equity in your home, for example, you may want to consider a cash-out refinance or HELOC — if it makes sense for you. Always explore all of your options before committing to one.

A benefit to choosing FreedomPlus is that you can get that APR discount for debt consolidation loans as long as you let FreedomPlus directly pay off qualifying existing debt. Before selecting your loan term, talk to a loan consultant to see how much of a discount you could be eligible for.

What kind of credit score do you have?

While FreedomPlus doesn’t necessarily cater to borrowers with excellent credit, you probably won’t get approved with bad credit. The absolute cutoff may be 640, but the reality is that most customers fall somewhere closer to a 720 FICO score. So while paying off debt can help repair your credit score and lower your debt to income ratio, it won’t help if you need to get the loan first.

Before you start your FreedomPlus application, carefully review the borrower requirements to ensure you meet the minimums. If you require any further assistance about the application, contact customer service. Remember, there are also income and debt-to-income requirements to consider.

If you don’t meet the qualifications yet, you can always work on improving your credit score and coming back at another time. Should you need funds now and don’t quite have the score for FreedomPlus, you can always consolidate at a later time as well, once you’ve worked on paying off debt and raising your score.

Get started with FreedomPlus on FreedomPlus’s secure website

Still Searching?

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