FreedomPlus Personal Loans Review
Many people reach a point in their life when they need extra money. If you are in a difficult financial situation, a personal loan can help make your ends meet. When used smartly, a personal loan can help to consolidate debt or pay for a large purchase you do not currently have the money for. Today we are going to take a look at one of the loan providers — FreedomPlus.
See all FreedomPlus personal loans in April 2024
- Minimum credit:Fair (580-669)
- Origination fee:1.99 - 4.99%
- Funds available in:2 business days.
- Loan Purpose:Personal Loan
- Pros:
- Fast funding
- No Prepayment Fee
- Low APR interest
- Cons:
- Origination Fee
- Late Payment Fee
- No Autopay Discount
FreedomPlus offers personal loans from $7,500 to $50,000. The interest rates range from 7.99% to 29.99%.
FreedomPlus allows you to add a cosigner to an account.
The lender charges an origination fee of up to 4.99%. The lender also charges a late payment fee of either $15 or 5% of the past-due amount, whichever is greater.
Check FreedomPlus personal loan rates
Information about lender
- Organisation:Freedom Financial Asset Management, LLC
- Website:
- Headquarters:2114 E Rio Salado Blvd Tempe, AZ 85281
- Customer service for borrowers.:
- Customer service for existing customers.:
Check loans from other lenders
- 5.99 - 21.49 %APR
- 2 - 6 yearsLoan Term
- $5,000 - $100,000Loan Amount
- 6.99 - 24.99 %APR
- 3 - 6 yearsLoan Term
- $3,500 - $40,000Loan Amount
- 5.6 - 35.99 %APR
- 3 - 5 yearsLoan Term
- $1,000 - $50,000Loan Amount
FreedomPlus Personal Loan Review
FreedomPlus was founded in 2013 as a branch of Freedom Financial Asset Management. FreedomPlus has disbursed over $1 billion in loans to thousands of customers. FreedomPlus loans are characterized by their high amounts from $7,500 - $50,000, fast funding, and transparent fee structure. With a FreedomPlus loan, you can get a loan with a fixed APR between 7.99 - 29.99% and choose your payment date. Loan terms range from 2 - 5 years, and borrowers are eligible for several discounts, such as a co-borrower discount, direct pay discount, and retirement asset discount.
FreedomPlus Loan types
With FreedomPlus, you can apply for the following types of loans:
- Debt consolidation: If you struggle with high-interest loans, debt consolidation loan can combine your payments into a single low-interest monthly payment.
- Home improvement: Home repairs and renovations can run up a huge bill. If you need to give your home a facelift, you can apply for up to $50,000 with a FreedomPlus personal loan.
- Wedding: A FreedomPlus personal loan can be used to cover expenses for your wedding ceremony.
- Major purchase: If you need a new fridge or have to make some other unexpected purchases, you can get a loan from FreedomPlus to cover the costs.
- Travel/vacation: FreedomPlus personal loans can also be used to fund your family vacation and traveling. A fixed-rate FreedomPlus loan takes the stress out of planning your trips.
- Medical expenses: Medical expenses are the number one cause of bankruptcy in the US. A FreedomPlus personal loan can handle the immediate costs, so you can focus on recovering.
- Moving expenses: If you need to make a big move, you can apply for a FreedomPlus loan. Taking care of your finances before moving will make things go much more smoothly.
- Car/auto maintenance: An expensive car repair can affect your ability to work and make money. You can qualify for a FreedomPlus personal loan to cover unexpected car maintenance costs.
Loan specifications
You can apply for the following types of loans: debt consolidation, home improvement, wedding, major purchase, travel/vacation, medical expenses, moving expenses and auto loan.
| APR | 7.99 - 29.99% |
| Amount | $7,500 - $50,000 |
| Term | 2 - 5 years |
| Origination fee | 1.99 - 4.99% |
As you can see from the table the maximum loan amount is $50,000, and the APR starts at 7.99% for the best graded borrowers. The loan period varies from 2 to 5 years.
FreedomPlus: Pros and Cons
| Pros: | Cons: |
|---|---|
| Co-borrower options. If your income or credit score is too low, FreedomPlus allows co-borrower options, but they do not have co-signing options. | Not available in all states. FreedomPlus loans are not available in all states. For example, residents of Connecticut, Colorado, Hawaii, Kansas, New Hampshire, Nevada, Oregon, Vermont, West Virginia, Wisconsin and Wyoming cannot apply for a loan. |
| Direct payments for debt consolidation. FreedomPlus offers direct payment to creditors, so you don’t have to worry about paying your creditors on your own. | No autopay discount. FreedomPlus does not offer a discount for autopayments. |
| Pre-qualification available. FreedomPlus offers pre-qualification for funding. Qualification only affects your credit score when you accept the loan. | Fees. FreedomPlus does not have any prepayment fees, but they do charge a 5% or $15 late fee and an origination fee between 1.99 - 4.99%. |
| Choose the payment date. FreedomPlus has flexible payment scheduling and allows you to choose your payment dates. | |
| Transparent fee structure. FreedomPlus’s loan structure and terms are clear and transparent. You can find all the relevant information on their website clearly laid out. |
Applying for a FreedomPlus Loan
The FreedomPlus loan application process is fairly straightforward. First, you enter your desired loan amount and loan purpose, as well as your state of residence. You will also need to provide:
- Your name
- Employment status
- Income
- Address
- Date of birth
Once you provide these basic details, FreedomPlus will run a soft credit check to see if you qualify for the requested loan amount. If you are pre-qualified, they will give you a number to talk to a loan consultant. The loan consultant will help you hash out more specific details about your loan.
Once you accept the loan terms, FreedomPlus will run a hard credit check. You will need to provide a verified bank account, valid ID, and signature to complete the application. Most applicants receive their funds within one to three business days.
FreedomPlus does not disclose minimum credit requirements, but third-party sources indicate a minimum score of 620 and a minimum debt-to-income ratio of 45%.
Conclusion
Overall, FreedomPlus offers high-value personal loans, flexible payment terms, fast funding, and a wide range of loan options for borrowers with sufficient income. The credit requirements are lower than compared to many other loan providers, and the fee structure is straightforward and transparent.
FreedomPlus also offers some nice discounts if you have a sizable retirement account balance. The main downsides of FreedomPlus are the origination fees and the lack of autopay discount. The minimum loan amount is $7,500, which may be high for some borrowers.