FreedomPlus Personal Loan Review 2020

4.1 stars out of 5

The Smart Investor reviews are unbiased, and reflect the views of our editorial staff. We’ve collected the information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.

FreedomPlus – About The Lender

FreedomPlus is the online personal loan provider of Freedom Financial Network. It is based out of San Mateo and was started in 2013. FreedomPlus has tapped talent from other large personal loan providers such as LendingClub and Prosper.

FreedomPlus provides, “quality loans that meet individual needs through its sophisticated yet simple application and vetting process. FreedomPlus also provides professional advice through knowledgeable loan consultants and experts.”

They have funded over 1 billion dollars in personal loans.

Loan Specifications

Here are the basic specifications & requirements of FreedomPlus Personal Loan :

Feature FreedomPlus Personal Loan
Loan Amount Range $7,500 -$40,000
Interest Rate Range Fixed 4.99%-26.99%
Term 24 to 60 months
Origination fee 0%-5%
Late Payment Fee $15 or 5% greater
Returned payment fee $15
Check processing fee $15
Prepayment fee None
Minimum Credit Score 640
Funding 48 hours

FreedomPlus Loan Pros & Cons

As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:


  • Joint Borrowers – FreedomPlus allows for joint borrowers on their personal loans. They even offer interest discounts for joint borrowers. It improves your chances of getting approved. Many loan providers do not allow joint borrowers.
  • Soft Pull Inquiry – FreedomPlus does an initial soft pull inquiry so the borrower can get an idea of the options for which they may qualify.
  • Competitive Interest Rates – FreedomPlus has very competitive rates for strong borrowers. In the fine print they state what it takes to get their lowest rate: excellent credit, a loan less than $14,000, and a term of 24 months.
  • Quick Turnaround Times – FreedomPlus has a quick and simple application process and the loan is usually funded in about 48 hours.
  • Customer Service – FreedomPlus has loan specialists who can help you find the right loan for you and help you get any eligible discounts.
  • Discounts – FreedomPlus offers discounted rates for the below items. These items may also help you get approved.

    1. Joint borrowers
    2. Pay off creditors directly
    3. Have $40,000 or more in retirement savings

  • No Prepayment Penalty –FreedomPlus does not have a prepayment penalty.


  • Origination Fee – FreedomPlus deducts a one-time origination fee of 0% to 5% of your loan amount directly from your loan funds. This should be considered in the pricing of your loan when you apply. Take into consideration that there are other lenders who do not charge an origination fee.
  • More Interaction – If you are looking for minimal human interaction and you don’t want to have to speak to a representative, Freedom Plus will not be the loan provider you want.
  • Not Available in All States – FreedomPlus operates in 36 states. Check to see if they operate in your state by starting the application process – one of the questions they ask is in which state you reside. If you reside in a restricted state they will let you know.
  • Fees – FreedomPlus has late fees and other processing fees. There are other lenders available that do not have these fees.
  • Higher Minimum Amount –The lowest personal loan amount you can get with FreedomPlus is $7,500.

What Can a FreedomPlus Personal Loan Be Used For?

FreedomPlus offers personal loans for many different reasons including debt consolidation, home improvements, wedding costs, major purchases, relocation, medical expenses, travel, and auto maintenance. FreedomPlus offers little information about what the loans can be used for.

  • Debt Consolidation

FreedomPlus debt consolidation is paying off one or more prior unsecured loans with the new loan. Instead of multiple payments to multiple lenders you can create one payment to one lender. The idea is that you can take a high revolving interest credit card and save money by replacing it with a low rate fixed installment. FreedomPlus pays creditors directly. If you elect to pay creditors directly, it may help you get approved.

  • Relocation, Medical Costs, Vacation Costs or Auto Repairs

Moving can be expensive. You can get a loan from FreedomPlus to help cover those costs. Personal loans can be used for medical costs or even your dream vacation. Additionally, if you have unexpected auto repairs you can use FreedomPlus to help cover those costs.

  • Home Improvement

FreedomPlus home improvement loans can be used for home repairs or renovations. The advantage of using a FreedomPlus home improvement loan is that you do not have to use your home as collateral and you get funds much quicker with less documentation. FreedomPlus has a quick turnaround, usually within 48 hours after applying. Typically, it takes a month or more to get an equity line of credit on your home.

  • Major Purchases

FreedomPlus can be used for major purchases

  • FreedomPlus Application Process

The FreedomPlus application process is simple and quick, but you do have to speak with a representative about your loan. You first answer some questions about how much money you need and for what. You then fill in some basic information about yourself.

Then FreedomPlus does a soft credit pull to see if you are eligible for a loan. A soft pull does not affect your credit. Then FreedomPlus will call and discuss the loan with you and see if it fits your needs. They will also verify the information you put on your application. They can also discuss with you customizing your loan to save you money. For example, FreedomPlus offers discounts for adding a co-applicant and paying off your creditors directly. There is also a retirement discount for those who have over $40,000 in a retirement account.

They will do a hard pull and let you know if you have been approved. You may still need to upload documents to verify your ID, income, or address. You then will sign loan documents and funds are usually in your account within 48 hours of applying..

FreedomPlus Personal Loan is Best for..

FreedomPlus is good for those with okay to excellent credit and good financial positions. FreedomPlus is great for borrowers looking to consolidate debt. FreedomPlus has quick turnaround times and a human touch that can help you find the right loan for you.

If you are considering FreedomPlus, make sure you take advantage of the discounts offered for having joint borrowers, having over $40,000 in retirement savings, and letting FreedomPlus pay your creditors directly.