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 amount range: $7,500 -$40,000
- Interest rate rage: Fixed 4.99%-26.99%
- Terms: 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
What Can a FreedomPlus Personal Loan Be Used For?
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.
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.
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.
FreedomPlus can be used for major purchases
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.