Loans » Personal Loan Lender Reviews » FreedomPlus Personal Loan Review 2021
Advertiser Disclosure

This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

FreedomPlus Personal Loan Review 2021

FreedomPlus is good for those with okay to excellent credit and good financial positions.Read our review of FreedomPlus Personal Loans - how do they work, what can a personal loan be used for, FreedomPlus application Process and FreedomPlus loan pros & cons.

Some products that appear here are from companies from which this website receives compensation. This may impact how and where products appear on this site (including, for example, the order in which they appear). This compensation allows us to maintain a full-time, unbiased editorial staff. Our opinions are our own.

In this Review..

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

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.”

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.

They have funded over 1 billion dollars in personal loans.

Take advantage of the discounts offered for having joint borrowers having over $40,000 in retirement savings.

APR

4.99%-26.99%

Loan Amount

$7,500 -$40,000

Term

24 to 60 months

Min score

640

FreedomPlus Loan Pros & Cons

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

Pros

Cons

Loan Details

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.

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.

Moving can be expensive. You can get a loan from FreedomPlus to help cover those costs. Additionally, if you have unexpected auto repairs you can use FreedomPlus to help cover those costs.

Personal loans can be used for medical costs or even your dream vacation.

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.

Additionally, if you have unexpected auto repairs you can use FreedomPlus to help cover those costs.

FreedomPlus can be used for major purchases.

FreedomPlus Reputation

  • A+ on BBB: BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as the business's complaint history with BBB, type of business, time in business, transparent business practices, and more.
  • 4.7/5  on BBB customer reviews (+700 reviews): BB customer reviews allow customers to post positive, negative, or neutral reviews about marketplace experiences.
  • 4.9/5 on Trustpilot ( 1800 reviews): TrustScore is also an overall measurement of reviewer satisfaction, represented numerically from 1 to 5.
  •  J.D Power: We considered J.D. Power’s lending consumers satisfaction study. .J.D Power offers the most comprehensive and independent study of personal loans consumer satisfaction  . The study aims to help consumers and issuers to understand user opinions and ratings of top lenders. It covers terms, benefits, services, communication, transparency and more. FreedomPlus wasn't rated in the 2020 research.

J.D. Power U.S. Lending Consumer Satisfaction 2020

In order to avoid bias based on a small number of reviews, we present only ratings with at least 200 reviews.

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.

Freedom Plus Personal Loan Freedom Plus Personal Loan

 You then fill in some basic information about yourself.

Freedom Plus Personal Loan

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.

Freedom Plus Personal Loan Freedom Plus Personal Loan

 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.

Freedom Plus Personal Loan

Freedom Plus Personal Loan

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..

Freedom Plus Personal Loan Freedom Plus Personal Loan

Take advantage of the discounts offered for having joint borrowers, having over $40,000 in retirement savings, and letting FreedomPlus pay your creditors directly.

APR

4.99%-26.99%

Loan Amount

$7,500 -$40,000

Term

24 to 60 months

Min score

640

Alternatives Lenders For Consideration

Here are our 3 choices of lenders which can use as a great alternative to FreedomPlus personal loan: 

SoFi has moved away from that business model and moved to a “non-traditional underwriting approach focused on lending to financially responsible individuals. SoFi uses an underwriting model that examines free cash flow, professional history and education in addition to a history of responsible bill payment to evaluate its borrowers.”
SoFi personal loans have no origination or late fees. They also do not have a prepayment penalty so the loan can be paid off early without additional costs. SoFi gives borrowers flexibility in payments and allow you to change payment due dates and do not charge late fees.

Originally a mortgage refinancing and home equity line of credit issuer, Figure now offers personal loans in its list of loan products. If you are looking to consolidate your debts, pay for home improvement or make a large purchase, you can borrow up to $50,000 on Figure.

Figure uses blockchain and artificial intelligence to offer a quick sign-up and funding processes, and you can get a quote for the rates and interest in minutes. The fully online application process takes less than 10 minutes to complete and get a decision. If you are comfortable with the quote, you can proceed with the application, sign loan documents digitally, and wait for the funds to be processed.

Upgrade is an online direct lender established in 2017. The company offers both personal loans and lines of credit called “Upgrade Card”. To date, 8 million people have applied for an Upgrade personal loan or Upgrade Card.

According to representatives, Upgrade looks for a credit score of at least 620. However, the company may consider other factors to establish your creditworthiness.

One issue to be aware of is the Upgrade fees. While there is no prepayment fee, Upgrade charges an origination fee of 2.9 to 8% on personal loans. There is also a $10 late payment fee, which applies after a 15 day grace period.

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.

Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.