FreedomPlus Personal Loans Review 2022 | American News

FreedomPlus is an online lender offering personal loans from $7,500 to $40,000 to meet a range of needs and promising fast approval and disbursement. A potential borrower begins by applying online and then speaks with a loan counselor.

Fair credit scores of at least 620 may qualify for FreedomPlus personal loans, but excellent credit is necessary for the best conditions. A FICO score in this range, a loan of less than $12,000, and a repayment term of 24 months could allow a borrower to obtain the lowest available APR of 7.99%. The lender also offers several interest rate discounts to qualified applicants.

Annual percentage rates are 7.99% to 29.99% and repayment terms are two to five years. FreedomPlus charges a assembly costs from 1.99% to 4.99% of the loan amount but no prepayment penalties.

The lender will verify the borrower’s income and bank account and will require a signature and valid ID to approve and fund the loan. FreedomPlus aims to get money from borrowers within 48 hours, provided they have provided complete applications and supporting documentation.

Borrowers can reach Loan Counselors from 6:00 a.m. to 7:00 p.m. Pacific Time, Monday through Friday, and from 7:00 a.m. to 3:00 p.m. Pacific Time, Saturday and Sunday. All loans available through FreedomPlus are made by New Jersey-based Cross River Bank.

  • Qualify with a fair credit score of 620.
  • Access personal loans up to $40,000.
  • Prepay loans free of charge.
  • Receive loan funds in as little as 48 hours.
  • Get interest rate discounts for adding a co-borrower when applying for a loan, using loan funds to pay creditors directly, or showing proof of at least $40,000 in retirement savings.
  • Choose and edit your payment due date.

  • The smallest loan amount is $7,500.
  • The borrower could pay a APR up to 29.99%.
  • The lender charges an origination fee of up to 4.99%.
  • The borrower could pay a late fee of $15 or 5% of the overdue amount, whichever is greater.
  • The lender does not offer a rate reduction for using autopay.

FreedomPlus offers unsecured personal loans including debt consolidation loans. Loans can be used for a variety of purposes, including:

FreedomPlus offers fixed rate personal loans in amounts ranging from $7,500 to $40,000 with repayment terms of two to five years. Loans are not available to residents of all states and limitations may apply.

Origination fees of 1.99% to 4.99% of the loan amount apply, but borrowers do not pay an application fee or prepayment penalties. The lender also charges a late payment fee of $15 or 5% of the overdue amount, whichever is greater.

APRs are 7.99% to 29.99%, but FreedomPlus offers qualified applicants rate reductions for:

  • Addition of a co-borrower. A rate reduction may be available by applying for the personal loan with a co-borrower with sufficient income.
  • Pay off the debt. Using at least 85% of loan proceeds to pay off qualifying debt could help borrowers lower rates.
  • Have retirement savings. Applicants could qualify for the lowest rate available with proof of at least $40,000 in retirement funds.

The minimum credit score to qualify for a FreedomPlus personal loan is 620, which matches FICO. fair range.

Apply online, then speak to a loan counselor about your eligibility. Keep in mind that the lender doesn’t allow co-signers, which can help borrowers get approved, but does allow co-borrowers – and offer rate discounts for adding them to loan applications.

FreedomPlus, part of the Freedom Financial Network family of companies, is not accredited by the Better Business Bureau, but does have an A+ rating.

The Consumer Financial Protection Bureau received three complaints in 2020 about Freedom Financial Network personal loans, and the financial services company provided a prompt response to each complaint. Two complaints were about payment issues and one was about getting a line of credit.

personal loan search

Select your desired loan amount and purpose, your credit score range, and your state to see estimated annual percentage rates and loan terms.

FreedomPlus is an online lender with an online application process supported by loan consultants available by phone. The lender also prequalifies borrowers online using soft inquiriesthat do not harm credit scores, to check your chances of approval.

Borrowers are encouraged to make payments and manage account information online.

If you think you are ready to apply for a FreedomPlus personal loan, first make sure your credit score is at least 620. But you may still want to check your loan eligibility if you have a credit score limit. Click on Get my score to begin the lender prequalification process and check your chances of approval without hurting your credit.

If you qualify and like your terms, the next steps are to complete the online application and then speak with a loan counselor. Borrowers can apply alone or with co-borrowers, but not with co-signers.

The lender will verify your income and bank account and ask for your signature and a valid ID for loan approval and disbursement. You may need to provide copies of recent pay stubs, bank statements, or tax returns for verification.

  • Borrowers who want personal loans of at least $7,500.
  • Co-borrowers who can take advantage of the lender’s rate discount.
  • Consumers who need to consolidate their debts.

About Judith J. George

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