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FreedomPlus Review: Personal Loans With Few Fees

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FreedomPlus loans at a glance

APR:
7.99% to 29.99%
Loan Terms:
24 to 60 months
Loan Amounts:
$7,500 to $50,000
Origination Fee:
1.99% - 4.99%

Like other lenders, FreedomPlus reviews your credit and other criteria when determining whether to offer personal loans to borrowers. The lender offers fast approval and funding — some borrowers receive same-day approval and funding within just two days.

However, FreedomPlus personal loans have a high minimum borrowing amount. Borrowers of FreedomPlus personal loans have the option to choose their payment date. Here are the highlights of our FreedomPlus review:

  • Credit check: Soft Pull to see loan offers
  • Loan amounts: $7,500 ($10,500 in Arizona) to $50,000
  • Terms: 24 to 60 months
  • Origination fee: 1.99% - 4.99%
  • Time to funding: As little as 48 hours
Pros Cons
  • Receive your money quickly: Loan applications may be approved the same day and funded within 48 hours.
  • Upfront about costs: Borrowers can find a fair amount of information on costs on the lender website.
  • No hidden fees: Personal loans from FreedomPlus have no hidden fees and no prepayment fees.
  • Choose your payment due date: Borrowers can choose their own payment date.
  • COVID-19 support: The lender offered resources and assistance during the pandemic.
  • High borrowing minimum: If you’re aiming to borrow less than $7,500, you’ll be better served elsewhere.
  • Some state-specific restrictions: Minimum loan amounts apply depending on where you live.
  • Origination fee: Some competitors don’t charge an origination fee.
  • No rate discounts: FreedomPlus won’t reduce your APR for enrolling in automatic payments or other measures.
  • No in-person service: Like other online-only lenders, FreedomPlus doesn’t have brick-and-mortar branches.

FreedomPlus personal loan requirements

  • Minimum credit score: Varies
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

To qualify for a FreedomPlus loan, you will have to have a credit score that meets the lender’s underwriting guidelines. You’ll also need to supply a valid ID and verify your income and bank information.

Some personal loan requirements vary by state. For example, there are some limitations on the amount you can borrow depending on where you live. For example, FreedomPlus will not approve loans in Arizona under $10,500.

Which borrowers are the best fit for a FreedomPlus personal loan

A FreedomPlus personal loan is good for borrowers who have good enough credit to qualify for the most attractive APR and repayment terms and for borrowers who need access to fast approval and funding. In some cases, funds may be available within 48 hours depending on borrower qualifications.

It’s also a good option for borrowers looking to…

…if the APR you qualify for is lower than the credit cards you might otherwise use for these purposes. You should also be comfortable borrowing a minimum of $7,500 and borrowing online since there are no physical FreedomPlus branches to visit.

What borrowers are saying in FreedomPlus reviews

On LendingTree, FreedomPlus reviews give high marks for the speed of the loan application process and the high levels of customer service during and after the loan process. Of 2,330-plus reviews, the overall lender rating is 4.8 out of 5 stars.

Bevb from Perry, La. recommended FreedomPlus highly when she said, “I am very pleased with how Freedom Plus handled my recent consolidation loan. It was a very fast and courteous process. There were no surprises.”

But Carl from Memphis, Tenn. was disappointed about the APR he was approved for. “I feel I should have been given a better interest rate. I realize this is how you make money but 15.49% and an APR of 18.27% is high considering my credit worthiness; thanks anyway for the loan,” he wrote.

Applying for a personal loan from FreedomPlus

These days, applying for a personal loan is fairly quick and straightforward because many lenders have an online application process much like FreedomPlus does. If you choose to apply online, be prepared to provide your name, email address and a phone number where you can be reached. Once you’ve completed the online application, a FreedomPlus loan consultant will contact you to obtain any other information required to qualify you for a loan.

If you qualify and are approved for a personal loan, you could get your money in as little as 48 hours. You will need to sign for the loan, present a valid ID and provide verification of income and bank account information.

FreedomPlus reviews compared to competing lenders

Comparing FreedomPlus to competitors
NetCredit LightStream First Midwest Bank Santander Bank, N.A
APR: 19.90% to 155.00%

Loan length:
6 to 60 months

Loan amount: $500 to $20,000

Origination fee: Up to 5% if interest rate is 36% or less

Min. credit score: Not specified

APR: 2.49% to 19.99%

Loan length: 24 to 144 months

Loan amount: $5,000 to $100,000

Origination fee: No origination fee

Min. credit score: Not specified

APR: 8.12% to 17.51%

Loan length: Not specified months

Loan amount: $5,000 to $25,000

Origination fee: Not specified

Min. credit score: Not specified

APR: 6.99% to 16.99%

Loan length: 24 to 60 months

Loan amount: $5,000 to $50,000

Origination fee: No origination fee

Min. credit score: Not specified


LightStream offers more competitive rates than FreedomPlus. However, neither lender specifies a minimum credit score requirement. But if you have excellent credit, LightStream may be a good option considering its flexible loan terms. No origination fee also means your LightStream loan may be cheaper than a FreedomPlus loan.

First Midwest Bank

First Midwest Bank is a good option for borrowers with good credit. With similar terms to FreedomPlus, First Midwest Bank may be a good competitor to consider. However, its loans are not available in all states. First Midwest Bank operates in Illinois, Indiana, Iowa and Wisconsin.

The lender provides a handy branch locator tool here.

Santander Bank, N.A

Santander Bank, N.A has similar loan terms to FreedomPlus. Further, it doesn’t charge origination fees, prepayment fees or closing costs. However, you’ll need to sign for your loan by physically visiting a local branch. To qualify for a personal loan, borrowers must live in one of the following states:

  • Connecticut
  • Delaware
  • Maine
  • Maryland
  • Massachusetts
  • New Hampshire
  • New Jersey
  • New York
  • Pennsylvania
  • Rhode Island
  • Vermont
  • Washington, D.C.

For borrowers who prefer face-to-face interactions with their lender, Santander Bank is a good alternative to FreedomPlus.

 

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