|Basic requirement to get the loan|
AL, AK, AZ, AR, CA, DC, DE, FL, GA, ID, IL, IN, KY, LA, MD, MA, MH, MI, MN, MS, MO, MT, NE, NV, NJ, NM, NC, OH, OK, PA, SC, SD, TN, TX, UT, VA, WA
|APR up to||29.99%|
|Time to money||48 hours|
|Funding Method||Bank account|
Freedom Plus Loans — A Bank-Type Online Personal Loan
Are you in the market for personal loans? Tired of encountering high APRs from some online lenders and low loan amounts? Have you heard of the good things said about Freedom Plus?
If not, you’ll definitely go for them after reading this Freedom Plus loan review. In short, they provide personal bank-type loans. Though, you don’t need excellent or good credit scores to apply.
Freedom Plus Loan Review
A bit of background about them; the company was founded in 2013, making this year their 5th in business. Their loans are currently originated by Cross River Bank, and their main office is in Phoenix, Arizona.
With loan amounts as high as $40,000, you get the same experience as from a bank. Though, you don’t have to apply in person. You get the ultimate convenience by applying online and getting funds deposited to your bank account.
The Freedom Plus Personal Loan — Top Things to Know
“How much cash can I borrow?”
Well, $75,000 to $40,000 is the general loan amount. However, it differs from state to state. For instance, the company states that they don’t offer loans below $6,500 in Massachusetts or $5,500 in Ohio.
“How long will I have to repay the cash?”
Freedom Plus Financial offers customers a loan term of 24 to 60 months.
“How much will the loan cost?”
Freedom Plus interest rates are not expensive nor “loan-shark high”. You’ll get a rate of 5.99% to 29.99%. Similar lenders charge up to 35.99%, making Freedom Plus more competitive.
Customers with high credit scores and sufficient earnings get the lowest interest rates. If your credit scores are fair, the interest rate will be higher to reflect the risk the lender is assuming by lending to you.
Besides the interest rate, the company also charges origination fees, ranging from 0 — 5% of the total principal amount.
If you borrow $20,000 for a term of 4 years at an APR of 18.34%, you’ll pay 48 payments of $561.60 each. If you borrowed $10,000 at the same rate, the monthly payments will be $295.53. Once the lender tells you the APR and loan amount, you can plug in the values in a simple loan calculator and see the monthly amount.
How to apply for Freedom Plus Loans
- Visit their website
Once you land on the Freedom Plus website — which is very simple & intuitive — just select Apply Now or Get Loan. You’ll be first prompted to choose the amount you want to borrow.
The quick form asks you to state the purpose of the funds and your state of residence. You then have to provide some basic details e.g. first name, last name, phone number, etc. If they offer loans in your state, you’ll see loan offers.
- Get approved
You’ll know if you have been approved on the same day you apply.
- Submit the required documents
The documents will be uploaded to your user portal. Afterward, you sign the loan agreement.
- Get funds
You receive your Freedom Plus payment in your account in under 48 hours.
Is Freedom Plus a Good Company?
Freedom Plus is a good and recognized company. They have featured in publications such as The Wall Street Journal and Bloomberg Businessweek.
In terms of the services they provide, Freedom Plus remains affordable. They are transparent on all the loan costs. No gotcha fees!
Past customers have had good things to say about the service they received. Here are places to see some of these reviews:
- Freedom Plus Credit Karma
Credit Karma is known for providing free credit scores, but they also collect loan reviews. Freedom Plus has a 4.8 score on the site. One reviewer noted that the service was “Extremely easy.”
- Freedom Plus Trustpilot
See hundreds of reviews on their Trust Pilot page. The company maintains an excellent rating with most customers commending the greats services they received from the loan representatives, who are courteous and professional.
Perks of Choosing Freedom Plus Financial
If you’re looking for more reasons to opt for this company, there are quite a few:
- Get lower interest rates → Cheaper loan.
Do you have poor credit scores? Freedom Plus will lower your rates when you apply with a co-signer. If you’re using your loan to pay up to 85% of your outstanding debt, you also get this perk. Showing them that you have enough retirement savings qualifies you for cheaper loans.
- Pay early → No consequence.
The company lets you clear your loan ahead of schedule with no penalties.
- Fast process → Don’t wait.
Freedom Plus will generally offer you a faster process than getting a similar loan at your bank. Benefit from same-day decisions and funding within 48 hours.
Freedom Plus Loan Requirements
The company doesn’t specify the minimum credit score needed to qualify for a loan nor the least income amount. So feel free to apply and get pre-qualified without hurting your credit scores.
Are There Many Freedom Plus Complaints?
No. The best place to see how the company handles complaints is on BBB.org. Some online lenders get complaints because of charging high rates and fees. Luckily, it’s not the case with Freedom Plus. What’s more, they maintain an A+ Score on BBB.org for their approach towards solving user queries.
How to Contact Freedom Plus Customer Service
You can speak with their consultants on all days of the week. Call from 6 am to 7 pm Pacific Standard Time on weekdays, and 7 am to 3 pm on Weekends. Their customer support number is (800) 368-0061.