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FreedomPlus Personal Loans 2022 Review
Updated on Jan. 1, 2022 Advertiser Disclosure Advertising Disclosure
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FreedomPlus in the details
Loan Amount $5,000 to $50,000 APR from 7.99% to 29.99% Term lengths 24 to 60 months Funds available in 24 to 72 hours Pros and cons of FreedomPlus personal loans
FreedomPlus has a few benefits and drawbacks that are worth considering before you apply for a loan. PROS
Quick funding: You can get same-day approval for a FreedomPlus loan, and the lender may deposit money into your account within 24 to 72 hours. Pay off your loan early: Because FreedomPlus charges no prepayment fees, you have the flexibility to pay off your loan early and save on interest costs. Joint loans: Unlike some online lenders, FreedomPlus allows you to add a co-borrower to your loan, which may increase the likelihood of you being approved if you have less-than-excellent credit. CONS
High minimum loan amount: The minimum amount you can borrow is $5,000 ($10,500 in Arizona), which is considerably higher than similar lenders’ lowest amounts. Origination fee: Depending on your loan amount and repayment terms, you may be charged an origination fee of up to 4.99 percent, which will be pulled from your loan proceeds. Lending terms
FreedomPlus offers fixed-rate personal loans ranging from $5,000 to $50,000. In Arizona, however, the minimum loan amount is $10,500. Repayment terms range from 24 to 60 months, and interest rates range from 7.99 percent to 29.99 percent APR. To qualify for the lender’s lowest interest rate, you’ll need to have excellent credit, borrow less than $12,000 and have a repayment term of 24 months. If you don’t meet those requirements, you can also qualify for the best rate if you: Add a co-signer with sufficient income. Use at least 85 percent of the loan amount to directly pay off a qualifying existing debt. Show proof of sufficient retirement savings. Once you apply for a loan, you’ll typically find out if you’re approved within two or three hours. If you then upload the required documents and sign the loan contract the same day, you could get your loan funds within 24 to 72 hours. Fees and penalties
FreedomPlus doesn’t charge an application fee or prepayment fee, so you don’t have to worry about a penalty if you pay off the loan early. There is, however, an origination fee of 1.99 percent to 4.99 percent. How to apply for a loan with FreedomPlus
You can apply online through the FreedomPlus website or by calling a loan consultant. To start the process, enter your loan amount and purpose and then your state to check if the lender operates where you live. If it does, you'll need to provide your name, employment status, income level, address and date of birth. FreedomPlus will then run a soft inquiry on your credit report to see if you're prequalified for the amount you requested. If you are, you'll be given a phone number so you can speak with a loan consultant to complete the application process. If you're approved after a hard credit check, you'll need to provide a valid ID and income and bank account verification and sign the loan contract to complete the process. Before you sign a contract, though, compare what FreedomPlus has to offer with from other top lenders. Get Prequalified for a Personal Loan
Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it How Bankrate rates FreedomPlus
Overall Score 4.6 Availability 4.4 FreedomPlus offers quick approval and funding, but its minimum loan amount is high. Affordability 4.3 FreedomPlus’ minimum APR and fees are not unreasonable, though they are higher than those of similar lenders. Customer Experience 5.0 You can apply for your loan completely online. However, FreedomPlus does not specify customer service hours. Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information. On This Page
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