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

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

An origination fee of 1.99% to 4.99% of the loan amount applies, but borrowers do not pay application fees or prepayment penalties. The lender also charges a late payment fee of either $15 or 5% of the past-due amount, whichever is greater

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

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

The minimum credit score to qualify for a FreedomPlus personal loan is 620, which falls in FICO’s fair range.

Apply online and then speak with a loan consultant about eligibility. Keep in mind that the lender does not allow co-signers, which can help borrowers get approved, but does permit co-borrowers – and offers rate discounts for adding them to loan applications.

FreedomPlus, part of the Freedom Financial Network family of companies, isn’t accredited by the Better Business Bureau, but has an A+ rating.

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

Personal Loan Finder

Select your desired loan amount and loan 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 inquiries, which 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’re ready to apply for a FreedomPlus personal loan, first make sure your credit score is at least 620. But you still might want to check your loan eligibility if you have a borderline credit score. Click Get My Score to begin the lender’s prequalification process and check your odds of approval without hurting your credit.

If you qualify and you like your terms, the next steps are completing the online application and then talking with a loan consultant. Borrowers can apply on their own 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 disbursal. 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 debt.

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By Richard

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