FreedomPlus Personal Loan Honest Review

by moin moin
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Author: Carlton Gate

Everyone is familiar with debts. One way or another, we have been indebted (but of varying forms). For few people, having debts does not complicate nor implicate their lives. But it can be brutal for low-income earners who need a loan to carter for their finances or start a business.

Today, well will be reviewing FreedomPlus and how you can get a loan from them, especially for personal purposes.

Overview of FreedomPlus

FreedomPlus is an online lender founded in 2003, with its headquarters located in San Mateo, California. 


 The company offers personal loans of up to $50 000 through Cross River Bank and MetaBank, N.A. Compared to many lenders, FreedomPlus has lower eligibility requirements and discounts rate for candidates that choose to consolidate third-party debts through their service. 

Their annual percentage rates (APRs) start at 8%, with the borrowers paying an origination fee between 1.99% and 4.99% of their total loan. 

The Pros of FreedomPlus

  • Uses of the loan are flexible 
  • Low APRs than comparable lenders 
  • Borrowers can choose payment dates
  • Fund loans within one to three days
  • No prepayment fees

The Cons of FreedomPlus

  • High minimum loan amounts
  • An origination fee is charged
  • Not available nationwide (unavailable in CO, WI, CT, WV, HI, VT, KS, OR, ND, NV, and NH)
  • No financial education

Who Can Apply for FreedomPlus Loan?

FreedomPlus was established to help fair credit score owners and low-income earners to secure a loan without hassle. In addition, borrowers who intend to use FreedomPlus loan to pay off their existing debts are welcome. 


FreedomPlus is also best for people who:

  • Need their loan to be approved quickly
  • Want to consolidate huge debts
  • Have a fair to good credit score 
  • Qualify for one of the rate discounts

How to Qualify For FreedomPlus Personal Loan

Depending on the lender, applications for personal loans can be approved or disapproved. Even though every lender has specific requirements, credit history plays a significant role in the loan approval process. 


Other requirements include:

  • Credit Score Requirements: Borrowers are expected to have a minimum of 600 FICO scores, with a credit history of 3 years (minimum) with two accounts.
  • Co-applicants and borrowers: It is permissible to have a co-applicant to help borrowers qualify at a more competitive rate. But as co-borrowers, they are equally responsible for meeting loan requirements and making payments.
  • Income Requirements: FreedomPlus also evaluates a borrower’s debt-to-income (DTI) ratio. The DTI ratio is the portion of the monthly income allotted to paying existing debts. FreedomPlus potential borrowers must have a 45% maximum DTI. 

Unfortunately, meeting the above requirements doesn’t guarantee immediate loan approval, but you stand a high chance of getting approved. 

Bottom Line

As a personal loan seeker, FrredomPlus is not your only option. There are companies like Avant, LendingClub, and UpStart doing amazingly great. However, FreedomPlus stands out with its discount rates and loan approval methods.


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