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FreedomPlus offers personal loans, specifically targeting those that want to consolidate debt. You could qualify for additional discounts if you use your loan to pay off pre-existing debt, apply with a qualifying co-applicant, or have sufficient retirement assets.
In A Nutshell

Loan Amount | $7,500 – $40,000 |
Loan Term | 2 to 5 years |
APR | 7.99-29.99% |
Origination Fee | 1.99-4.99% |
Funding Time | 48+ hours |
Cosigners Allowed? | Yes |
Prepayment Fee | None |
FreedomPlus Features
FreedomPlus offers unsecured, fixed-rate personal loans. Although you can use them for just about anything – wedding costs, home improvements, medical expenses, vacations and more – most borrowers use their FreedomPlus loans for debt consolidation.
Quick Funding.FreedomPlus can get your funds to you in as little as 48 hours after you submit your application.
Cosigners Welcome. If your credit score or income isn’t high enough to qualify, you can apply with a co-borrower to strengthen your application. Doing so might also make you eligible for discounts (more on that below).
Rate Discounts.You can qualify for discounts if you:
- Add a co-borrower who has sufficient income requirements,
- Use at least 50% of the loan proceeds to directly pay off existing debt, or
- Show proof of having at least $40,000 in retirement savings.
Application Process
Applying online will likely take two to three hours to complete. Then a credit decision will be made that very same day. If you’re pre-approved, you’ll be asked to upload documents and sign the contract. In as little as 48 hours, your funds could be available in your account.
The Application. You’ll need to provide your employment status, income, address, housing payments, Social Security Number and other personal information.
The Phone Call. Every applicant is required to have a phone call with a lending specialist to verify the information you provided on the application, to answer any questions you might have, and to see if you qualify for any rate discounts.
Customer Support & Satisfaction
FreedomPlus lists a phone number to call if you’re an existing customer with questions or issues. Other than that, there’s no other way to reach customer support.
The company currently holds an A+ rating with the Better Business Bureau (BBB) with close to a perfect 5-star average rating from 100+ customer reviews. On Consumer Affairs, FreedomPlus averages a 4.6 out of 5 star rating from 300+ votes.
Of the few complaints, customers were unhappy about issues transferring their funds to creditors as well as high insufficient funds and origination fees. I’d like to emphasize, however, these negative reviews are few and far between.
Limitations
If you’re seriously considering a personal loan with FreedomPlus, make sure to keep the following points in mind:
Lack of Availability. Unfortunately, FreedomPlus is not available in all 50 states. You won’t be able to apply if you live in Colorado, Connecticut, Hawaii, Iowa, Kansas, Main, New Hampshire, New York, North Dakota, Oregon, Rhode Island, Vermont, Wisconsin, West Virginia or Wyoming.
Small Range of Loan Amounts. If you need a loan under $7,500 or more than $40,000, you’ll need to look elsewhere.
Not a Student Loan Alternative. Although you can use your FreedomPlus personal loan for just about anything, it won’t cover educational expenses.
Origination Fee. FreedomPlus charges an origination fee of up to 5% of your loan amount.
Limited Website. The website doesn’t give you a whole lot, so it’s hard to find basic information.
My Impressions
With discounted rates if you use your funds towards pre-existing debt, FreedomPlus is a solid choice for those who are looking to consolidate their debt. The application process is quick and easy, and you’ll be able to get your hands on funds in as little as 48 hours.
As with any personal loans, however, you’ll want to compare rates and terms of other lenders before you settle on “the one.” Good alternatives include LightStream and SoFi, and both have higher maximum loan amount availability.
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Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Disclaimer: These responses are not provided or commissioned by the bank advertiser, credit card issuer, hotel, airline or other entity. Responses have not been reviewed, approved or otherwise endorsed by any of the entities included within the post. It is not the bank advertiser's or any other entity's responsibility to ensure all posts and/or questions are answered.