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FreedomPlus Personal Loans Review: Rates, Terms, and More


personal loans

A few years ago, a friend introduced me to the concept of a New Year’s Day money summit. Basically, in the swell of motivation offered by the new year, she starts the day with a run and a healthy breakfast (of course, it’s New Year’s Day after all).

After that, she would work on her finances all day long. She would cancel unwanted subscriptions, review her annual spending, set up bills on autopay, increase her contributions to her 401(k) at work, and make a point to shop for new financial products.

In the early years, her summit included shopping for new debt consolidation loans to lower the interest rate on existing debts. Over the years, her money summit saved her thousands of dollars in interest charges.

If you’re feeling similarly motivated to crush debt, or you simply need to cover some unexpected expenses at a low interest rate, a personal loan with a quick turnaround from FreedomPlus could be an answer to your needs.

But this loan could also trap you under more consumer debt for up to five more years. Is it the right loan for you? This article explains how the FreedomPlus personal loan works, and who should consider.

What Types of Personal Loans Does FreedomPlus Offer?

FreedomPlus offers unsecured personal loans with fixed interest rates. Terms on the loan range from 24 to 60 months. FreedomPlus charges a loan origination fee ranging from 0% to 5% on its personal loans. You can borrow $7,500 to $40,000 on a personal loan from FreedomPlus.

The proceeds of a loan from FreedomPlus can be used for just about anything including debt consolidation, purchasing a used vehicle, or paying for necessary home repairs. Even if you use the loan to purchase a vehicle or make home repairs, the loan remains unsecured. That means that you don’t have to worry about foreclosure or repossession if you default on your payments. However, FreedomPlus can sue you if you fail to pay your loan on time.

The big factor that differentiates FreedomPlus from some personal lenders is its speed to funding. A person who applies for a loan can expect a decision within just a few hours. If you choose to accept the terms of the loan, the loan can be funded in just two days. FreedomPlus can even directly pay off your credit card company.

Who Qualifies for a Personal Loan from FreedomPlus?

FreedomPlus does not publish its minimum credit score standards or minimum income requirements on its website. However, the best rates go to those with excellent credit scores, assets (such as retirement accounts), and to co-borrowers with high incomes.

You must be 18 years old and a legal resident of the United States to take out a loan from FreedomPlus.

What Are the Rates and Terms on Loans from FreedomPlus?

Personal loans from FreedomPlus have terms ranging from 24 to 60 months.

The APR on loans from FreedomPlus ranges from 4.99% to 29.99%. This APR includes FreedomPlus’s origination fee which can range from 0% to 5%. This fee is subtracted from the amount you receive in funds from FreedomPlus. That means, if you take out a loan for $10,000 with a 5% origination fee, FreedomPlus will only send you $9,500.

Many personal lenders do not charge origination fees, so that cost could be a concern for some borrowers.

Is There Any Concerning Fine Print on FreedomPlus’s Personal Loans?

FreedomPlus has two concerning areas.

The first area is the origination fee discussed above. Many personal loan companies no longer charge an origination fee. While this fee will be clearly disclosed and added to the APR on the loan, that doesn’t mean it should cause no concern.

If you hope to pay off your personal loan faster than the specified term, the effect of an origination fee is a higher APR. Whenever possible, we recommend avoiding costly origination fees, especially when they can be avoided by choosing another lender.

The second area of concern relates to co-borrowing. FreedomPlus’s best interest rates are only available to borrowers who are having a second “co-borrower” on the loan. When a co-borrower signs a loan, they become equally responsible for the payments on the loan.

In most cases, co-borrowing on a loan simply doesn’t make sense. You don’t want to have your credit score dragged through the mud if someone else fails to make the payments. Likewise, as a borrower, you don’t want your debt to become someone else’s problem if things don’t go according to plan.

Final Take on FreedomPlus’s Personal Loans

With interest rates as high as 29.99%, most people looking at a loan from FreedomPlus aren’t going to find the rates that they need. In many cases, a credit card (especially one with a low introductory rate) will offer better borrowing terms.

If you’re absolutely committed to taking out a personal loan, shop around to find the best possible rates on personal loans. Ideally, you’ll want a loan without origination fees, so you can pay it off quickly.

FreedomPlus may get you cash quickly, but that doesn’t make it the right loan for you. Take some time to consider your options before you commit to a loan from FreedomPlus or any other lender.

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