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FreedomPlus is an online personal loan provider. Personal loans can be used for anything from paying for a study course, medical debt, home improvement, or starting a business. FreedomPlus.com can also help you consolidate loans into one single loan. Let’s find out if FreedomPlus can meet your financial needs.

Application process

You must be at least 18 years old and a legal U.S. resident to apply for a FreedomPlus loan. The application process is free. The website states that loans are not available in all states, and applicants should call to see if they are eligible. Also, FreedomPlus does not arrange loans smaller than $15,500 in Connecticut; under $10,500 in Arizona; less than $6,500 in Massachusetts; smaller than $5,500 in Ohio.

The only information required is your signature, valid ID, verified income, and active bank account. A proprietary underwriting process combines traditional credit data with real-time consumer inputs. The FreedomPlus loan approval process takes into account each borrower’s unique financial circumstances.

Lending terms

FreedomPlus makes loans from $5,000 to $35,000 except where specified above. Interest rates range from 7.49 percent to 26.99 percent depending on amount borrowed and your credit rating. The loan terms range from 3-5 years.

FreedomPlus charges an origination fee of 1.38 percent to 5 percent of the total loan amount. The origination fee varies depending on interest rate and term. This fee is a one-time, non-refundable charge deducted from the loan proceeds. There are no early payment fees.

Loan funding

FreedomPlus is a product of Freedom Financial Asset Management LLC. All loans are made by Cross River Bank, a New Jersey State-Chartered Commercial Bank, Member FDIC. Freedom Financial Asset Management secured $110 million in funding from Aequitas Capital to specifically fund FreedomPlus.

The FreedomPlus website states that you can potentially get a same-day loan approval and money transferred to your bank within 2 business days. The fine print, however, states that loan disbursement times can vary.

Consumer complaints and reviews

FreedomPlus has been accredited by the Better Business Bureau since May 2014. The company carries an A+ BBB rating and has had zero complaints filed in the last 3 years.

Customer reviews are all positive with a BBB 5 out of 5 star rating. The reviews named speed and customer service as positive aspects. Many customers indicate that they would recommend FreedomPlus to a friend, family member, neighbor, or colleague.

According to reviews published by www.LendingTree.com, FreedomPlus gets 4.2 stars out of 5. Of the few negative reviews, criticism was aimed at preapproved borrowers later being turned down for a loan. Positive reviews named speed and professional service as strengths. The friendly, one-on-one customer service was named by more than one reviewer as a plus.

Is FreedomPlus a good choice?

First of all, you have to make sure your state qualifies. If so, then FreedomPlus appears to have many satisfied customers. Fast loan approval and payment appear to be among the most positive factors.

Since this borrower, like many new lending platforms, evaluates applicants beyond just their credit score, FreedomPlus might also be an option for those with weak credit ratings.

Vincent Chough is a writer who earned his medical degree from the University of Pittsburgh School of Medicine and practiced in the U.S. for 10 years. He now lives in Argentina, where he’s involved in NGO management at the executive level.