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FreedomPlus Personal Loans Review

FreedomPlus offers personal loans that you can get funded in as soon as two business days.

Matt Carter Matt Carter Updated October 19, 2020

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

Best if:

  • You want to consolidate high-interest credit card debt
  • You need fast access to funds (as soon as 2 business days)

FreedomPlus is a personal loan platform that provides fast funding and competitive rates, particularly if you’re taking out a loan to pay off other debts. Here’s what you should consider before taking out a personal loan with FreedomPlus.

In this post:

  • FreedomPlus interest rates and loan details
  • FreedomPlus personal loans review
  • How FreedomPlus compares to other lenders
  • How to take out a personal loan with FreedomPlus

FreedomPlus interest rates and loan details

FreedomPlus offers fixed-rate personal loans up to $40,000, with repayment terms of up to five years. Expect to pay an origination fee of up to 4.99% when you take your loan out. But if you want to pay a FreedomPlus personal loan off ahead of time, there are no prepayment penalties.

freedomplus personal loans
Fixed rates7.99% - 29.99% APR
Loan size$7,500 to $40,000
Loan terms2 to 5 years
Origination fees1.99% to 4.99%
Time to get fundsAs soon as 2 business days
Residency
  • U.S. citizen or permanent resident
  • Not available in NV
Prepayment penaltyNone
Key benefitsQuick decision and funding
Loan useDebt consolidation, home improvement, wedding, travel, major purchases, medical expenses, moving expenses, car repairs
Best if you:
  • Want to pay off high-interest credit card debt
  • Need fast access to funds
All APRs reflect autopay and loyalty discounts where available | Read more about Rates and Terms

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FreedomPlus personal loans review

FreedomPlus says its goal is to help you make smarter decisions based on your specific circumstances and needs. FreedomPlus offers personal loans for many loan purposes, but can be especially useful for debt consolidation.

That’s because you may qualify for a lower rate if you use at least 85% of the loan proceeds to pay off existing debt, such as high-interest credit card balances. Adding a cosigner or showing proof of retirement savings could also help you get a better rate, the company says. The ability to repay your loan in its entirety at any time without a prepayment penalty is also a plus.

Learn More: How Personal Loans Affect Your Credit Score

How to qualify

To qualify for a personal loan with FreedomPlus, you’ll need proof of income and a verified bank account. After you’ve filled out the company’s online application, you’ll talk to a loan consultant whose stated aim is to “go beyond your credit report to qualify you for a loan.”

You can expect to get a decision on your loan application the same day, and funds as soon as two business days of uploading documents and signing your loan contract.

You’ll need to be a U.S. citizen or legal resident and at least 18 years old in most states to qualify (19 is the minimum age if you live in Alabama or Nebraska). FreedomPlus loans aren’t available in Nevada.

Also, while FreedomPlus won’t make loans of less than $7,500 in most of the U.S., the minimum can be higher or lower in some states:

  • Arizona: $10,500
  • Ohio: $5,500
  • Georgia: $3,500

Learn More: How Personal Loans Work

Repayment

FreedomPlus offers repayment terms ranging from two to five years. The shorter the repayment term, the lower the interest rate you’ll typically qualify for. Paying your loan off faster also means your total repayment costs will be less. But making 60 monthly payments over five years instead of 24 monthly payments over two years will make your monthly payment more affordable.

How FreedomPlus compares to other lenders

freedomplus personal loans review
lendingclub personal loans reviewpayoff personal loans review
Fixed rates7.99% - 29.99% APR10.68% - 35.89% APR5.99% - 24.99% APR
Loan Amounts$7,500 to $40,000$1,000 up to $40,000$5,000 up to $40,000
Time to get fundsAs soon as 2 business daysUsually takes about 3 days†As soon as 2 - 5 business days after verification
Compare rates from these lenders without affecting your credit score. 100% free!

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†Based on a majority of borrowers from LendingClub's marketing partners who were issued loans between 1/1/19-12/13/19. The time it takes for your loan to be funded may vary.
All APRs reflect autopay and loyalty discounts where available | Read more about Rates and Terms

How to take out a personal loan with FreedomPlus

FreedomPlus can be a good choice for borrowers who don’t need to borrow more than $40,000 — particularly if you’re consolidating credit card debt. If you need a larger loan, other lenders have higher limits.

It’s always a good idea to compare rates from multiple lenders. Credible lets you fill out a single form and request rates from some of the best personal loan companies, including FreedomPlus. The process takes just two minutes and won’t affect your credit score.

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How FreedomPlus can improve

FreedomPlus does a good job providing quick decisions and funding, as well as competitive rates. It could improve by:

  • Offering loans smaller than $7,500
  • Offering loans larger than $40,000
 
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request prequalified rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting prequalified rates is free and doesn’t affect your credit score. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.

About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.

About the author
Matt Carter
Matt Carter

Matt Carter is a Credible expert on student loans. Analysis pieces he’s contributed to have been featured by CNBC, CNN Money, USA Today, The New York Times, The Wall Street Journal and The Washington Post.

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Discover Student Loans Disclosure

The interest rates depicted on Credible represent the APR. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.375% as of July 1, 2018. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of The Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please visit http://www.discover.com/student-loans/interest-rates.html for more information about interest rates.

Citizens Bank Disclosures

Student Loan Rate Disclosure

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 4.07%-12.04% (4.07%-11.94% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 5.25%-12.19% (5.25% – 12.09% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown requires application with a cosigner, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

Citizens Bank - Refi - Disclosures

Education Refinance Loan Rate Disclosure:

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 2.75%-8.20% (2.75%-8.20% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.