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 $50,000, 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.
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| Credible rating | 
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| Fixed rates |
7.99% - 29.99% APR
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| Loan size | $7,500 to $50,000 |
| Loan terms | 2 to 5 years |
| Origination fees | 1.99% to 4.99% |
| Time to get funds | As soon as 2 business days |
| Residency |
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| Prepayment penalty | None |
| Key benefits | Quick decision and funding |
| Loan use | Debt consolidation, home improvement, wedding, travel, major purchases, medical expenses, moving expenses, car repairs |
| Best if you: |
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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 $10,000 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
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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| Fixed rates | 7.99% - 29.99% APR | 7.04% - 35.89% APR | 5.99% - 24.99% APR |
| Loan Amounts | $7,500 to $50,000 | $1,000 up to $40,000 | $5,000 up to $40,000 |
| Time to get funds | As soon as 2 business days | Usually takes about 2 days† | As soon as 2 - 5 business days after verification |
| †Between April 2021 and June 2021, personal loans were funded within 48 hours after loan approval, on average. The time it takes for a loan to be funded is not guaranteed and individual results vary based on multiple factors, including but not limited to investor demand. | |||
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 $10,000
- Offering loans larger than $50,000
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 3.99%-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.
