FreedomPlus Personal Loans Review

FreedomPlus is an online lender that focuses on offering affordable personal loans to consumers with less than stellar credit. Personal loans offered through this lender are arranged by Freedom Financial Asset Management, an asset management firm for accredited institutional accounts. FreedomPlus is also affiliated with the Freedom Financial Network (FFN), which provides consumer advocacy services such as debt consolidation and debt relief through companies such as Freedom Debt Relief,, and Consolidation Plus.

Borrowers who need to consolidate high interest debt, pay for a large purchase over time, or take on a home remodeling project may find FreedomPlus has the perfect loan for their needs. This direct lender features generous loan amounts and flexible repayment terms with interest rates as low as 5.99% APR for those who qualify. Their straightforward and fast loan application process can also help you get the funding you need in a matter of days.

FreedomPlus Personal Loans: Key Takeaways

  • Borrow between $7,500 and $40,000 and receive your funds within a few business days.
  • Repayment terms are offered between 2 to 5 years.
  • Interest rates range from 5.99% to 29.99% APR.
  • Pay an origination fee between 0% and 5% of your loan amount.
  • No prepayment penalty or hidden fees.

FreedomPlus Personal Loans: A Solution for Borrowers with Imperfect Credit

While FreedomPlus doesn’t list specific credit requirements for their personal loans on their website, they do imply they are willing to offer loans to consumers with less than perfect credit. Not only does the FreedomPlus homepage spread the message that “you are more than your credit score,” but they also note that their loan consultants will go “beyond your credit score to qualify you for a loan.”

If you need to borrow money but your credit isn’t great, this detail is important. It’s possible FreedomPlus will approve you for a personal loan when other lenders will not, although you will likely pay a higher interest rate if your credit score needs work.

  • Related: What is a Good Credit Score Range?

Why should you apply for a personal loan from FreedomPlus over other lenders? There are many reasons, including the fact you can borrow between $7,500 and $40,000 with a fixed interest rate and fixed monthly payment. Your interest rate can be as low as 5.99% APR depending on your creditworthiness, and you may or may not have to pay an origination fee up to 5% of your loan amount. Aside from the origination fee, FreedomPlus loans come with no prepayment penalty and no hidden fees.

Another benefit of FreedomPlus is the fact you can get pre-qualified for a personal loan without a hard inquiry on your credit report. To get pre-qualified, all you have to do is provide basic information such as your name, email address, home address, verifiable annual income, and phone number. By taking the steps to become pre-qualified, you can find out if you could qualify for a loan from FreedomPlus without harming your credit score with a hard pull.

FreedomPlus Personal Loans: What to Watch Out For

While FreedomPlus makes it clear they’re willing to loan money to consumers with less than perfect credit, keep in mind that you will likely pay higher fees and a higher interest rate if you fall into this category. If your credit is fair or poor, you may even wind up with an interest rate on the higher end of what FreedomPlus offers — up to 29.99% APR. You may also have to pay an origination fee of up to 5% of your loan amount, which could make your loan more expensive than you probably expected.

The reality is, FreedomPlus personal loans are usually best for consumers who can’t qualify for a loan with a lower interest rate and better terms. If your credit is good or excellent, you may be better off with a different lender altogether. With a personal loan from SoFi, Earnest, or Marcus by Goldman Sachs, for example, you wouldn’t have to pay any origination fee and it’s possible your interest rate could be lower depending on your credit score. Since it’s hard to say for sure, definitely shop around and compare personal loans from multiple lenders before you move forward.

While this may not impact you at all, one final detail to be aware of is the fact that FreedomPlus loans may come with limitations depending on where you live. For example, Arizona residents cannot receive a personal loan from this lender in any amount under $10,000. Massachusetts residents cannot borrow less than $6,500, and Georgia residents cannot borrow less than $3,500 through FreedomPlus.

Who FreedomPlus Personal Loans are Best for:

  • Anyone who wants to borrow between $7,500 and $40,000 to consolidate debt, pay for home improvements, or make a large purchase
  • Consumers with imperfect credit who can’t qualify for a loan without any fees
  • Borrowers with great credit who qualify for this lender’s lowest rates and no origination fee

How We Rate FreedomPlus Personal Loans:

At The Simple Dollar, we aim to provide a general overview of a lender’s products and services through a standard rating process. After a thorough research and discovery period, here’s how FreedomPlus stacks up:

FreedomPlus at a Glance
Overall Rating
Affordability (interest rates, fees, and terms) 🌕🌕🌕🌕🌑
Availability (credit requirements, geographic reach) 🌕🌕🌕🌕🌑
Ease of Use 🌕🌕🌕🌕🌑
Transparency 🌕🌕🌕🌕🌑

How to Apply for a Personal Loan through FreedomPlus

If you believe FreedomPlus might be the right lender for your needs, you can apply for your loan online and from the comfort of your home. Steps to get approved for a loan include:

  • Getting pre-qualified. Offer basic personal information in order to find out whether you can qualify for a personal loan from FreedomPlus. Also decide how much you want to borrow and how much you can afford to pay each month during your loan’s repayment period.
  • Complete your loan application. If you are pre-qualified for a loan amount with terms you can live with, complete a full application to move the process forward. You’ll be asked to provide additional personal details such as your employment information and your Social Security number.
  • Talk to a loan consultant. FreedomPlus loan consultants will look at your full application to try to find ways you can qualify regardless of your credit score.
  • Receive your loan funds quickly. FreedomPlus may be able to approve your loan and deposit funds in your bank account in as little as 48 hours.

The Bottom Line

FreedomPlus offers personal loans that can be affordable and easy to qualify for. You can borrow up to $40,000 and repay your loan off in two to five years with a fixed interest rate and fixed monthly payment that will never catch you by surprise. Even better, you can take steps to become “pre-qualified” for a loan without a hard inquiry to your credit report. With this feature at your fingertips, you really have nothing to lose.

Still, the best rates and loan terms always go to those who take the time to compare loans from at least three lenders. Make sure you take the time to shop around and compare offers before you take out a personal loan from FreedomPlus or any other lender.

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