If you’re searching for a personal loan to cover household costs or restructure your debt, FreedomPlus is one of the companies worth considering. Founded in 2013, FreedomPlus offers loans to customers across dozens of states. Here are some of the most important things to know about the loans offered by FreedomPlus, along with some customer reviews.
What Is FreedomPlus?
FreedomPlus is an online lender with almost a decade of experience in providing personal loans to customers in 39 states. It partners with Cross River Bank and Metabank, N.A. to provide its loans. Customers borrowing through FreedomPlus can opt for a loan between $7,500 and $50,000.
FreedomPlus has lower credit score requirements than many of its competitors, making the lender a good fit for customers wishing to restructure their existing debt. It even offers discounts to customers who arrange direct payments to existing creditors. Thanks to FreedomPlus’ variety of repayment plans, borrowers can choose the best length of loan to suit their requirements, whether it’s 24 months or 60 months.
FreedomPlus loan reviews show that the company has built up a solid reputation, which is demonstrated by its A+ rating from the Better Business Bureau. According to U.S. News and World Report, the lender achieves a score of 4.3 out of 5 stars for its customer service.
Key Features of FreedomPlus Personal Loans
FreedomPlus can tailor a personal loan to meet your needs, but there are some key features of their loans to keep in mind while you’re exploring loan reviews:
You must have a credit rating of 600 or higher to qualify for a loan. A credit score of 600 is considered fair.
You must borrow between $7,500 and $50,000 when you take out a loan. The only exception to these limits is in Arizona, where customers must borrow at least $10,500.
The lender’s annual percentage rate (APR) ranges from 7.99% to 29.99%. The APR you receive depends on several factors, but primarily it comes down to your credit score.
FreedomPlus charges an origination fee of between 1.99% and 4.99% of the loan total. Some lenders charge origination fees to cover administrative and other costs associated with arranging a loan.
You can select the repayment date for your loan in consultation with your loan agent.
In addition to these key features, FreedomPlus offers some incentives. Setting up direct payments from FreedomPlus to your existing creditors can make you eligible for lower rates. You can also improve your chances of getting a lower APR by getting a cosigner for your loan. A cosigner is someone with a better credit rating than you who provides a guarantee to the lender that they’ll make any loan payments you’re unable to complete.
What Can FreedomPlus Personal Loans Cover?
You won’t have many restrictions on how you can use your funds once you’re approved for a loan from FreedomPlus. Some common uses include:
- Debt consolidation
- Moving costs
- Travel expenses
- Medical expenses
- Home improvements
- Weddings and other events
This is not a complete list of approved ways in which you can spend your funds. If you have any questions about what your loan can cover, you can ask your loan adviser during the application process.
FreedomPlus Loan Restrictions
Only a small number of restrictions are in place for FreedomPlus personal loans. The lender does not permit a personal loan to be taken out to pay a student loan. In addition, you can’t refinance student debt with a FreedomPlus loan.
FreedomPlus services are not available to customers in 11 states:
- Colorado
- Connecticut
- Hawaii
- Kansas
- New Hampshire
- North Dakota
- Oregon
- Vermont
- West Virginia
- Wisconsin
- Wyoming
Applying for a FreedomPlus Loan
You can complete the FreedomPlus loan approval process entirely online. Here are the steps you’ll need to follow:
- Fill out an initial inquiry form with your personal details, including your name, address, and financial situation. Wait for a credit check to get preapproved.
- If your credit check is positive and you’re preapproved, talk to a loan consultant about the specific terms of your loan. Upload any documents they request from you.
- Receive your loan approval decision and sign the paperwork to complete the agreement.
- Receive your funds from FreedomPlus in your bank account. Most customers report getting their loan paid out within 24 to 72 hours of signing their loan agreement.
- Start making regular monthly repayments on your loan balance. If you need to adjust your payment date after signing your loan deal, you can do so in consultation with the company.
Customer Reviews of FreedomPlus Loans
The vast majority of FreedomPlus loan reviews from customers are positive. Based on around 4,775 customer reviews with TrustPilot, FreedomPlus secured a score of 5 out of 5 stars, with 96% of reviewers marking them as “excellent.” Positive reviews from customers on several review websites praise the lender for its rapid application process, helpful customer service personnel, and swift loan payouts. Others note that FreedomPlus offers competitive rates, enabling them to pay down their debt more effectively.
Many customers praise the company’s quick turnaround, with some reporting that they received approval within 24 hours. Other customers highlight how the company treated them like individuals by listening to their needs. “He was genuinely interested in me as a client and knowledgeable about my options,” one TrustPilot reviewer wrote of their loan consultant. “The response was very timely and I will forever be grateful,” said another.
Unhappy customers note being confused by the approval process and receiving poor interest rates. One TrustPilot reviewer commented, “My offer from FreedomPlus was for $10k less than what I asked at over 17% interest. I had another offer from a different lender for the amount I requested at 6.5%.”
If you choose FreedomPlus for your next personal loan, the majority of FreedomPlus loan reviews suggest that you’ll have a positive experience. With generous qualifying terms compared to many industry competitors, the lender offers you an excellent opportunity to get on top of your debt problems. The negative reviews of the company underscore the importance of ensuring that you understand the preapproval and approval process and that you compare FreedomPlus with other providers to ensure you’re getting the best possible deal.

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