Freedom plus loans Review
Freedom plus loans Review

FreedomPlus Personal Loans are ideal for consolidating large amounts of credit card or other unsecured debt. Interest rates start out high, but can be lowered if you qualify for one of the lender’s rebates (listed below).

Lenders provide credit with fair credit, but the average borrower has good credit (FICO score of 690 to 719) and strong household income. Loan terms for FreedomPlus loans can vary from two to five years.

Unlike other online lenders, once you submit your application, a FreedomPlus loan advisor will call you to discuss the loan and complete the process.


FreedomPlus is best for borrowers who:

  • You want to consolidate a lot of debt.
  • Eligible for one of the lender’s interest rebates.
  • Have a stable household income and a fair or good credit rating (630 to 719 FICO).
  • Loans are required to be approved and funded quickly.

Where FreedomPlus stands out

Multiple ways to get your discount: FreedomPlus offers three ways to get your discount. The lenders said the discounts could be combined. How each discount works:

  • Joint Loan Rebate: FreedomPlus deducts up to 6 percentage points from your interest rate when you add a joint borrower to your application. The lender will consider your combined income and review the best credit profile between the two of you to set your interest rate.
  • Retirement discounts: FreedomPlus considers applicants with substantial retirement savings to be financially responsible and rewards them with interest rate discounts of up to 5 percent. Lenders say you’ll need at least $25,000 in savings to qualify for any rebates, and $40,000 to get the maximum. Retirement savings are not used to secure loans.
  • Direct pay cut: Borrowers with FreedomPlus can send funds from their debt consolidation loan directly to other lenders, potentially reducing interest rates by up to 4 percentage points. To receive the full rebate, the borrower must have FreedomPlus send at least 85% of the funds to the creditor.

Fast Financing: According to FreedomPlus, most customers receive a loan decision the same day they submit their application. The lender says it can fund the loan within three days of approval, which isn’t the next-day financing option offered by other online lenders, but it’s faster than some lenders that take five or more days to deposit the funds with you ‘s account.

Option to change payment date: According to FreedomPlus, borrowers can choose a payment date before signing a loan agreement and change the date twice during a rolling 12-month period or six times during the loan term. This is a useful feature if, for example, you change jobs and get paid from different dates.


The downside of FreedomPlus

Referral fee: Referral fees are common in online lending, and FreedomPlus charges relatively low fees ranging from 1.99% to 4.99%. According to the company’s website, most borrowers still get the full 4.99% fee.

No interest rebates on automatic repayments: Many lenders offer small rebates on APR (usually 0.5 percent or less) to encourage borrowers to set up automatic repayments. FreedomPlus doesn’t offer rebates, but says most borrowers are automatically set to pay automatically. This ensures timely payment, which helps build credit.


High minimum loan amount: FreedomPlus loans start at $7,500, which means they’re not suitable for smaller fees. Initial loan amounts of 1,000 to 2,000 euros are more common.

How to qualify for a FreedomPlus loan

  • Minimum credit score: 600; average for borrowers is 700.
  • Minimum leverage: 45%, unsecured; average for borrowers is 23%.
  • Minimum Income: None; average household income for borrowers is $120,000.
  • Minimum credit history: three years.
  • Minimum number of accounts in credit history: two.
  • No bankruptcy in the past 24 months.

Example loan: $13,000 three-year loan with 20.5% APR and monthly payments of $486. You will pay a total of $4,512 in interest on this loan.

Learn more:

Jake Smith

Escrito por

Jake Smith

He is the editor of Eragoncred. Previously, he was editor-in-chief of Eragoncred and a financial industry reporter. Jake has spent most of his career as a Digital Media journalist and has over 10 years of experience as a writer and editor.