FreedomPlus Personal Loans Review: Large Loan Options

FreedomPlus Personal Loans Review: Large Loan Options article image.

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FreedomPlus was founded in 2014 as part of the Freedom Financial Network. The lender offers personal loans and provides incentives for using your funds to consolidate other debts. However, its minimum loan amount is relatively high.

If you're considering a FreedomPlus personal loan, here's what you need to know before you apply.


on FreedomPlus's website

Fair - Exceptional

Est. APR

7.99 - 29.99%




Available loan amounts: $5,000 to $50,000

Est. monthly payment: $219 to $2,569

Grace period: 0 days

Application fee: $0

Loan Details
  • Fixed-rate loans from $5,000 to $50,000. APRs from 7.99% to 29.99%*
  • Rate discounts possible with co-borrower, retirement savings, or direct debt pay-off**
  • Loan terms of 2 to 5 years*, no prepayment penalties
  • If you're approved, get money in as little as 48 hours. Loan consultants available via phone at (888) 494-6066.
Competitive interest rates for prime borrowersApplication not completely online
Cosigners are allowedHigh minimum loan amount
Transparent about how to score a lower rateCharges an origination fee
FreedomPlus Customer Service
2114 E Rio Salado Blvd.
Tempe, AZ 85281

Experian Review

FreedomPlus personal loans range from $5,000 to $50,000 and can be a great way to consolidate debt or cover other major expenses. Repayment terms range from two to five years, giving you plenty of flexibility, and the lender's interest rates are competitive.

FreedomPlus doesn't have a fully online application, however, as many personal loan lenders do. And if you have fair credit or lower, you may need a cosigner to get approved.

Competitive Starting APRs and Large Loan Amounts

FreedomPlus offers a starting annual percentage rate (APR) of 7.99% for those with optimal credit. While that's not the lowest rate in town, it's close. Its maximum APR is 29.99%, which is lower than some of its competitors.

To qualify for the lowest APR available, the lender states that you'll need to have excellent credit, borrow less than $12,000 and choose a 24-month repayment term.

FreedomPlus also discloses three other ways you can qualify for a lower interest rate, including:

  • Adding a cosigner with sufficient income to your application
  • Using at least 85% of your loan proceeds to directly pay off debt from another lender
  • Showing proof of sufficient retirement savings

There aren't any specifics on how high your cosigner's annual income must be or how much you need socked away in retirement. But these guidelines can at least give you an idea of what the lender considers and whether you're in a good position to score a lower rate with FreedomPlus compared with other lenders.

FreedomPlus' minimum loan amount is $5,000, which is high compared with other lenders, some of which offer loans as low as $1,000. However, if you're looking for a large loan, its $50,000 maximum can give you enough to consolidate large debts, make significant home improvements or finance other important financial goals.

Keep in mind, though, that your loan amount may be limited based on your eligibility and financial situation.

How to Apply for a FreedomPlus Personal Loan

FreedomPlus offers same-day approvals with an easy application process. You'll start by sharing how much you need to borrow and the purpose, then the following information:

  • Full name
  • Contact information
  • Employment and income information
  • Home address
  • Date of birth
  • Social Security number

With this information, FreedomPlus will run a soft credit check to determine whether you're prequalified for the amount you requested. From there, you'll call a FreedomPlus loan consultant at the number provided to continue the application process.

Unlike with many other online lenders, you can't complete the entire application process online with FreedomPlus, so keep that in mind if doing so is important to you.

If you decide to go through with an application, you may need to provide a copy of your driver's license and other verifying documents.

Who Is Eligible for a FreedomPlus Personal Loan?

You may be eligible for a FreedomPlus personal loan if you're 18 years old—or 19 if you're a resident of Alabama or Nebraska—and a U.S. citizen or legal resident. You'll also need to meet other requirements, including living in a state where FreedomPlus operates, having good credit or better (though some with fair credit may also qualify) and meeting income and debt-to-income ratio minimums.

Same-Day Approval and Fast Funding

FreedomPlus may approve your loan application on the same day you submit it, as long as you submit the required documents in time. Once you're approved and accept the loan, the money will usually be deposited into your bank account within 48 hours.

Just keep in mind that, unlike some other online lenders, you need to speak with a FreedomPlus loan consultant over the phone before you can get approved. That's not necessarily a bad thing: This process may allow the lender to look beyond your credit report to determine your eligibility for a loan and a favorable interest rate.

Does FreedomPlus Charge Fees?

FreedomPlus charges an origination fee between 1.99% and 4.99% of the loan amount. The fee is partly based on where you live and information in your application, but most borrowers will be charged a 4.99% fee, according to FreedomPlus. That fee is typically deducted from your loan disbursement, so you may need to borrow more than you require to account for the upfront charge.

While the lender's origination fee isn't too high, there are other lenders that don't charge one at all. So it's important to shop around and compare options before you settle on one.

FreedomPlus doesn't charge a prepayment penalty if you pay off your loan early, and also doesn't have application or brokerage fees. However, it may charge a late fee of 5% of the payment amount ($15 minimum) and other penalties if you fail to make your monthly loan payments on time.

Consider a Cosigner to Get a Lower Rate

If you can't get approved for a loan on your own, or you qualify but want a lower interest rate, consider having a cosigner apply with you. Approval and terms will be based on the creditworthiness of both applicants instead of just yours.

Keep in mind, though, that the loan will show up on the credit reports belonging to you and your cosigner. If you can't make your loan payments, your cosigner will be responsible for them.

Additional Info*

Loan amount: $5,000 - $50,000Origination fee: 1.99% - 4.99%
Estimated APR: 7.99% - 29.99% (fixed)Late fee: 5% of the payment amount ($15 minimum)
Loan terms: 24 - 60 monthsPrepayment fee: None
Funds received: Within 48 hours

Personal Loan Calculator

The information provided is for educational purposes only and should not be construed as financial advice. Experian cannot guarantee the accuracy of the results provided. Your lender may charge other fees which have not been factored in this calculation. These results, based on the information provided by you, represent an estimate and you should consult your own financial advisor regarding your particular needs.

Is FreedomPlus Right for You?

FreedomPlus can be a great place to get a personal loan if you need more than its $5,000 minimum and plan to use the loan to consolidate other debts. The lender has flexible loan amounts and repayment terms, and you can get your money fairly quickly.

However, the lender's upfront origination fee may be a deal-breaker for some, especially if you can qualify for a loan with a lender that doesn't charge one. And the high minimum loan amount will make it less appealing for borrowers who don't need that much cash.

Before you apply for a loan with FreedomPlus or any other lender, take your time to research all of your options and compare rates, terms and other features to determine the right fit for you.

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