FreedomPlus Personal Loans Review

FreedomPlus Personal Loans is offered by Freedom Financial Network, a financial services company founded in 2002 and based in San Mateo, CA. FreedomPlus Personal Loans is available in 36 states (and Washington, DC).

Key takeaways

• Fast access to cash. In some cases you can get your money within 1 business day.
• Good credit required. You will need a credit score of at least 670 to qualify for FreedomPlus Personal Loans.
• Hard credit pull required. You can't check your rates or see if you prequalify for FreedomPlus Personal Loans without a hard pull on your credit report. Most lenders give you the option of a soft pull on you credit report.
• Origination fees of up to 5%. This is average for lenders that charge origination fees. However, plenty of lenders don't charge them. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
• Cosigner applications accepted. Applying for FreedomPlus Personal Loans with a cosigner can improve your chances of approval and help you qualify for lower interest rates.
• Short loan terms. FreedomPlus Personal Loans offers loan terms as short as 6 months. Most personal loans have a minimum term of 12 to 36 months.

FreedomPlus Personal Loans Pros and Cons:

What rates and terms does FreedomPlus Personal Loans offer?

FreedomPlus Personal Loans has lower interest rates than the average for lenders reviewed on SuperMoney.

What fees does FreedomPlus Personal Loans charge?

What do you need to qualify for FreedomPlus Personal Loans?

FreedomPlus Personal Loans does not have or does not disclose a minimum annual income eligibility requirement. FreedomPlus Personal Loans will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via FreedomPlus Personal Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by FreedomPlus Personal Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Recent pay stubs
• Proof of income
• Driver's license
• Proof of citizenship or residence permit

What is the estimated funding time for a personal loan via FreedomPlus Personal Loans?

FreedomPlus Personal Loans will typically approve (or deny) a loan application within 48 hours and fund personal loans within 7 business days of approval.

Does FreedomPlus Personal Loans report your account activity to credit bureaus?

FreedomPlus Personal Loans reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.