FreedomPlus is the personal loans branch of the Freedom Financial Network, which also includes other companies like Freedom Debt Relief, Freedom Tax Relief and ConsolidationPlus. FreedomPlus focuses on providing fast loans to people with not so great credit. The company is based in San Mateo, California, and is managed by Andrew Housser, founder and Co-CEO of Freedom Financial Network.

How Does FreedomPlus Work?

FreedomPlus requires borrowers to complete a simple online application form and talk to a loan officer who walks them through the final stages of the loan. Eligible applicants can get approved in the same day and receive their cash within 48 hours. Eligibility requirements for FreedomPlus loans are less stringent than for most online personal loan providers. Borrowers with a credit score of 600 and higher can qualify for a loan. The trade-off is that rates are higher than those offered by prime lenders.

What Are FreedomPlus's Rates and Fees?

Rates range from 7.93% APR to 29.99% APR. This includes an origination fee of 1.38% to 5%. The origination fee is included in the APR rate but is deducted from the loan balance before funds are deposited. Borrowers who need a specific amount of money should add the origination fee amount to the loan amount they request.

How Much Money Can I Borrow from FreedomPlus?

FreedomPlus provides loans from $5,000 to $35,000 with little to no restrictions on what the money is used for. Borrowers can choose loan terms from 2 to 5 years, which allows for small monthly payments. To illustrate, a $35,000 loan with a 5-year term and a 29.9% APR, would have monthly payments of $1,130.22 and a total cost of $67,813.

Which States Does FreedomPlus Operate In?

FreedomPlus operates in all states but not every type of loan is available to residents of each state. For state-specific information, a FreedomPlus representative must be contacted.  

What Is FreedomPlus's Application Process Like?

FreedomPlus's application form is short and easy to complete. Borrowers must provide the usual personal and financial information, have a verifiable income, ID and an active bank account. The entire process can be completed within 48 hours and is available to people with less than perfect credit.

How Is FreedomPlus Better than Other Lenders?

FreedomPlus is a good option for subprime borrowers who are struggling to get approved with other lenders. The rates are not low but they're still better than many alternative lenders that target people with below average credit. The process is fast and entirely online. Borrowers can get approved in 24 hours and have the cash in their bank account within two days.

FreedomPlus also gives borrowers the option of doing a soft-pull on their credit to see what rate they would qualify without taking a hit one thier credit. There are no prepayment penalties but FreedomPlus is not clear on what the fees it charges for late and returned payments. Those details are only provided when the loan agreement is ready to sign. Borrowers should read the loan agreement carefully before signing to avoid surprises.

  • Loan Amount
    $5000 - $35000
  • Payment Options
  • APR
    7.93% - 29.99%
  • Max Loan Term (Months)
  • Credit Score Range
    600 - 840
  • Immigration Status Considered
    U.S. Permanent Resident
  • Military Status
    • Active Duty Military and Dependents
    • Non-Military
  • Minimum Age
  • Supported Income Types
  • Verification Documents Required?
    Proof of citizenship/residence
  • No Prepayment Fee
  • Origination Fee
    1.38% - 5%
  • Institution Type
    Direct Lender
  • Approval Speed (Hours)
  • Funding Time
    1-7 days
  • Credit Bureau Reporting
APRs presented are estimates (which are not guaranteed), and are based upon information entered by you, which may incorporate publicly available information. The range of APRs on loans made available through FreedomPlus is 7.93% to 29.99%, which may include an origination fee of 1.38%–5.00% (origination fees are deducted from loan proceeds). To qualify for the lowest rate presented, a borrower will need an excellent credit profile, take the loan out with a qualified co-borrower, use their loan to consolidate existing debt, and authorize the direct payment of that debt to their existing creditors using the loan proceeds. All loan and rate terms will depend upon your credit score, usage and history, the requested loan amount, the stated loan purpose, and the term of the requested loan. Your verifiable income must support your ability to repay your loan. Upon loan acceptance, the timing of funds availability may vary depending upon your bank’s individual policies. All loans available through FreedomPlus are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. The following limitations shall also apply: FreedomPlus does not arrange loans in: (i) Connecticut under $15,500; (ii) Arizona under $10,500; (iii) Massachusetts under $6,500, and (iv) Ohio under $5,500. “FreedomPlus” is a trademark of Freedom Financial Asset Management, LLC.
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0 votes

I had a terrible experience with Freedom Plus! They have no right of rescission once the loan docs have been sent. I tried to cancel only hours after returning the docs because I found a MUCH cheaper loan. They said they would "try" to cancel it. I was surprised weeks later when it wasn't canceled and the funds were sent anyways. I was given unreasonable dates to return the funds in order to wave the origination fees which I found to be very high. I was charged for ... money I didn't want, didn't use, and I wouldn't recommend this company. Watch out! More Less

0 votes

Garbage wouldn't let me even try with cosigner not fair at all

0 votes

The agent was great and very helpful - excellent service and provided just what we needed.

0 votes

They made everything very easy and was quickly done! I highly recommend FreedomPlus - they are very professional and knowledgeable in attaining a loan - there were no surprises!

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