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With a FreedomPlus personal loan, you should get your money within 72 hours.
Marianne Ayala/Insider
The bottom line: FreedomPlus Personal Loan is a solid choice for people with good credit scores who want a competitive APR on their personal loan. Borrowers can take out as much as $50,000 if they need to for a large expense. But the minimum loan amount of $5,000 may be too high of a floor for some.
FreedomPlus personal loans
Pros and cons of FreedomPlus personal loans
Pros
High maximum loan amount. For borrowers who want to fund an expensive project, like a home improvement or major repair, FreedomPlus allows you to take out as much as $50,000. This is more than some other personal loan lenders. Co-borrowers allowed. If you’re looking to get a better rate or increase your chances of loan approval, enlisting a co-borrower is often a great way to do so.Rate discounts available. These rate discounts vary based on your financial situation and the lender will disclose them to you during the application process. Fast funding time. You should get your money within 72 hours after FreedomPlus approves your application.
Cons
High minimum loan amount. The smallest amount you can take out from FreedomPlus is $5,000, which is not practical for borrowers who only need a small amount of cash. Late fee. If you make a payment behind schedule, you’ll pay a late fee of $15 or 5% of the loan payment amount, whichever is greater. Origination fee. The origination fee on FreedomPlus loans ranges from 0% to 4.99%, however most borrowers will pay the maximum origination fee, per the company’s website. Loans not available in all states. You aren’t able to get a loan in Colorado, Connecticut, Hawaii, Kansas, Maine, North Dakota, Vermont, West Virginia, Wisconsin, and Wyoming.
Who is FreedomPlus best for?
FreedomPlus Personal Loan is best for borrowers who want to take out a moderate to sizeable amount of money, as the lender has high minimum loan amounts, but also a high maximum. The lender is also particularly attractive to those who may want to apply with a co-borrower to get a better rate, as some companies don’t allow co-borrowers.
However, borrowers who want a smaller loan amount will have to go elsewhere, as you must borrow a minimum of $5,000 with FreedomPlus. Additionally, you may be able to avoid origination fees, which add to the overall cost of your loan, with another lender.
How FreedomPlus personal loans compare
Both FreedomPlus and Upstart allow borrowers with poor credit to get approved. For borrowers who meet their minimum credit score requirements of 600, this lender could have an advantage with a wider range of interest rates and higher loan amounts. While those two lenders has a clearly defined minimum credit score of 600 to apply for a loan, LendingClub is a little vaguer on requirements.
All three companies charge an origination fee. Upstart’s personal loans can have origination fees up to 8%, while LendingClub charges a fee between between 1% and 6% of your total loan amount. The origination fee on FreedomPlus loans ranges from 0% to 4.99%.
Frequently asked questions
Is FreedomPlus trustworthy?
FreedomPlus, a Better Business Bureau-accredited company, has an A+ rating from the BBB, a nonprofit organization focused on consumer protection and trust. The BBB evaluates companies based on their response to customer complaints, honesty in advertising, and openness about business practices.
FreedomPlus hasn’t been involved in any recent scandals. Between its clean history and excellent BBB rating, you may think about borrowing from the lender. However, you may want to reach out to people who have used the company before you do so to get first-hand knowledge of how it treats customers.
How long does FreedomPlus take to approve?
FreedomPlus takes about two to three hours to make an approval decision, per the company’s website.
Does FreedomPlus do a hard credit pull?
When you apply for a loan with FreedomPlus, the company will conduct a soft credit inquiry. This allows it to get a comprehensive view of your credit history without impacting your credit score. After you accept your loan’s terms, the company will perform a hard credit pull, which may have a negative impact your score.