About lender
Freedom Financial Network is a digital personal finance company that helps clients make the right financial decisions. The company offers educational materials, tools for financial literacy, and the help of experienced credit consultants in financial assessments and credit counseling services. Freedom Financial Network also offers credit solutions such as home equity and personal loans. The main service of the company is debt relief.
Freedom Financial Network is headquartered in San Mateo, California. The company also has two branches in Tempe, Arizona, and Dallas, Texas. However, the company's clients do not need to contact offline branches, as the company's services can be obtained online on the website. The debt relief service is available to residents of 22 states.
Andrew Housser and Brad Stroh founded Freedom Financial Network in 2002. The company's goal was to help unserved, struggling, and struggling American families put their finances in order and escape a difficult financial situation by resolving a debt. At the moment, the company has helped more than 1 million customers and resolved more than $15 billion in loans.
Pros and cons
Pros
A wide range of financial services. Freedom Financial Network offers both financial advice and credit solutions.
It is possible to get debt relief and reduce the amount of the existing loan.
Quick receipt of money from the loan.
A high credit score allows the borrower to get a competitive rate.
Cons
Financial decisions such as debt relief and bankruptcy negatively affect credit scores.
The loan rate can reach a high percentage if the borrower's credit history is not perfect.
Many of the company's services have a fee.
Terms and condition
Financial assessment
Financial assessment helps clients understand and improve their financial situation. Financial Freedom Network provides clients with a free consultation with a credit consultant, which lasts about 30 minutes. Based on the results of the discussion and review of the client's financial situation, the expert consultant offers solutions to problems and accompanies them at every step of the process.
Home equity
Home equity allows homeowners to consolidate and pay off a high-interest loan using the home's value. This type of HELOC solution allows the client to make debt consolidation by combining several payments on high-interest credit card debts into one low-rate monthly payment. This financial solution allows the homeowner to consolidate up to $150,000 for up to 10 years.
Personal loans
A personal loan is a classic consumer loan that a borrower can take out to pay medical bills, home improvement, travel, car repairs, and other expenses. This loan has an interest rate from 5.99% to 26.99% and an APR from 7.99% to 29.99%. These financial indicators depend on the borrower's credit history. Such a loan can be taken for a period of 2 to 5 years. The borrower can take the amount from $ 5,000 to $ 50,000. This financing provides for an origination fee in the amount of 1.99% to 4.99% of the loan amount. The percentage of the origination fee depends on the loan amount. This loan has a late fee of $15.
Credit counseling
Credit counseling is professional assistance in the correct construction of the client's budget and assistance in overcoming unsecured debt payments. Counselors in Freedom Financial Network help calculate the client's current budget and assess their financial situation for free. For a fee, the company can discuss with creditors a reduction in the amount of interest on the client's loan and help them pay off the loan. Moreover, counselors can also discuss student loan consolidation and explore forgiveness options with the client.
Debt relief
Debt relief allows a borrower who is faced with unexpected life circumstances such as divorce, medical bills, or job loss to reduce the loan amount and pay it off faster. This service has a cost from 18% to 25% of the amount of the enrolled debt. The minimum loan amount for debt relief should be $7,500. On average, borrowers reduce the loan amount by 20% to 35% after paying the fee to the company.
Bankruptcy
Freedom Financial Network also provides customers with bankruptcy services. This solution can expunge a consumer's unsecured or secured debt. The company offers Chapter 7 and Chapter 13 bankruptcy registration.
Funding a loan
The borrower specifies checking or savings bank account data after receiving a response to the loan application. After signing the loan agreement, the borrower receives funds to the specified account within 24 to 72 hours.
Conclusion
Freedom Financial Network is a good choice to get debt relief. The company offers effective solutions to overcome difficulties with loan repayment. However, the client needs to remember that these decisions should be made only in an emergency, as they greatly lower the credit score. Freedom Financial Network is not the best company for taking out a loan. The loan in the company has an origination fee and a too high rate for borrowers with an average credit history.