FreedomPlus Review

About lender

The Freedom Financial Network owns and manages the business of providing online personal loans under the brand name FreedomPlus. Freedom Financial Network is a company specializing in financial services and was established in 2002. The company has locations in Tempe, Arizona, and San Mateo, California.

In addition to offering its customers same-day personal loans, the parent firm of FreedomPlus assists individuals in resolving issues related to debt and improving their financial situations. Over three-quarters of the country can use the company's debt reduction services.

Pros and cons

Pros

• Debt consolidation loans provide direct payment to creditors

• Pre-qualification includes a soft credit check

• There is an option for a joint loan

• There are several ways to achieve a rate reduction.

Cons

• FreedomPlus charges an origination fee

• The minimum loan amount is high

• There are no secured or co-signed loan options.

Terms and conditions

FreedomPlus provides unsecured personal same-day loans for the following purposes:

• Consolidation of debts

• Home renovations

• Weddings

• Large purchases

• Vacations or travel

• Medical costs

• Moving or relocation costs

• Purchase of a vehicle.

FreedomPlus examines applicants' employment history, income, credit score, and credit history as part of the qualification procedure.

In many situations, you may be approved for a FreedomPlus personal loan the same day you apply. In most cases, money is transferred to borrowers' bank accounts within 24 to 72 hours. If you're using the loan to consolidate debt, you can also choose to have the funds sent directly to your creditors.

FreedomPlus loans features:

• Rates 5.99-26.99%

• APR 7.99-29.99%

• Terms 2-5 years

• Origination Fee 1.99-4.99%

• Prepayment $0.

Origination fees are based on the total amount of the loan and change based on the interest rate and length of the loan. To get a loan with an APR of 7.99%, a borrower will need to have excellent credit, borrow less than $12,000, and pay it back in 24 months loan term. Adding a co-borrower with enough income, using at least 85% of the loan proceeds to pay off qualifying existing debt directly, or showing proof of enough retirement savings could help you be eligible for the best rate.

Funding a loan

Cross River Bank and MetaBank, both FDIC members, make all of the loans available through FreedomPlus. All loan and rate terms depend on whether you're eligible, how your application is reviewed, your credit score, the loan amount, the loan term, lender approval, and how you've used credit in the past.

To get funds from FreedomPlus, you need to:

1. Send them your application for the loan. The online application for Freedom Plus is simple and can be completed quickly and easily;

2. Talk to a loan consultant. To determine whether you are eligible for a loan, the helpful team of the company looks beyond your credit record;

3. Get hold of your money. You can use our loan to pay off your credit cards automatically or use it for one of the many other available purposes.

Your funds will be deposited electronically into your bank account once your loan has been approved and you have seen and accepted the terms. It can occur as quickly as 24 hours after signing the contract, but it can take up to 72 hours.

FreedomPlus consultants can be reached Monday through Thursday from 6 am to 8 pm MST, Friday from 6 am to 7 pm MST, and Saturday through Sunday from 7 am to 4 pm MST.