FreedomPlus Personal Loans Review [2021]

FreedomPlus provides personal loans up to $40,000 to borrowers with credit scores above 640.
Our Rating
Credit Karma

Installment Loan Facts

5.99% to 29.99%
Minimum Credit Score
Loan Amount
$7,500 to $40,000
Minimum Age
18 Years
Loan Term
6 months to 60 months
Time to Funding
2 Days
Origination Fees
0.00% - 5.00%
Hard Credit Check

Pros and Cons

  • Easy access to real customer service professionals
  • Personalized application process that doesn’t focus solely on credit scores
  • No prepayment fees
  • Borrowers with poor credit are less likely to get approved
  • High origination fees

Opploans Logo
Industry Average
$7,500 to $40,000
$500 to $5,000
5.99% to 29.99%
79% to 299%
Origination Fee
0.00% - 5.00%
1% to 3%
Minimum Credit Score
Time to Funding
2 Days
1 Day
Hard Credit Check

Freedom Plus Personal Loan Facts

FreedomPlus is an online loan provider with a focus on personalized service. The company believes in the value of a fast, straightforward lending process, and its portfolio of fixed-rate personal loans provides just that. Read on to find out whether FreedomPlus is the right lender for you.

What Loan Types Does FreedomPlus Offer?

FreedomPlus presents its personal loans not in restricted categories, but as a general loan type used for a variety of purposes. Potential loan uses include, but are not limited to:

  • Credit card or debt consolidation
  • Home improvement
  • Weddings and other life events
  • Medical expenses
  • Business expenses

FreedomPlus Personal Loans: Rates, Fees, and Terms

Available Loan Terms

FreedomPlus offers repayment terms from 24 to 60 months. Your individual term will depend on your financial profile.

Interest Rates

Annual percentage rates (APRs) from FreedomPlus range from 5.99% to 29.99%. The credit bureau Experian has measured the national average for borrowers with fair or good credit as 6% to 36%, so FreedomPlus’s rates are on the low end of what you might find elsewhere. The lowest rates go to borrowers who:

  1. Have excellent credit scores
  2. Borrow less than $12,000
  3. Agree to repay their loan in 24 months or less

You can potentially qualify for a lower APR by doing one or more of the following:

  • Adding a co-signer with enough income to help you pay off the loan if necessary
  • Using 85% or more of the loan to repay current debt
  • Showing evidence of sufficient retirement savings to repay the loan


1. Origination Fee

FreedomPlus charges an origination fee based on loan size, term, and interest rate. Fees range from 0% to 5%, with 0% being reserved for only the most qualified borrowers.

2. Late Fee

Late payments result in a fee of 5% of the amount owed on the payment in question or $15, whichever is higher.

Annual Percentage Rate (APR)

Your interest rate and origination fee combine to form your APR. FreedomPlus offers the following example:

You take out a $20,000 loan with a four-year term. Assume you qualify for an interest rate of 15.49% which contributes to an APR of 18.34%. You would pay a fixed amount of $561.60 per month and pay a final total of approximately $7,948.

How Much Can You Borrow?

In general, FreedomPlus offers loans of $7,500 to $40,000. State laws do impose some of their own restrictions.

  • Arizona: No loans under $10,500
  • Georgia: No loans under $3,500
  • Massachusetts: No loans under $6,500
  • Ohio: No loans under $5,500

Contact FreedomPlus directly if you’d like to know whether the company lends to borrowers in your state.

FreedomPlus Application Process

Step 1: Share your information

The FreedomPlus loan application process begins online. First, the company asks you about the amount you want to borrow, how you intend to use the money, and your home state. If you qualify for lending, FreedomPlus will ask you for your full name, email address, and phone number so a representative can contact you.

More specific details about assets and employment are addressed after your initial consultation. The company is well-known for the professionalism, empathy, and respectful attitudes of its team members, as well as the simplicity of its application process. You can confidently expect a pleasant application experience.

Step 2: Wait for a decision

FreedomPlus communicates the results of a person’s loan application in an average of two to three hours. If the company approves your application, a representative will send you the appropriate documentation along with a contract for you to sign.

Step 3: Upload complete documentation

The application process is completely paperless, so you’ll need to send your complete lending contract and associated documents electronically.

Step 4: Receive funding

FreedomPlus deposits your loan capital directly into your account, minus any amount designated to go directly to creditors for purposes of debt consolidation.

Funding Timeframe

FreedomPlus can distribute funds in as little as two days. Provided you submit your full application early in the business day, the company can give you an approval notification by the end of the day.

FreedomPlus Loan Requirements

FreedomPlus made its name in the industry by lending to borrowers approaching prime status. If your credit isn’t perfect, but you can find a co-signer or prove you can repay the loan from your existing assets, you should consider applying with FreedomPlus.


Typical Credit Scores

Because FreedomPlus aims to make its loans accessible to as many people as possible, the company doesn’t prominently display credit score numbers. They emphasize their focus on people by stating that “You’re more than your credit score.”

Still, the company does have guidelines; third-party data indicates a 640 minimum credit score for FreedomPlus borrowers, but the average tends to be closer to 700.

Soft and Hard Credit Checks

When you check your rates with FreedomPlus, the company will conduct a soft pull on your credit. Soft inquiries don’t go on your credit report or affect your credit score.  

After you receive approval for a loan, Freedom Plus will conduct a hard credit inquiry. This inquiry may affect your score, particularly if you have new debt accounts or have submitted multiple applications in the last 45 days.

Identity Verification

Federal law mandates the collection of personally identifiable information as part of the lending process. When you apply for a loan, FreedomPlus will ask you for your name, date of birth, address, and identifying documents in order to verify the authenticity of your application.  

These questions help FreedomPlus to keep funding out of the hands of people with malicious intent.


FreedomPlus offers the convenience of stable monthly payments and interest rates that won’t increase over the life of your loan.

Payment Due Dates

When you accept a loan from FreedomPlus, the company gives you the option to choose your own payment due date. You can select a date when you’re confident you’ll have money in your account and will remember to make the payment.

Early and Additional Payments

FreedomPlus allows you to repay your loan early or make extra payments without penalty. You will never encounter a prepayment fee.

The FreedomPlus Customer Experience

Customer Support

FreedomPlus has live representatives available to talk to customers and applicants seven days a week.

Customer support agents are available:

  • Hours: Monday through Friday from 6:00 am to 7:00 pm PST, Saturday and Sunday from 7:00 am to 3:00 pm PST
  • Phone: (800) 368-0061.
  • Email:

Customer Feedback and Reports

FreedomPlus has an A+ rating and 5 out of 5 stars from the Better Business Bureau. Customer comments include:

  • “Great service and great processing.”
  • “Very quick on paying. Great customer service and easy to get resolutions. Would recommend to anyone…”
  • “The loan process was very easy and the staff was awesome!”
  • “FreedomPlus service was extremely professional, efficient, and easy to use.”

On TrustPilot, FreedomPlus has a rating of 9.6 out of 10 from over 620 customers. Approximately 89% of reviewers have described their experience as “excellent,” which is the highest rating. The next highest is “great,” a rating chosen by 6% of reviewers.

Will FreedomPlus Be a Good Fit for You?

Considering the company’s qualification requirements, corporate values, and attitude toward lending, you might be a good match for a FreedomPlus loan if you meet one or more of the following criteria:

  • You have someone who can co-sign a loan agreement with you
  • Having a co-signer lets many borrowers qualify for lower interest rates, even if those borrowers could qualify on their own.
  • You want your lender to pay your creditors for you
  • FreedomPlus offers lower rates to those who choose direct creditor repayments.
  • Your credit score is in the high 600s or better
  • FreedomPlus’s minimum score is 640, but you’ll get a better rate if your credit score or the score of your co-signer is in the 700 range. A 700 score is right in the middle of the “Good” range according to Experian. Their score classification is as follows:
  • Fair credit: 580 to 669
  • Good credit: 670 to 739
  • Very good credit: 740 to 799
  • Exceptional credit: 800 to 850

FreedomPlus’s minimum score of 640 does eliminate some applicants, but it is accessible for most borrowers. If your score is above 640, but not as high as you’d like, a FreedomPlus loan might help to improve your credit.

Remember, only FreedomPlus can tell you if your financial history and situation qualify you for a loan.  


FreedomPlus is a great option if you have a history of responsible borrowing with very few negative elements, especially if you can get a co-signer. If you’re looking to give your credit a boost, consider applying with FreedomPlus.

About the Company

FreedomPlus is a fully online lender based in Tempe, Arizona. Since its founding in 2010, the company has expanded to serve customers across the United States.

FreedomPlus has received multiple mentions from news outlets, which praise the company’s dedication to the customer experience. In 2013 and 2014, the San Francisco Business Times and Bloomberg Businessweek profiled the company’s services for “emerging prime” borrowers who are in the process of building strong credit and are committed to responsible repayment.  

All FreedomPlus loans are arranged via Freedom Financial Asset Management, an affiliate of Freedom Financial Network. The network has extensive experience in consumer advocacy through FreedomPlus, Consolidation Plus,, and Freedom Debt Relief. Their funding comes from Cross River Bank, a New Jersey state-chartered commercial bank.