FreedomPlus Review: For Borrowers with Good to Excellent Credit

Good Credit Best for
3 /5
$ /mo
Starting Price
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    Minimum credit score: 640
    APR: 6.99 - 29.99%
    Loan amounts min to max: $7,500 - $40,000
    Origination fee: 0% - 4.99%.
    Terms: 2-5 years
    Late payment fee: $15 or 5% of the monthly fee missed, whichever is greater
    Prepayment penalty: $0


    • Low APRs for those with excellent credit ratings
    • Fixed terms
    • No origination fee in some circumstances
    • Long terms
    • No prepayment penalties
    • Offers direct payments


    • The minimum loan amount is higher than some will want
    • Late payment fees could be excessive
    • High origination fee in some circumstances
    • Only serves 35 states

    Why should you consolidate your loans with FreedomPlus?

    • Low APRs if you have an excellent credit rating - An excellent credit rating is developed over a few years by keeping credit balances consistently low along with paying all bills on time. For those under this bracket, APR with FreedomPlus could be relatively low in comparison with some other lenders
    • Potentially no origination fee - To confirm whether or not an origination fee will be required, you’ll have to go through the application process. If it’s deemed unnecessary, you could save thousands of dollars in fees over the course of the loan
    • Long terms - The best thing about debt consolidation is the drastic reduction in monthly outgoings. The longer the terms, then (generally) the lower the monthly fee will be. With terms up to 5 years, there’s a strong chance you’ll see a considerable reduction in monthly outgoings
    • No prepayment penalties - If you find yourself in the fortunate position of being able to settle the sum of your debt earlier than anticipated, this provider won’t charge for the ability to do so
    • Offers direct payments - Unlike many industry competitors, FreedomPlus will pay business you have debts with directly. No longer will you spend hours each month dealing with paperwork and trying to figure out exactly what amount to pay to which company. If your account has sufficient funds, everything will be taken care of

    What are the eligibility requirements?

    • At least 18 years old
    • U.S citizen or permanent resident of the U.S
    • Social Security number
    • A minimum credit score of 640
    • No minimum income requested, but note that loans will never exceed 35% of your pre-tax annual wage

    How to apply for a FreedomPlus consolidation loan? 

    Applications can be made over the phone or online and should take less than 15 minutes to complete. Even when applying online, it’s possible to get assistance from a loan agent to guide you. You’ll give details on the following:

    1. Loan amount requested
    2. Loan purpose
    3. Credit score
    4. State
    5. Employment status
    6. Personal details

    Customer Service

    • Call (open times unspecified)
    • Mail
    • Visit the branch in Tempe, Arizona

    What types of debt can be consolidated with FreedomPlus?

    These loans can be used for anything from home improvement and credit card bills to medical emergencies, to name just a few examples.

    Bottom line

    FreedomPlus offers lengthy terms but sometimes charges too much for origination fees and late payments. A fantastic alternative would be Avant, as it offers terms up to 60 months and provides a helpful ‘soft check’ pre-qualifying application. Another excellent service is Upstart. Its low APRs and loans as high as $100,000 make it an option well worth your consideration.