Tips and Advice

Freedom Plus Personal Loan Review 2023 – Top Features, Pros and Cons

This Freedom Plus review includes pros and cons, rates and terms, and products offered. Learn what it's like to apply for a Freedom Plus personal loan.
A young woman applies for a personal loan using her computer while sitting at a cafe.
By Gina Freeman
Updated on: December 23rd, 2022
Editor's Rating

Personal loans can be ideal for consumers who need fast cash for debt consolidation, large purchases, special events, medical costs, emergencies, and more. Freedom Plus personal loans are designed to meet these and other needs.

This Freedom Plus personal loan review covers the product’s pros and cons, how to apply, interest rates and fees, and who can benefit most from a Freedom Plus personal loan.

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Freedom Plus Pros and Cons

Every personal loan comes with its own plusses and minuses. See how Freedom Plus personal loans stack up:

Who Is Freedom Plus For?

Although borrowers can use the Freedom Plus personal loan for almost any purpose, it’s especially geared toward those who are seeking debt relief or just want to gain control of their debts.

Its higher minimum loan amount makes Freedom Plus one of the best personal loans for consumers who want a mid-sized personal loan than for people looking for just a few hundred dollars.

  • Freedom Plus can automatically pay off your accounts for you when you consolidate debt.
  • You receive a discount for using at least 85% of your loan proceeds to pay debt.
  • Freedom Plus has a lower minimum credit score requirement than many lenders (620 FICO score).
  • A loan from Freedom Plus can function as a “second chance” loan for those with fair credit because borrowers get the opportunity to refinance to a lower rate every six months as their FICO credit scores improve.

Freedom Plus gets raves for its phone-based personal service; you’ll appreciate this if you don’t love conducting your financial business entirely online.

Freedom Plus is unique in that it offers discounts for having a retirement account with at least $40,000, for allowing it to pay off creditors directly, or for adding a co-borrower. If you meet any of those criteria, you could gain a particular advantage.

Top Features of Freedom Plus Personal Loans

Freedom Plus offers a nice set of features that many borrowers will like:

  • Acclaimed customer service
  • Direct payment to creditors
  • Soft credit pull
  • Speedy funding
  • Multiple rate discounts

A quick online survey of review sites like TrustPilot (5 stars), the Better Business Bureau (4.78 of 5 stars), and Consumer Affairs (4.3 of 5 stars) yields rave reviews and few complaints.

Customers particularly cite the ease of application and friendly helpfulness of Freedom Plus representatives.

Freedom Plus is designed for debt consolidation. The company can directly pay off debts for consolidation clients and offers discounts for those who choose that service.

A “soft credit pull” means prequalifying or checking your rate won’t harm your credit rating. The company will perform a “hard pull” only once you authorize it and proceed with an application.

Personal loan providers tend to offer either same-day approvals (taking a few days for funding) or fast funding (taking a few days for approval). Still, the total processing time is a more meaningful statistic.

From application to funding, Freedom Plus typically takes three business days. Applicants who apply early in the day, upload all supporting documents immediately, and receive funds directly into their bank accounts can complete the process in as little as 24 hours, but that’s not guaranteed.

The many available discounts are a big reason for requiring applicants to speak to a service representative by phone before funding. Loan purpose, borrower credit profile, retirement balances, and other factors can get you a better rate or lower origination charge. The service staff is trained to help applicants get every break for which they qualify.

How to Apply

You can start your personal loan preapproval by answering a few simple questions online. You should then expect to provide the following information and documents:

  • Desired loan amount ($7,500 to $50,000)
  • Purpose of loan
  • Your state
  • Name, email address, and phone number
  • Employment status
  • Annual, verifiable income
  • Co-applicant information, if needed
  • Zip code and address
  • Date of birth

It takes less than three minutes to apply for most people, and Freedom Plus does not require your social security number to apply for preapproval.

Once you submit your answers, you’ll get a text, email, or both about your eligibility and a link to call for your rate and determine what discounts apply to you.

You’ll also get the option, before calling, to submit your income documents online to speed up the approval process.

Next, your service representative reviews your needs and helps put a package together for you, including the interest rate, loan terms, and fees. Freedom Plus is very transparent about its charges.

If you agree to the loan terms, you’ll authorize a credit report, upload your income documents and banking information, and you’ll receive your funds after an underwriter issues your final approval.

Rating the Features

Personal loans are relatively straightforward products, but there is a wide range in rates and fees and the experience offered by providers. Here’s how Freedom Plus stacks up.

User Experience

There are two ways to get started with Freedom Plus — answering a series of simple questions online or calling a toll-free number.

The phone option is excellent for those who have questions about the process, need to discuss errors on their credit reports, or want a custom debt solution.

Consumers who prefer to complete the entire loan process online without human contact may not appreciate the lack of a mobile app. And they may dislike having to converse by phone to see their loan terms and get their money. However, Freedom Plus clients overwhelmingly leave positive reviews for its customer service, so the system must work well for most applicants.

Fees and Rates

Freedom Plus interest rates range from low to high and depend on the credit score and income of the borrower.

The rates are lower than rates for many providers, especially given that Freedom Plus sets minimum credit scores lower than many competitors.

Applicants eligible for the lowest rate possess excellent credit, borrow less than $12,000 and pay it off in 24 months. The origination fee ranges from less than 2% up to almost 5% in most cases, which the company discloses most applicants pay.

A customer service representative explained via phone that factors like credit scores, net disposable income (income after taxes), use of loan proceeds, loan amount, and repayment terms could impact interest rates and origination fees.

Freedom Plus tends to offer borrowers with lower-risk profiles reduced costs and rates.

Other fees include a late charge (11 days after a payment due date) that’s a percentage of the loan balance or $15, whichever is higher. There are no prepayment penalties.


Freedom Plus clearly discloses its rates, terms, and fees upfront on its website, as well as typical loan processing times.

However, the rate and terms for specific applicants do not appear on the web page; consumers must submit answers to a few short questions (either online or by phone) and then discuss their responses, desired loan terms, and discounts before receiving a quote.

Freedom Plus requires this conversation to avoid misunderstandings and ensure that applicants receive all discounts to which they’re entitled.


Freedom Plus wins high marks for underwriting flexibility. It accommodates most loan purposes (only student loans and student loan refinancing are off the table).

Freedom Plus is set up for joint borrowers and allows clients to choose their payment due date.

The downsides include high (ish) minimum loan amounts, a maximum repayment term of five years, and a top loan amount of $50,000. In addition, Freedom Plus loans are unavailable in 11 states.

Customer Support

Freedom Plus has achieved excellent scores from thousands of online reviewers across multiple channels, particularly for its customer support.

While online-savvy consumers may dislike the lack of a mobile app and the requirement for telephone contact, the end result appears to be minimal misunderstanding and few complaints.

Reviewers routinely characterize Freedom Plus customer support representatives as “knowledgeable,” “helpful,” and “friendly.”

Frequently Asked Questions

Can I get a Freedom Plus loan with fair credit?

In many cases, you don’t need good or excellent credit for a Freedom Plus personal loan. A credit score of “fair,” which is between 580 and 669 points, could be enough to get a loan through Freedom Plus. Other factors, such as income, will also be considered.

Does Freedom Plus allow borrowers to use a cosigner?

Freedom Plus allows co-applicants, or co-borrowers to apply for a personal loan. Both applicants are equally responsible for making payments, and both borrowers will have the loan appear on their credit reports.

Can I find out what interest rate I’ll pay before I apply?

You’ll need to fill out an initial application to find out what interest rate you qualify for, but nothing is finalized until you submit your documentation.

Bottom Line

Consumers who prefer doing business entirely by mobile apps or without human interaction may find Freedom Plus a little frustrating.

However, Freedom Plus has a lot going for it, especially if you’re looking for mid-size loans, debt consolidation, flexible underwriting, or if you qualify for one or more discounts.

The company receives accolades across the board for its customer support, and its loan process is efficient and speedy.