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FreedomPlus Personal Loan Review

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FreedomPlus offers personal loans to qualified borrowers based on their unique needs and situation. The lender offers fast approval and funding — some borrowers receive same-day approval and funding within just two days.

However, FreedomPlus personal loans have a high minimum borrowing amount. Borrowers of FreedomPlus personal loans have the option to choose their payment date. In this review, we’ll discuss the personal loan product offered by FreedomPlus.

FreedomPlus personal loan highlights

  • Fast approval and funding: It’s possible for borrowers to receive same-day approval and funds within 2 days, if qualified.
  • Origination fee: FreedomPlus personal loans come with an origination fee.
  • No hidden fees: Personal loans from FreedomPlus have no hidden fees and no prepayment fees.
  • Choose your payment due date: Borrowers can choose their own payment date.

FreedomPlus at a glance

  • APR range: 7.99% to 29.99%
  • Minimum credit score: Varies
  • Terms: 24 to 60 months
  • Origination fee: 1.99% - 4.99%
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Terms Fees and penalties
  • Terms: 24 to 60 months
  • APR: 7.99% to 29.99%
  • Loan amounts: $7,500 to $40,000
  • Time to funding: As little as 2 days
  • Credit check: Soft Pull to see loan offers
  • Origination fee: 1.99% - 4.99%
  • Prepayment fee: None

The loan terms presented are not guaranteed and APRs presented are estimates only. To obtain a loan you must submit additional information and documentation and all loans are subject to credit review and our approval process. The range of APRs is 7.99% to 29.99% and your actual APR will depend upon factors including your credit score, usage and history, the requested loan amount, the stated loan purpose, and the term of the requested loan. To qualify for a 7.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available. All loans are made by Cross River Bank and MetaBank®, N.A., Members FDIC.

Eligibility requirements

  • Minimum credit score: Varies.
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

In order to qualify for a FreedomPlus loan, you will have to have a credit score that meets the lender’s underwriting guidelines. Unfortunately, we couldn’t find eligibility requirements on the FreedomPlus website.

There are some limitations on the amount you can borrow depending on where you live. For example, FreedomPlus will not approve loans in Arizona under $10,500, Ohio under $5,500, and Georgia for under $3,500.

What borrowers are saying about FreedomPlus

On LendingTree, FreedomPlus reviews give high marks for the speed of the loan application process and the high levels of customer service during and after the loan process. Of nearly 400 reviews, the overall lender rating is 4.6 out of 5 stars.

Bevb from Perry, La. recommended FreedomPlus highly when she said, “I am very pleased with how Freedom Plus handled my recent consolidation loan. It was a very fast and courteous process. There were no surprises.”

But Carl from Memphis, Tenn. was disappointed about the APR he was approved for. “I feel I should have been given a better interest rate. I realize this is how you make money but 15.49% and an APR of 18.27% is high considering my credit worthiness; thanks anyway for the loan,” he wrote.

Applying for a personal loan from FreedomPlus

These days, applying for a personal loan is fairly quick and straightforward because many lenders have an online application process much like FreedomPlus does. If you choose to apply online, be prepared to provide your name, email address and a phone number where you can be reached. Once you’ve completed the online application, a FreedomPlus loan consultant will contact you to obtain any other information required to qualify you for a loan.

If you qualify and are approved for a loan, you could get your money in as little as 2 days. You will need to sign for the loan, present a valid ID and provide verification of income and bank account information.

Pros Cons
  • Receive your money quickly: Loan applications may be approved the same day and funded within 2 days.
  • Upfront about costs: Borrowers can find a fair amount of information on costs on the lender website.
  • Origination fee: Some competitors don’t charge an origination fee.
  • Some state-specific restrictions: Minimum loan amounts apply depending on where you live.

Who’s the best fit for a FreedomPlus personal loan?

A FreedomPlus personal loan is good for borrowers who have good enough credit to qualify for the most attractive APR and repayment terms and for borrowers who need access to fast approval and funding. In some cases, funds may be available within 2 days depending on borrower qualifications.

It’s also a good option for borrowers looking to consolidate credit card debt, make home improvements, or pay for a wedding if the APR you qualify for is lower than the credit cards you might otherwise use for these purposes. You should also be comfortable borrowing a minimum of $7,500 and borrowing online since there are no physical FreedomPlus branches to visit.

Alternative personal loan options


  • APR: 3.99% to 19.99%
  • Minimum credit score: Not specified
  • Terms: 24 to 144 months
  • Origination fee: No origination fee

LightStream offers more competitive rates than FreedomPlus. However, neither lender specifies a minimum credit score requirement. But if you have excellent credit, LightStream may be a good option considering its flexible loan terms. No origination fee also means your LightStream loan may be cheaper than a FreedomPlus loan.

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

First Midwest Bank

  • APR: 8.12% to 17.51%
  • Minimum credit score: Not specified
  • Terms: Not specified
  • Origination fee: Not specified

First Midwest bank is a good option for borrowers with good credit. With similar rates to FreedomPlus, First Midwest Bank may be a good competitor to consider. However, its loans are not available in all states and loan information is scarce on the lender website.

First Midwest Bank locations are available in: Chicago, Central Illinois, Knox County, Illinois, Northwest Indiana, and the Quad Cities region of Illinois and Iowa. The lender provides a handy branch locator tool here.

Santander Bank, N.A

  • APR: 6.99% to 16.99%
  • Minimum credit score: Not specified
  • Terms: 24 to 60 months
  • Origination fee: No origination fee

Santander Bank has similar loan terms to FreedomPlus. Further, it doesn’t charge origination fees, prepayment fees or closing costs. However, you’ll need to sign for your loan by physically visiting a local branch. To qualify for a personal loan, borrowers must live in one of the following states:

  • Connecticut
  • Delaware
  • Maine
  • Maryland
  • New Hampshire
  • New Jersey
  • Pennsylvania
  • Rhode Island
  • Vermont
  • Washington, D.C.

For borrowers who prefer face-to-face interactions with their lender, Santander Bank is a good alternative to FreedomPlus.


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