FreedomPlus Customizes Loans to Fit a Consumer's Unique Needs
FreedomPlus is a new place for consumers to find unsecured loans at competitive rates.
FreedomPlus is geared towards borrowers with credit scores that often prevent them from qualifying for unsecured loans from banks or peer-to-peer lenders. There are approximately 42 million Americans with credit scores between 600-700. Consumers with less than excellent credit often are shut out by lenders and can't find reasonable rates and repayment terms.
The main benefits of the FreedomPlus program are:
- Expanding the number of people who are eligible for unsecured personal loans
- Providing a simple and private application process
- Offering consumers lower interest rates than most other credit alternatives
- Keeping payments down through reasonable installment plans
Unsecured Loans Tips
Unsecured loans usually have a higher interest rate than secured loans, because you're not offering the lender any collateral it can take from you, should you default on the loan.
Still there are risks whenever you take out a loan. If you don't repay it as agreed, then you can face collection efforts.
You may be helped by an unsecured loan. If it helps you better manage your cash-flow, establish better payment terms on existing debt, or purchase something you need and could not otherwise afford, a unsecured loan may be a good choice.
It is not wise to take an unsecured loan when it adds to your debt load and you won't be able to handle your monthly payments.
Bills Action PlanBefore you take out any unsecured loan, make sure that you:
- Know the size of your monthly payment
- Know how many payments in total you're required to make
- Understand whether there are any application or processing fees
- Understand if the loan has a pre-payment penalties
- Shop around to find the best loan rate and terms
Editor's Note: FreedomPlus is offered by Freedom Financial Asset Management (FFAM). FFAM is a division of Freedom Financial Network. In the spirit of full disclosure, Bills.com is part of the Freedom Financial Network.