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:
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.
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.