manage debt | credit cards and a pen

FreedomPlus- Unsecured Loans Without Excellent Credit

Updated: Oct 20, 2014

Bills Bottom Line

Tens of millions of Americans can now get approved for an unsecured loan due to their credit. FreedomPlus has a unique underwriting system that takes into account factors that traditional lenders ignore. This allows them to offer loans to people at reasonable interest rates to borrowers who can't qualify for loans elsewhere.

4.5
/5.0
(31 Votes)

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 program are:

  1. Expanding the number of people who are eligible for unsecured personal loans
  2. Providing a simple and private application process
  3. Offering consumers lower interest rates than most other credit alternatives
  4. Keeping payments down through reasonable installment plans

If your credit is not excellent, but is improving and you're having trouble finding a loan, speak with one of the consultants at

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 Plan

Before you take out any unsecured loan, make sure that you:
  1. Know the size of your monthly payment
  2. Know how many payments in total you're required to make
  3. Understand whether there are any application or processing fees
  4. Understand if the loan has a pre-payment penalties
  5. 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.

4.5
/5.0
(31 Votes)

2 Comments

Recent Best
1500 characters remaining
  • MC
    Dec, 2013
    Mark
    Very interesting. Nice to see unsecured loan options expand, especially for non-prime borrowers. Banks have been too tight with credit, even after they were bailed out to the tune of billions and billions of dollars. I found your article when doing a Google search for FreedomPlus, after reading an article at Bloomberg BusinessWeek.
    1 Votes