FreedomPlus offers loans of up to $35,000 to consumers with less-than-excellent credit scores. FreedomPlus focuses on lending to the approximately 42 million people with FICO credit scores between 600 and 700, who may not qualify for traditional bank loans. FreedomPlus uses innovative underwriting tools that allow it to offer loans to borrowers with improving circumstances that other lenders would turn down, and to provide lower interest rates than most other credit alternatives.
FreedomPlus has tested its underwriting tools and made a limited number of loans since 2008. In 2013, FreedomPlus received $125 million in funding from Paul Allen's company, to increase its lending activities.
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