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.
FreedomPlus is a great option for someone looking to consolidate high-interest debt or to reduce the overall cost of servicing a revolving debt by changing it into a fully amortized loan with a fixed-number of payments. Like with any other loan, it's important for you to understand all the costs associated with a FreedomPlus loan, including any fees, required monthly payment, and the total number of payments you will need to make. In the interest of full disclosure, FreedomPlus is owned by the same company as Bills.com. We think highly of the FreedomPlus underwriting team and believe its loans can help people, especially people who are emerging from recent financial difficulties.