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FreedomPlus- Unsecured for Good/Excellent Credit

FreedomPlus- Unsecured for Good/Excellent Credit
Daniel Cohen
UpdatedMar 21, 2021
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    9 min read
Key Takeaways:
  • FreedomPlus has originated over $3 billion in loans since 2014.
  • FreedomPlus offers unique discounts which can save you money.
  • FreedomPlus mainly serves borrowers with prime FICO scores.

FreedomPlus Tailors Loans to Fit Your Unique Needs

What is FreedomPlus?

FreedomPlus is a leading online lender specializing in unsecured personal loans. FreedomPlus is one of the FinTech companies that has changed the personal loan marketplace that once belonged to banks and credit unions.

FinTech lenders like FreedomPlus have applied online technology and resources to open up the personal loan market, reaching a broader class of borrowers. takes a look at FreedomPlus personal loans and their unique underwriting system that takes into account factors that traditional loan lenders ignore. FreedomPlus offers loans at reasonable rates to borrowers who can't qualify for loans elsewhere.

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FreedomPlus Loans

Since its founding in 2014, FreedomPlus has originated more than $3 billion in loans. FreedomPlus makes an effort to look beyond a traditional credit score to determine whether or not to approve a borrower. Its lending criteria give it the flexibility to serve borrowers with FICO scores above 620.

FreedomPlus’s website easy to use, and the application process is simple. FreedomPlus loans can be approved in as little as one day from the time of application, and funds may be available to borrowers as soon as one day later.

Not only is the FreedomPlus process easy, but it also provides you with a transparent loan application process. There are no hidden fees, no prepayment fees, and the loans are fixed-rate loans, with rates guaranteed never to increase and a monthly payment that remains the same throughout the life of your loan.

A unique feature of a FreedomPlus loan is that you start the application process online. If you are a qualified applicant, you will speak with a FreedomPlus loan consultant to finish your application. The requirement that you consult with a loan expert early in the process adds a personal touch. It provides confidence that you are dealing with more than an online company that is so automated in its systems that it views you as a combination of personal identification information and a financial balance sheet made up of credit score, income, debts, and assets.

FreedomPlus loan officers will answer your specific questions and concerns and confidently guide you through the application process. FreedomPlus loan consultants are based in the USA; you won’t be connected with an overseas call center.

FreedomPlus Borrowers

FreedomPlus loans serve a variety of borrowers' needs. A primary reason borrowers turn to FreedomPlus is for a debt consolidation loan. The FreedomPlus loan combines several high-interest debts from multiple creditors into a fixed-rate loan with one affordable monthly payment. If you are carrying high-interest debt, it makes sense to see if you can save money by reducing the cost of paying off your debt.

Other common reasons borrowers also take out loans from FreedomPlus include financing:

  • A home improvement
  • A major purchase
  • Medical expenses
  • A wedding

FreedomPlus offers loans from $7,500 to $50,000. You can choose a loan repayment term ranging from two to five years (24 to 60 months). As is the case with most unsecured loans, you will be offered a better rate if you choose a shorter repayment term but never take a higher payment than you can comfortably afford, even if you qualify for it.

As of July 2020, FreedomPlus loans are available if you are a resident of any of the following 33 states or Washington D.C. The full list is alphabetized here and in the table below:

Alabama, Alaska, Arizona, Arkansas, California, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, and Washington D.C.

FreedomPlus Fees

All FreedomPlus loans are transparent; FreedomPlus doesn’t charge any hidden fees. There are no fees for the prepayment of the loan. FreedomPlus does charge an origination fee that ranges between 0%-5% of the loan amount. All fees are clearly visible on your paperwork and accounted for in the APR that comes with your loan.

Speak With a Loan Consultant

You can get free quote and go through the pre-qualification process without hurting your credit score at FreedomPlus.

FreedomPlus Loan Benefits

FreedomPlus offers consumers unsecured loans at competitive rates.

FreedomPlus can be a good fit for you if you are a borrower with a prime credit score, as well as if you are a borrower whose credit score has prevented you from qualifying for unsecured loans from a bank or credit union. Consumers with less than excellent credit often are shut out by lenders and cannot find reasonable rates and repayment terms.

If your score is below 620, you will get turned down by FreedomPlus. Even with a co-signer who has excellent credit, you will be turned down if you apply as the primary borrower with a sub-620 score. If you apply as a co-borrower on an application with the same person, but with that person as the primary borrower, your loan application could be approved with your score below 620, provided you meet other qualifying requirements

The main benefits of FreedomPlus loans are:

  1. Unique discounts are available.
  2. Unsecured personal loans are available to borrowers who can't qualify with banks or credit unions.
  3. A simple, secure, and private application process.
  4. Lower interest rates than most other credit alternatives.
  5. Affordable payments down through reasonable installment plans.

Credit Score

FreedomPlus accepts borrowers with credit scores as low as 620 and also offers loans to prime borrowers with credit scores over 700. The lowest rates that FreedomPlus offers are reserved for borrowers that have good credit, but credit score is not the only factor they weigh. The FreedomPlus loan application rewards borrowers who demonstrate financial responsibility, and the pricing discounts they offer demonstrates this.

FreedomPlus Discounts

FreedomPlus offers three discounts that reduce the costs of your loan. These unique discounts are:

  1. Direct pay discount: For borrowers looking to consolidate debt, FreedomPlus offers an option to send the money you borrow directly to creditors, a feature that few other online lenders offer. This guarantees that your creditors are paid directly, eliminating the chance that you use the funds for some other purpose and then end up with the loan payment and the old debt. This can improve your chances of staying out of debt, though it is up to you not to run up new debt on the cards paid off.
  2. Asset discount- You can receive a lower interest rate if you have retirement assets of more than $40,000.
  3. Co-signer discount- If your loan application has a co-applicant, you could qualify for a co-borrower discount.

Credit Impact

When you apply for a FreedomPlus loan, there are two parts to the process. When you go online or speak with a loan consultant for a pre-qualification quote, FreedomPlus uses a soft pull of your credit report. This does not affect your credit score.

If you submit a full application, then a hard pull is done on your credit report, resulting in a small hit to your score.

FreedomPlus reports your payments to the credit bureaus. Timely payment on your loan has a positive effect on your credit. Your credit score will also benefit if the following apply:

Your installment loan adds to the types of credit that show on your report. About 10% of your credit score is based on the mix of credit accounts that appear on your report. Adding an installment loan to the mix will boost your score if you don’t have one.

You consolidate debt and reduce your credit utilization. About 30% of your score is based on the amount of credit you are granted and the percentage of it that you are using. If you are maxing out your credit cards and pay them off with a debt consolidation loan, you should see your score rise markedly (if you don’t run up new debt on the credit card accounts you just paid off).

Debt Consolidation Loans

The number one reason that borrowers take out loans with FreedomPlus is to consolidate debt. If you are carrying a lot of high-interest credit card debt and are looking for a way out, a debt consolidation loan can be an excellent option. There is no cost or effect on your credit for seeing if you qualify for a loan that puts all of your current debts into a new loan, at a good with one monthly payment, at a lower interest rate.

FreedomPlus Loan Facts

This chart contains some of the specific loan requirements and features of the Freedom Plus loans

FreedomPlus Loan
Minimum Credit Score620
Maximum debt to income ratio45%
Minimum credit history3 years
Cosigner option (joint application)Yes
Interest typesFixed
APR ranges7.99%APR-29.99%APR
Preapproval quote checkYes, with soft pull (no effect on credit score)
Minimum loan amount$7,500
Maximum loan amount$50,000
Minimum loan period2 years
Maximum Loan Period5 years
State restrictionsAlabama, Alaska, Arizona, Arkansas, California, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, and Washington D.C.

Source: FreedomPlus

FreedomPlus Reviews

Before you choose to work with any lender, research their history and reputation. Read reviews from more than one website. Good sources of information about FreedomPlus include the Better Business Bureau, where they have an A+ rating, Trustpilot and

FreedomPlus is a great choice for borrowers seeking an unsecured personal loan. They have a streamlined online application process, a short time for a loan approval decision, and you can get the funded loan funds deposited into your account as soon as in one or two business days.

FreedomPlus’s transparent process makes it easy for you to understand the rates and fees that come with your loan.

The unique discounts they offer make the company attractive, especially if you seek a debt consolidation loan and agree to have FreedomPlus pay off your creditors directly.

Bills Action Plan

Before you take out any unsecured loan, make sure that you:

  1. Know the size of your monthly payment and can afford it
  2. Know how many payments in total you're required to make
  3. Understand whether there are any application or processing fees
  4. Ask if the loan has a pre-payment penalty
  5. Shop around to find the best loan rate and terms.


OOkpe Tj, Sep, 2022
pls i need a short term loan
TTed, Sep, 2022
Hello Okpe, Have you made any progress in getting in touch with us? Please let me know I would be happy to direct you to the right people. Regards, Josh
PPamela, Jun, 2020

I have a loan for me for 5000$ Thank you Pam

MMark Chen, Dec, 2013
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.
BBill, Dec, 2013

The Bloomberg BusinessWeek article about FreedomPlus was excellent. There was also a good article written by Peter Renton at the Lend Academy site.