Residents of 10 states won't be able to take out a loan with FreedomPlus, and a $5,000 minimum loan amount might be too high a floor for some borrowers.
Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
Marianne Ayala/Insider
However, borrowers who want a smaller loan amount will have to go elsewhere, as you must borrow a minimum of $5,000 with FreedomPlus. Additionally, you may be able to avoid origination fees, which add to the overall cost of your loan, with another lender.
Both FreedomPlus and Upstart allow borrowers with poor credit to get approved. For borrowers who meet their minimum credit score requirements of 600, this lender could have an advantage with a wider range of interest rates and higher loan amounts. While those two lenders has a clearly defined minimum credit score of 600 to apply for a loan, LendingClub is a little vaguer on requirements.
All three companies charge an origination fee. Upstart's personal loans can have origination fees up to 8%, while LendingClub charges a fee between between 1% and 6% of your total loan amount. The origination fee on FreedomPlus loans ranges from 0% to 4.99%.
FreedomPlus, a Better Business Bureau-accredited company, has an A+ rating from the BBB, a nonprofit organization focused on consumer protection and trust. The BBB evaluates companies based on their response to customer complaints, honesty in advertising, and openness about business practices.
FreedomPlus hasn't been involved in any recent scandals. Between its clean history and excellent BBB rating, you may think about borrowing from the lender. However, you may want to reach out to people who have used the company before you do so to get first-hand knowledge of how it treats customers.
FreedomPlus takes about two to three hours to make an approval decision, per the company's website.
When you apply for a loan with FreedomPlus, the company will conduct a soft credit inquiry. This allows it to get a comprehensive view of your credit history without impacting your credit score. After you accept your loan's terms, the company will perform a hard credit pull, which may have a negative impact your score.
