FreedomPlus personal loans review: Competitive rates, but most borrowers will pay a 4.99% origination fee

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FreedomPlus personal loans

Pros and cons of FreedomPlus personal loans

Who is FreedomPlus best for?

FreedomPlus Personal Loan is best for borrowers who want to take out a moderate to sizeable amount of money, as the lender has high minimum loan amounts, but also a high maximum. The lender is also particularly attractive to those who may want to apply with a co-borrower to get a better rate, as some companies don't allow co-borrowers.

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. 

How FreedomPlus personal loans compare

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%.

Frequently asked questions

Is FreedomPlus trustworthy?

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. 

How long does FreedomPlus take to approve?

FreedomPlus takes about two to three hours to make an approval decision, per the company's website. 

Does FreedomPlus do a hard credit pull?

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.