FreedomPlus Personal Loans Review: Rates, Fees, & Terms

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FreedomPlus Personal Loans are designed for borrowers with large amounts of debt that want to consolidate and who have creditworthiness of fair or better.

They can help give you more breathing room in your monthly budget and have flexible payment dates; however, there are some minor drawbacks.

Best for Debt Consolidation
Freedomplus Personal Loans Review
FreedomPlus Personal Loans
  • Loan Amount
    $7,500 - $50,000
  • Est. APR
    7.99% - 29.99%
  • Learn More
  • Loan Details

FreedomPlus Personal Loans Pros and Cons:


  • Very high rating with the BBB
  • Friendly credit requirements
  • Allows co-applicants
  • Relatively quick approval and funding timeline
  • Very flexible loan use guidelines
  • No prepayment fees or penalties
  • The borrower has payment date flexibility
  • Many fees have been suspended due to the pandemic


  • Minimum loan amounts are higher than others
  • FreedomPlus Personal Loans have origination fees
  • Not available in all states
  • No discounts for autopay enrollment

FreedomPlus Personal Loans Features and Benefits

Quick Funding Times

Once applicants apply for a personal loan and are approved, the borrower can expect to see their funds posted to their bank account within 48 hours or two business days.

Entirely Online

The entire process of applying for a loan, proving the information needed to verify eligibility and approval, and the disbursement of loan funds is done fully in the digital space. Not only does this eliminate the time-consuming hassle of in-person verification, but it provides a more secure loan application and funding experience.

Flexible Payments

Before you finalize your FreedomPlus Personal Loan, you will have the opportunity to choose a preferred payment date. Once the loan servicing agreement is signed, the borrower can still apply to have their payment date changed by working with the Loan Servicing or Customer Service departments.

Enjoy Rate Discounts

FreedomPlus Personal Loans can achieve discounted rates, and borrowers can even use more than one discount simultaneously. There are discounts available for borrowers using the FreedomPlus Personal Loans to consolidate debt, those who use a co-borrower, and even discounts for borrowers with $25,000 or more in retirement savings.

Loan Refinancing

Unlike many other personal loan providers in the digital space, FreedomPlus Personal Loans can be used for refinancing. This means not only can FreedomPlus Personal Loans be used to pay off other loans to save you interest, but they can be used to refinance existing FreedomPlus Personal Loans.

How to Qualify for a Personal Loan from LightStream


FreedomPlus Personal Loans do not have a concrete, minimum income requirement. They do, however, require a DTI that is between 35% and 45% at the most. This will indicate to the lender that the potential borrower has a steady and sufficient income to pay off the loan obligation.

Credit Score

The FreedomPlus Personal Loans will require a minimum credit score of 620 for approval, with faster approvals, better interest, and better overall loan terms becoming available with increasing scores. 620 is considered “fair” credit by most authorities.

Co-Signer Applicants

FreedomPlus Personal Loans do not allow co-signers on their loans. However, a co-borrower is permitted to join a primary applicant to obtain better rates or payments.

How to Apply for a FreedomPlus Personal Loan

The first step to applying for a FreedomPlus Personal Loan will be to check your FICO credit score and make sure it’s at 620 or better. Then you should head over to the FreedomPlus pre-qualification tool to start that process and get a ballpark estimate of your approval without affecting your credit with a hard pull.

If you determine that you meet the requirements and are amicable to the potential terms of the loan, you can continue to fill out the full application and subsequently speak with a loan consultant. FreedomPlus Personal Loans can be applied for with a co-borrower but not a co-signer.

Be sure you have all documents you may need, like tax returns, income or earnings statements, and even recent pay stubs. Once the application and information-gathering stages are finished, the lender will begin the verification process and will obtain your bank info and authorization for the fund’s transfer.

How Do FreedomPlus Personal Loans Compare to Other Lenders?

#1. FreedomPlus vs. Upstart

FreedomPlus is a very popular option, but if you don’t meet the requirement of having a credit score of 620 or more, you need another option. Upstart has no minimum credit requirements, and you can apply for loans ranging from $1,000 to $50,000.

>> More: Upstart Personal Loans Review

#2. Upgrade vs. FreedomPlus

For those looking to get a higher loan amount, FreedomPlus could be a good choice, as their lowest loan amount is $7,500. If you are looking to borrow a lower amount, Upgrade may be right for you. They offer loans as low as $1,000. Upgrade may be a good fit for you if you are looking for options for an individual with bad credit, as they have no minimum credit score.

>> More: Upgrade Personal Loans Review

#3. FreedomPlus vs. Payoff

While FreedomPlus Personal Loans have a wide range of use, Payoff personal loans are frequently used to consolidate and pay off high-interest credit card debt. Payoff offers a similar process of pre-qualifying, choosing terms, and completing verification. Payoff can provide personal debt consolidation loans of between $5,000 and $40,000 at various fixed-rate APRs.

>> More: Payoff Personal Loans Review

#4. Avant vs. FreedomPlus

Avant personal loans are on a very equal footing to FreedomPlus Personal Loans and offer personal loans that can be used for a wide variety of purposes. They have interest rates between 9.95% and 35.99%, and loan amounts that span $2,000 to $35,000. Since they have a far lower minimum loan, they’re great if you don’t need the minimum $7,500 from FreedomPlus.

>> More: Avant Personal Loans Review

What Can FreedomPlus Personal Loans be Used For?

FreedomPlus Personal Loans have a wide range of applications and are often used for home improvements, debt consolidation efforts, and other living expenses. Other common expenses are weddings, travel and holiday spending, and even medical expenses or relocation costs.

Frequently Asked Questions

How Long Does FreedomPlus Take to Approve Personal Loans?

Depending on the loan requested, the information provided by the prospective borrower, and the subsequent ease in verifying the information, approvals can happen the same day the application is completed. This will not be the case in every situation, but largely approvals are gained in about 48 hours or less.

Does FreedomPlus Offer Personal Loan Refinance?

While FreedomPlus Personal Loans does not offer a refinancing option in the traditional sense, a borrower can take out a subsequent loan at a better rate to pay off an older loan. FreedomPlus Personal Loans can also be used for paying off loans from lenders other than FreedomPlus.

What Credit Score is Needed for a FreedomPlus Personal Loan?

To sign up for a FreedomPlus Personal Loan, you need to have a credit score of 620 or higher.

Does FreedomPlus Charge Any Fees?

Ordinarily, FreedomPlus Personal Loans do have several fees. They have origination fees, late fees, manual payment fees, and additional fees for returned payments. The majority of these fees have been suspended in the wake of the COVID-19 pandemic.

Bottom Line: FreedomPlus Personal Loans Review

FreedomPlus Personal Loans are ideal for borrowers with fair credit or better looking for a competitive debt consolidation loan option. A FreedomPlus Personal Loan can help consolidate and control large amounts of debt. For those with excellent credit, however, there are more effective loan products on the market.


Drew Cheneler
Drew Cheneler

Drew is our Co-Founder and is a recognized Credit, Small Business, and Personal Finance Expert. He has been featured in CNBC, Fox Business News Section, The Huffington Post,, Moneyunder30, US Chamber of Commerce, and more. He is known for breaking down complex personal finance topics into action-oriented advice, so you can make the most of your hard-earned money. Drew attended the U.S. Coast Guard Academy where he majored in Business Management with a focus on Information Systems.