MoneyGeek’s Take: FreedomPlus Personal Loan Review

You can use your FreedomPlus personal loan for large expenses like travel, relocation, medical bills, weddings, debt consolidation or funerals. With FreedomPlus, your funds will be released as early as the same day your loan application is approved up to three days at the most. Additionally, your rate doesn’t increase over time.

FreedomPlus is a solid option for people with a credit score of 600 and above who are looking to receive funds within three days or less. You can also get a joint loan with FreedomPlus.

If you’re looking to pay your loan earlier than the agreed term, you won’t incur a prepayment penalty fee with FreedomPlus. You can also use your loan for a variety of purposes like moving houses, vacation, emergency expenses and more.

FreedomPlus isn’t for everyone. For instance, FreedomPlus might not fit your financial needs if you need a loan amount below $7,500 or above $50,000. Other personal loan lenders offer smaller minimum and higher maximum loan amounts.

If you have new or no credit, FreedomPlus won’t accept your application. FreedomPlus might not be the best option if you want a lender that allows co-signers or has a mobile app.

You’ll also need to pay an origination fee of 1.99%–4.99%, depending on your terms. So, if you’d like to avoid this fee, it might be wise to evaluate lenders that don’t charge origination fees.

Make sure that you’ve assessed factors like your needs and borrower requirements before applying for a personal loan. If you’d like to apply with FreedomPlus, MoneyGeek listed the steps you’ll follow to get a loan with the lender.

If your personal loan application was denied, it might be because you didn’t meet certain requirements. Don’t worry. This happens to many applicants. Some reasons why lenders reject applications are due to a low credit score, not enough income, no credit history or incomplete information. There could be other reasons as well. MoneyGeek recommends that you reach out to FreedomPlus and ask them for the specific reason why your application was rejected.

Once you find out what you need to work on, you can improve it over time. If you still can’t meet the borrower requirements for FreedomPlus, you can try applying with other personal loan companies that cater to your needs and qualifications. But before you do this, make sure you’ve improved the factor that caused your first application to be rejected.

MoneyGeek answered some frequently asked questions about FreedomPlus personal loans to help you decide if they are the best lender for you. Remember, the best personal loan lenders should be based on your unique needs, credit score and financial profile.