FreedomPlus Personal Loans Review

FreedomPlus is part of a financial group that has made $2.5 billion of loans to borrowers, almost all online. Here’s our review of FreedomPlus personal loans, and how to decide if its loans are right for your needs.

Lending Partner Best For Min. Credit Score Loan Amounts APR Range Next Steps

Freedom Plus

Best For:

Borrowers with good to excellent credit scores

Min. Credit Score:


Loan Amounts:

$10k - $40k

APR Range:

4.99 - 29.99%

Check Rate

FreedomPlus launched in 2014 to help people with so-so credit get access to personal loans over the internet. Unlike many of its peers, FreedomPlus uses some less traditional underwriting criteria to make lending decisions, offering its customers discounts for saving for retirement or adding a cosigner, two things that aren’t very common in personal lending.

Below, we’ll review FreedomPlus personal loans from top to bottom, showing you how it compares on repayment terms, APRs, credit score requirements, and more.

Why you can trust us

We know how hard it can be to shop around for loans, especially since lenders don’t like to share their secret sauce with their competitors and potential applicants. In our reviews of online personal loan providers, we took a deep dive into the benefits and features of every lender to help borrowers pick the best option based on their credit scores and loan needs. We’ll review the must-know features of FreedomPlus to help you decide if its loans are right for you.

Features of FreedomPlus personal loans

A loan may seem like just a commodity, but some lenders compete with unique features that their competitors don’t offer. FreedomPlus personal loans have a lot of features that differentiate them from their peers, including rate discounts and the ability to add a cosigner to get a lower rate.

  • Cosigners accepted -- FreedomPlus is one of very few personal loan companies that allows cosigners on a loan. When you add a co-borrower, you may qualify for a lower rate, larger loan size, and a longer repayment term than you could on your own. Of course, finding a cosigner who has sufficient income and a good credit score is often easier said than done, but this option makes it a clear winner for a specific group of applicants.
  • Special discounts -- Every lender uses different criteria to determine loan eligibility. FreedomPlus is unique in that it can take your retirement savings into consideration when determining how much to lend to you, and at what rate. The company also offers rate discounts when borrowers use a certain percentage of the loan amount to pay down existing debt.
  • Low APRs -- FreedomPlus loans can be obtained at APRs as low as 4.99% for qualifying borrowers who have a cosigner, have substantial retirement savings, and/or use the loan to pay off other debt. Its lowest APR is the lowest we’ve seen from online lenders.
  • Large loan amounts -- To be sure, this is both a pro and a con. FreedomPlus loans are typically sized between $7,500 and $40,000. That rules out borrowers who just need a small loan of only a few thousand dollars, but applicants who need a larger loan will likely find that its maximum fits their needs just fine.
  • Longer loan terms -- FreedomPlus loans have repayment terms that can span up to 60 months, giving you ample time to pay off your balance and pick a monthly payment that fits within your budget.
  • No prepayment fees -- Some lenders charge a fee for paying back a loan early, but FreedomPlus doesn’t have any prepayment fees at all. So, if you want to make extra payments and pay off a three-year loan in just one year to save on interest, you can do that without paying a penalty.
  • Get funds in 48 hours -- FreedomPlus is quick to underwrite new loans, suggesting on its website that it can make a credit decision the same day. After uploading relevant documents and signing your contract, funds can be disbursed to you in as little as 48 hours.

How you can save money with FreedomPlus

With rate discounts when you use your loan to pay off debt, FreedomPlus can be an excellent tool to consolidate and pay off existing high-interest debt (like credit card debt) while saving hundreds of dollars in interest.

To illustrate the potential savings, we compared how much you’d pay on a $7,500 FreedomPlus loan at a 9% APR to a $5,000 balance on a credit card at an 18% APR.

Metric FreedomPlus Personal Loan Credit Card
APR 9% 18%
Amount borrowed $7,500 $7,500
Monthly payment (three-year payoff) $238.50 $271.14
Total interest paid $1,085.93 $2,261.15

In this scenario, you’d save about $1,175 in interest and reduce your monthly payments by about $33 per month. Of course, how much you actually save is dependent on how much you borrow, for how long, and the APR you receive on a loan. The larger the difference in APRs between a FreedomPlus loan and your existing debt, the more you can save.

Is a FreedomPlus personal loan right for you?

Some borrowers are a better fit for FreedomPlus than others. If the following statements apply to you, a FreedomPlus loan is likely a good option for your borrowing needs.

  • You need to use a cosigner -- If you have imperfect credit, a cosigner who has a high credit score and annual income can help you qualify for a loan on better terms. As far as we’ve found, FreedomPlus is one of very few lenders who will allow you to add a co-borrower to an account. Most only underwrite loans based on one person.
  • You have high-interest debt to consolidate -- FreedomPlus works well for debt consolidation because you can qualify for a lower rate when you use a certain percentage of the loan amount to pay off other debt.
  • You need a larger loan -- FreedomPlus works best for borrowers who have larger borrowing needs due to its $7,500 minimum loan amount. If you need a smaller loan size, you may want to seek out an online personal loan from another company.
  • You have retirement savings -- Borrowers who have retirement savings are in a good position to score a low APR from FreedomPlus, given it offers discounts on interest rates to borrowers who have more money saved. This is a benefit that you won’t find many places, since many lenders don’t take retirement balances into consideration when making a loan.You need more time to pay off a balance -- If you only need a one-year loan to consolidate credit card debt, you might be better off with a 0% intro APR balance transfer offer, which can help you pay off debt without paying any interest. However, if you need more time to pay off a balance, a low-interest personal loan is a better choice than a credit card.