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FreedomPlus Personal Loans: 2018 Review

Oct. 26, 2018
Loans, Personal Loans, Personal Loans Reviews
NerdWallet adheres to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from partners. Here’s how we make money.
We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.
4.5 NerdWallet rating

Good for: Good credit, debt consolidation, co-signers

FreedomPlus is an online lender that provides personal loans up to $40,000 for a variety of purposes, including consolidating debt, home improvements and major purchases.

FreedomPlus could be a good fit if:

  • You have a good credit score: While the company requires a minimum credit score of 640, its average borrower’s score is 720.
  • You want to consolidate debt: Rates start at 4.99%, and it offers direct payment to creditors, which can reduce your interest rate.
  • You have a co-signer: FreedomPlus encourages co-signers, which can improve your chances of qualifying and lower your interest rate.

FreedomPlus loan rates and terms

Loan amounts$7,500 - $40,000
Typical APR4.99% - 29.99%
FeesOrigination fee: 0.0% - 5.0%

Late fee: $15 or 5% of amount due, whichever is greater

Unsuccessful payment fee: $15

Prepayment fee: None
Time to fundingAs soon as 48 hours
RepaymentsMonthly over two to five years
Soft credit check?Yes
How to qualify
  • Minimum credit score of 640
  • At least $30,000 in annual income
  • Debt-to-income ratio of less than 40%. Average borrowers have a DTI of 20%.
Best forBorrowers with good personal credit and a co-signer, and for consolidating debt
Click "Check rates" to apply on FreedomPlus.

» MORE: Best loans for debt consolidation

FreedomPlus personal loan review

To review FreedomPlus, NerdWallet collected more than 30 data points from the lender, interviewed company executives, completed the online loan application process with sample data, and compared the lender with others that seek the same customer or offer a similar personal loan product. Loan terms and fees may vary by state.

FreedomPlus personal loans were recognized among NerdWallet’s 2018 Best-Of Awards under the categories of best personal loans for good credit and best for debt consolidation.

The typical FreedomPlus borrower is in his or her mid-40s with good credit and looking to consolidate credit card debt into a single, fixed-rate loan, says Joseph Toms, president and chief investment officer at FreedomPlus.

There are a few options for getting discounts on your interest rate, and the discounts can be combined to save you more on interest.

Co-sign discount: FreedomPlus encourages co-signers, which could help lower your annual percentage rate. For example, if you initially qualify for a loan at a 15.99% APR, adding a co-signer might reduce that rate to 10.99%, Toms says.

Direct pay discount: For borrowers looking to consolidate debt, FreedomPlus offers an option to send the money you borrow directly to creditors, a feature that few other online lenders offer. This can improve your chances of successfully paying down the debt and could reduce your APR by one to three percentage points.

Retirement assets discount: FreedomPlus rewards borrowers with retirement assets of $40,000 or more with a lower rate on a loan. Your rate could drop by two to four percentage points, according to Toms.

Loan example: For a borrower with good credit, a $20,000 personal loan with a repayment term of 48 months at 14.56% APR would carry monthly payments of $552, according to NerdWallet’s personal loan calculator.

How FreedomPlus compares



4.99% - 29.99%

Min credit score


Best for

Good credit, co-signers


6.99% - 24.99%

Min credit score


Best for

Good credit, debt consolidation


7.24% - 24.24%

Min credit score

Typically above 660

Best for

Good credit, debt consolidation

Compare rates on NerdWallet. Click to see estimated rates from multiple lenders.

Discover offers personal loans between $2,500 to $35,000. It also offers a direct payment option for its debt consolidation loans, but doesn’t reduce the interest rate for borrowers who choose to use it.

Wells Fargo offers higher loan amounts, between $3,000 to $100,000. It doesn’t provide a discount for retirement assets like FreedomPlus does, but it does offer a lower-rate secured loan option those with savings or CD accounts.

How to apply for a loan through FreedomPlus

On the FreedomPlus website, you start by using a slider bar to select a loan amount between $7,500 and $40,000. You then enter your reason for the loan, your credit score range and your state, and click “Get My Loan.” Additional questions such as your name, email and employment status follow.

Borrowers are assigned a loan consultant if any help is needed during the application process. The loan consultant also determines if borrowers are eligible for interest rate discounts, such as having a co-signer or a retirement account. They can be reached via phone or e-mail.

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to see estimated rates from multiple lenders on NerdWallet.


Before you shop for a personal loan:


NerdWallet’s ratings for personal loans awards points to lenders that offer consumer-friendly features, including: soft credit checks, no origination fees, payment options, short time to funding, interest rate caps of 36%, and absence of prepayment penalties. Features are considered for their positive impact on consumers’ credit history and financial health. We only review lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews. Read our editorial guidelines.

5 stars out of 5 — Among the very best for consumer-friendly features

4.5 stars out of 5 — Excellent; offers most consumer-friendly features

4 stars out of 5 — Very good; offers many consumer-friendly features

3.5 stars out of 5 — Good; may not offer something important to you

3 stars out of 5 — Fair; missing important consumer-friendly features

2.5 stars out of 5 — Poor; proceed with great caution

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