FreedomPlus Personal Loans 2021 Review

Top perks

Cosigners accepted: FreedomPlus is one of very few lenders that allow a cosigner on a personal loan. When you add a cosigner, 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 those who are looking for loans that accept cosigners.

Special discounts: The company offers rate discounts when borrowers use over 85% of the loan amount to pay down existing debt. If you’re looking for personal loans for debt consolidation, FreedomPlus may be worth a closer look. You can also get discounts based on your retirement savings and your co-borrower’s income.

Alternate criteria: FreedomPlus says it will use more than just your credit score to evaluate your application. However, unlike other lenders that specialize in non-traditional lending criteria, FreedomPlus does not state what factors it takes into account.

Low APRs: FreedomPlus loans can be obtained at low APRs for qualifying borrowers, which is in line with the top low-interest personal loan options. Its best loan interest rates are only available to borrowers with excellent credit.

Large loan amounts: This is both a pro and a con. FreedomPlus loans are typically sized between $7,500 and $40,000. That rules out borrowers who need just 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.

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Longer loan terms: FreedomPlus allows you up to five years to repay your loan. Bear in mind that its longer terms also come with higher interest rates.

No prepayment fees: Let’s say you make an extra payment a few times a year and pay the loan off early. FreedomPlus does not charge a prepayment fee, meaning you can customize how quickly you want to retire that debt without factoring in an extra fee.

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, you’ll get your loan in as little as 48 hours.

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