Whether you need money to consolidate credit card debt, make some home improvements, start a business or make a large purchase, a FreedomPlus personal loan can help you do it.

The lender offers loans of up to $40,000 in 35 states and the District of Columbia. It offers competitive interest rates and quick approvals that can get the money in your account in as little as 48 hours. Depending on the size and length of your loan, though, you may be on the hook for an origination fee of up to 5 percent. Here’s what you need to know about FreedomPlus personal loans before you apply.

Is a FreedomPlus personal loan right for you?

If you’re thinking about getting a FreedomPlus personal loan, it’s important to take time to consider whether it’s a good fit before you apply. The lender may be right for you if:

  • You have excellent credit
  • You have a co-signer with solid income and credit
  • You need money relatively quickly

Get pre-qualified

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

Lending terms

FreedomPlus offers fixed-rate personal loans ranging from $7,500 to $40,000. In some states, however, the minimum loan amount can vary:

  • Arizona: $10,500
  • Georgia: $3,500
  • Massachusetts: $6,500
  • Ohio: $5,500

Repayment terms range from 24 to 60 months, and interest rates range from 5.99 percent to 29.99 percent APR. To qualify for the lender’s lowest interest rate, you’ll need to have excellent credit, borrow less than $12,000 and have a repayment term of 24 months. If you don’t meet those requirements, you can also qualify for their best rate if you:

  • Add a co-signer with sufficient income
  • Use at least 85% of the loan amount to directly pay off a qualifying existing debt
  • Show proof of sufficient retirement savings

The minimum credit score is 620.

Once you apply for a loan, you’ll typically find out if you’re approved within two or three hours. Then if you upload the required documents and sign the loan contract the same day, you could get your loan funds within 48 hours.

Here’s how FreedomPlus compares with a similar lender, Best Egg:

FreedomPlus Best Egg
Loan amounts $7,500 to $40,000 $2,000 to $35,000
APR range 5.99% to 29.99% APR 5.99% to 29.99% APR
Origination fee 0% to 5% 0.99% to 5.99%
Minimum credit score 620 700 to get lowest rate
Time to funding Within 48 hours In as little as one day
Soft credit check with application? Yes Yes

Fees and penalties

FreedomPlus doesn’t charge an application fee or prepayment penalty, so you don’t have to worry about a fee if you pay off the loan early. There is, however, an origination fee of 0 percent to 5 percent. There’s also a late payment fee of $15 or 5 percent of the amount that’s due.

How to apply

You can apply online through the FreedomPlus website or by calling a loan consultant. To start the process, enter your state and check to see if the lender operates where you live. If it does, you’ll need to provide your name, employment status and income level, address and date of birth.

FreedomPlus will then run a soft inquiry on your credit report to see if you’re pre-qualified for the amount you requested. If you are, you’ll be given a phone number where you can speak with a loan consultant to complete the application process.

If you’re approved after a hard credit check, you’ll need to provide a valid ID and income and bank account verification and sign the loan contract to complete the process.

Before you sign a contract, though, take a few minutes to compare what FreedomPlus has to offer with personal loan rates from other top lenders.

What to do if you’re turned down

If you don’t make it past the pre-qualification process or the loan consultant informs you that your application has been denied after a hard credit check, try to get more information about the reason behind the denial.

If it’s because of your credit score, it’s possible that you don’t meet the lender’s internal credit requirements. Consider applying with other lenders who have relatively low credit requirements to see if you have better luck with them. Some top options include Upgrade, LendingClub and Upstart. Also, check with your local credit union for options.

Get pre-qualified

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

A brief history of FreedomPlus

FreedomPlus is affiliated with the Freedom Financial Network, which also includes companies that provide debt relief and settlement, financial tools and other resources. The lender was founded in 2002 and is transparent with its fees and what it takes to qualify for its best interest rates.

How Bankrate Rates FreedomPlus

Overall Score 3.5
Availability 3.4
Affordability 4.0
Customer Experience 3.0

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.