FreedomPlus FreedomPlus
by ,
4 5stars

FreedomPlus Review

Bottom Line:
Competitive rates and long loan terms; works to connect borrowers with the best overall loan option; spotty customer service but a stellar reputation

Full Review:
FreedomPlus is part of the larger Freedom Financial Network, which includes websites like that are aimed at helping consumers relieve debt and achieve financial freedom. FreedomPlus is a relatively new addition to the growing personal loans market, but it received a strong start with an investment from Microsoft co-founder Paul Allen's Vulcan Ventures. FreedomPlus not only aims to offer personal loans to those who qualify, but also connect potential borrowers with other services that can help if they can't.

Types of Loans Available

FreedomPlus offers unsecured personal loans ranging from $10,000 to $35,000, with APRs ranging from 4.99% to 29.99%. The service cites everything from debt consolidation and credit card refinancing to weddings and moving expenses as potential loan uses. Loans from FreedomPlus are disbursed by Cross River Bank, a New Jersey state chartered commercial bank. There are no stated limitations on how you can use the money, but FreedomPlus puts an emphasis on learning why you're taking out a loan so it can connect you with the best option for your needs.


Qualifying for a loan through FreedomPlus requires proof of identity, such as a driver's license or government-issued identification, as well as proof of income, employment status and your social security number. The service will look at a mixture of factors, including your credit score, credit use and credit history when determining whether you qualify — as well as what rates and terms you might be offered. A minimum credit score of 600 is required to be considered for a loan with FreedomPlus.

It's important to note that FreedomPlus loans are not available in all states. Those living in Colorado, Connecticut, Hawaii, Kansas, Massachusetts, Oregon, New Hampshire, New York, North Dakota, Vermont, West Virginia, Wisconsin and Wyoming are not available for a FreedomPlus loan at this time. However, if you live in one of those states and apply for a loan through FreedomPlus, FreedomPlus will direct you to one of its partner organizations that may be able to assist you.

Application Process

The application process is straightforward and streamlined — at the start, you simply choose how much you want to borrow, select the purpose of your loan ("Other" is an option), your state of residence and your credit rating (Poor, Fair, Good, Very Good or Excellent). Depending on your choices, you will be taken to a page that says "Great news! We have options for you." After entering your name, email and phone number on this page, you can fill out the rest of the information for your application.

You may receive a loan offer from FreedomPlus, or you may be connected with one or more "service providers" that can offer you a loan. These include some familiar faces from our personal loan reviews, including Prosper and AvantCredit. Either way, you will receive a phone call from a FreedomPlus loan officer so you can discuss your loan options before completing the process. As with any personal loan, your APR will depend on your credit health. Although the rates offered by FreedomPlus are fairly low, other service providers it connects you with might offer higher rates to borrowers with less-than-stellar credit.

Repayment and Fees

FreedomPlus offers loan repayment terms ranging from two years (24 months) to five years (60 months). The benefit of fixed-rate loans like the ones it offers is that your payments will be the same throughout the life of your loan, making it easy to stay on top of what you owe each month. FreedomPlus does not charge anything to pay your loan off early, so if possible, that is an option you should consider.

The service charges an origination fee at the time of your loan disbursement which will amount to 0% to 5% of the total amount of your loan. This fee will depend on your loan size, rate and the repayment term you've selected. Unlike other services we've reviewed, FreedomPlus does not charge any fees for late or missed payments, although the missed payment will still be reported to the credit bureaus, which could lower your credit score.


FreedomPlus has a stellar reputation. It is accredited with the BBB and currently holds an A+ rating with the service. Likewise, Cross River Bank is also BBB accredited and holds an A+ rating. The Freedom Financial Network has an overwhelmingly positive reputation when it comes to helping connect people with the tools to get themselves out of debt and get control of their finances.

Customer Service

You can reach customer service by telephone through a toll-free number. FreedomPlus has two forms of customer service. Loan officers work with applicants through the approval of a loan. The service hours for loan officers working with applicants are Monday through Friday 6:30 a.m. to 7 p.m. PT. Once you have taken out a loan, you can contact regular customer service to discuss any issues you have. Customer service hours for borrowers are Monday through Friday from 8 a.m. to 5 p.m. PT. We placed two phone calls, the first of which was not a pleasant experience. The representative seemed distracted and confused by our questions. However, our second attempt reached a representative who was thorough and knowledgeable. It would be nice if FreedomPlus offered email or live chat support, but its phone service seems to be effective in connecting callers with a representative quickly.

It is worth noting that upon providing your information for a quote, you will be contacted immediately by a FreedomPlus loan officer. We received multiple calls the first day, as well as a voicemail, but no further contact afterward so it wasn't a nuisance.

The website itself could offer a little more information, including a FAQ page for potential borrowers to find answers to questions they may have. Some basic information, such as the states in which FreedomPlus doesn't provide loans, would go a long way toward making it easier for a potential borrower to decide whether or not this is the service for them — without having to call.


FreedomPlus takes personal loans one step further than many other services we've reviewed, seeking to connect people with the best option for them — even if that option is a competitor. Although customer service was spotty and its website could be more informative, FreedomPlus seems to offer competitive loan rates and would be a good choice for those with poor credit who are looking to resolve debt. Even if you don't qualify for a loan, it may be able to offer assistance through one of the other services within the Freedom Financial Network.

Compare to other Personal Loan Services

If you have a question or concern we haven't answered on our site, please let us know. Your question will be added to the NextAdvisor Forums so that we and other experts in our community can answer it. Due to volume, we aren't able to respond to every question, but we answer as many as we can.

Service Details

Minimum/Maximum Loan Amount:$10,000 - $35,000
APR:4.99% - 29.99%
Terms Available:24 - 60 months
Required Credit Rating:600+
Local Branches:No

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