October 29


FreedomPlus Reviews: Is It A Good Personal Loan Option in 2021?

A FreedomPlus personal loan may be the right option for you if you are looking to make improvements to your home, consolidate credit card debt, purchase a large property, or start a business.

One of the few lenders that can offer loans up to $40,000 and loan terms of two to five year is available. They offer competitive interest rates and a priority approval process that allows you to have your money in your account within 48 hours. Depending on the amount and length of the loan, you may be charged an origination fee up to 4.99%.

This FreedomPlus review will cover some things people need to know before applying for student loans or personal loans.

A Review of FreedomPlus

After weighing the pros and cons, FreedomPlus appears to be a legitimate institution offering a real lending experience. FreedomPlus is an option for borrowers looking to consolidate credit card debts exceeding $7,500. FreedomPlus does not offer loans below $7,500, or to applicants with lower fico scores than 670. However, you can pay your creditors back directly through other online lenders. FreedomPlus is known for its excellent customer service. You will be assigned a loan advisor to guide you through the application process.

FreedomPlus loan consultants will provide the best customer service and work with you over the telephone to discuss your financial goals and personal loan requirements.

FreedomPlus Reviews:

FreedomPlus was established as a lender in 2014. It is part of the Freedom Financial Network group. FreedomPlus' personal loans are underwritten by MetaBank or Cross River banks. The group also includes Freedom Debt Relief and Bills.com, as well as Consolidation Plus and Consolidation Plus.

FreedomPlus won't charge any payment fees, but they might not be the best option if a borrower wishes to avoid them altogether. Each loan will include an origination fee, late payment fees, and a check processing fee.

FreedomPlus loans are limited to a $7,500 minimum loan amount. LendingTree or LendingClub are recommended for loans up to $1,000.

If you are interested in a FreedomPlus personal loan, continue reading.

What is a FreedomPlus loan?

FreedomPlus Personal Loan Review

FreedomPlus Loans are transparent. FreedomPlus Loans are transparent and explain exactly what you should do to get the lowest rate. For a 2-year loan amounting to $15,000 or more, borrowers must have excellent credit and fico scores of 720 or above. They also need to meet the eligibility requirements for two rate discount.

If the co-borrower's income is sufficient to repay the loan, a discount may be offered. A discount can be obtained if 50% is earmarked for creditors.

Lenders are not often willing to allow borrowers to pay creditors. However, FreedomPlus incentivizes customers to do so, making them a more attractive option for loans.

Apply Process

Although the application process is complex, it is very easy to understand. The application process is complex but very easy to understand. They will give you a customized interest rate based on your credit score as well as a summary about your career and history of payments. You can even get rate discounts if your retirement assets are used as collateral or if you use a co-borrower to apply. You can request a copy from the 3 bureaus of your credit report after the application process has been completed.

All FreedomPlus personal loan applicants will be subject to a soft credit assessment and an interview by phone with a customer service representative.

Borrowers should call for a 15-20-minute conversation to review their applications and see any discounts that might be available.

FreedomPlus believes that the phone interview is a better approach than focusing solely on credit history. It creates a positive customer experience.

However, the majority of information regarding FreedomPlus loans is not available on the company's website. Therefore, a phone call is the best option. This is okay, because the customer service representative will be happy to speak with you.

Low Minimum Loan Amount

FreedomPlus has a high minimum loan amount of $7,500. This is in contrast to other lenders. Borrowers looking for small loans may not find FreedomPlus suitable. The terms and minimum loan amount for companies such as Credit Karma or LendingTree will differ.

Companies like LendingClub and Upstart are the best options for borrowers looking to get loans starting at $1,000. FreedomPlus has a maximum loan limit of $40,000.

FreedomPlus Loan terms range from 2-5 years. This gives you more time to choose the right loan term for you. Some lenders offer loan terms that last 6+ years.

FreedomPlus Origination Fee

What is it?

Personal loans are usually offered by companies that charge an origination fee. This is to cover the application and distribution of the funds.

Lenders typically charge a percentage of the loan amount instead of a flat fee. This is usually between 1-8%. Let's assume your loan amount is $10,000. Your origination fee will be between $100-800.

The lender will typically deduct this fee from the loan amount as a courtesy so that borrowers don't have to pay extra. If you are going to require the entire amount of the loan, adjust your loan request to include the spread.

Let's do the math.

This is how you calculate the total amount of the loan if you have to borrow $10,000 plus a $5 %... application fee.

  • Divide the loan amount by.95 (100%-5 = 95% or.95 in decimal format).
  • The total amount you will need is $10.526.32, or rounded to $10.527.

How to Calculate Your Loan Origination Fee?

Different lenders may charge different origination fees. This will depend on several factors.

  • The amount of the requested loan
  • What length of the loan is available
  • Credit score of the borrower
  • If there is a co-borrower
  • The reason you need the loan

However, having a stellar fico score and a guaranteed income might not be enough to protect you from high fees.

Consolidation loans for debt

What is a Debt Consolidation loan?

If borrowers want to consolidate other debts into one loan with one monthly payment, they will choose this loan.

This is a great way to save money on interest rates and pay down your loans faster.

Consolidating your debt with consolidation loans won't help you get out of debt. You may pay more over the term of some loans, even though your interest rate is lower.

Here are some things you should do before applying for a consolidation loan if you have trouble paying your bills.

If you are considering a consolidation loan to help pay off your debts, here are some things to keep in mind.

  • Ask your creditors if they are willing to accept smaller payments or negotiate a lower rate of interest.
  • It is possible to request that your payment dates for all debts be the same, which will reduce the hassle of multiple payments.
  • Talk to a credit counselor
  • Be wary of companies that charge a fee to negotiate your debt

There are several ways to consolidate debt

Consider the following if you are considering a consolidation loan:

Balance transfers

Many credit cards offer balance transfer promos at 0% for a short time. You can transfer balances from multiple credit cards to one card if you are approved. This will lower your monthly payments for a limited time.

It is important to read all terms and conditions of the new credit card you will be using for balance transfer. It is important to understand when credit card promos are completed. Also, you need to find out if any new purchases will be covered by the 0% promotion. New purchases won't be included in the 0% promo. To avoid repeating the same mistake in the future, it is better to use this interest-free time to address your debt head on.

Also, be sure to know the credit limit and whether it is sufficient to cover the entire amount of your transfer.

Personal loans

A personal loan may be an option. Many lenders, such as banks, credit unions, and online lenders, will help you finance your wedding, vacation, or hospital bills to consolidate your debt.

Be sure to thoroughly research the terms and conditions of your personal loan.

FreedomPlus Customer Service

FreedomPlus Loans' unique value is their exceptional customer service. It's easy to get a loan online in just a few clicks. Sometimes, however, it can be a relief to have someone talk about your concerns.

These are just a few FreedomPlus customer reviews:

"Quick and simple process. Excellent customer service and the loan representative was knowledgeable and friendly. The next day, I received an email asking for any additional information. I also got contact numbers so I could reach them if needed. The whole process was exactly how it should be. It was a top-notch business. Ron - Bealeton, VA

"Customer service was exceptional. I will definitely recommend you to others. It was a pleasant and easy experience. Daniel - Ft. Worth, TX

"My loan request was approved quickly and the entire process, from applying to receiving funds, was as simple as I have ever seen. Excellent and friendly customer service. Charles - Philadelphia, PA

Business loans

Although FreedomPlus does not offer loans for businesses specifically, they offer loans up to $40,000 to any business. If they have solid income, however, getting a loan should not be difficult.

Chuck, a friend of mine, has a small Local Lead Generation company that creates websites for small businesses in his locality and across the country. His business model is simple. He would search for niches in different cities, build his website, and then optimize it so that they rank high on search engines when people search for the services they need.

He has, for instance, one website that focuses exclusively on heating and air conditioning.

If someone searches for heating and cooling services in the area he is targeting, he will dial his number (prominently displayed above the top), and he will forward the customer to a Heating and Air Conditioning provider so they can take care.

You might be asking, "How can a friend make this money?"

It's really quite simple!

Chuck has an agreement to accept any leads sent his way by a local HVAC man and pay him a small portion (usually 10-15%) for any jobs he does get.

Take, for example:

Let's suppose Chuck receives 30 calls from air conditioner repair companies within a month. He forwards these calls to his HVAC technician for the job.

Let's suppose that his HVAC technician does only 20 of these.

Nationally, the average cost of servicing an air conditioner unit is between $500 and $5500 (high-end replacement, if necessary). Let's take $1,000 as an example.

$1,000 x 20 = $20,000

Chuck receives 10% ($2,000)

Chuck makes $2,000 a month from his one-page local lead generation website. He only forwards calls to his HVAC guy in one town. Chuck currently has 10 websites and makes an average of $23,000 per monthly.

Chuck came up with the idea to get a personal loan in order to create 20 more local lead generation websites, and then repeat the process.

He's now well on his way towards generating an income of almost $60,000 per month from these small websites.

With a monthly income of $60,000, I don't think he will ever need a personal loan.

Click here to learn more about the Local Lead Generation model.


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