If you’re in need of a personal loan, you’ve probably come across FreedomPlus during your search. But is FreedomPlus a legitimate lending platform, or is it a scam? In this comprehensive review, we’ll delve into the details of FreedomPlus to help you make an informed decision. From loan offerings and interest rates to customer reviews and legitimacy, we’ll cover it all.
- BBB A+ Rating & Accredited
- $1 Billion Million Debt Resolved
- $10,000 Minimum Debt
Understanding FreedomPlus Loans
FreedomPlus, advertised at freedomplus.com, offers a range of loans through Cross River Bank, a New Jersey State Chartered Commercial Bank. When considering loans and interest rates, several factors come into play, such as eligibility, credit score, loan amount, and loan term. However, it’s important to note that loans may not be available to residents of all states, and minimum loan amounts may vary due to state-specific legal restrictions. Repayment periods typically range from 24 to 60 months.
When it comes to Annual Percentage Rates (APRs), FreedomPlus loans, and Achieve Personal loan, have a wide range, starting from 7.99% and going up to 29.99%. Additionally, loan origination fees can vary from as low as 0% to as high as 4.99%, with most loans carrying a fee of 4.99%.
Introducing FreedomPlus and its Background
FreedomPlus and FreedomPlus.com are registered trademarks of Freedom Financial Asset Management, LLC, a company dedicated to helping people improve their financial situation and reach their financial goals. The company has been providing loans for 19 years and has garnered a positive reputation within the industry. All of their loans are made by Cross River Bank, a New Jersey State Chartered Commercial Bank.
Located at 1875 S Grant Street, Ste 400 San Mateo, California, FreedomPlus can be reached by phone at (800) 368-0061. The company has an A+ rating with the Better Business Bureau (BBB) and has been accredited since September 9, 2021. Over the past 12 months, they have received an average of 1,805 customer reviews, and 41 complaints have been closed.
The Loan Application Process
Applying for a loan with FreedomPlus is a quick and easy process. To get started, simply fill out their online application form. Once submitted, one of their loan consultants will reach out to you to discuss your qualifications. If approved, you’ll receive the funds you need within 24 to 72 hours, allowing you to pay off your credit cards or utilize the funds for any other purpose.
Different loan amounts are available, ranging from $5,000 to $50,000. Upon applying, you’ll receive prompt notification of your loan approval status. To qualify for a loan with a 7.99% APR from FreedomPlus, you typically need to have excellent credit, and the loan amount must be less than $12,000 with a 24-month term. It’s important to note that origination fees can vary, but most loans carry a 4.99% origination fee. However, there are strategies that may help you qualify for the lowest available rate, such as adding a co-borrower with sufficient income or using a significant portion of the loan proceeds to pay off existing debt.
Assessing FreedomPlus Customer Reviews
Customer reviews are often an essential aspect to consider when evaluating a company’s reputation and customer satisfaction. FreedomPlus boasts an A+ rating with the BBB and has received an average of 1,805 customer reviews over the past 12 months. While the majority of these reviews have been positive, it’s worth noting that there have been 41 complaints closed within the same timeframe.
It’s important to approach customer reviews with discernment and consider the overall consensus among reviewers. While some complaints may arise from individual circumstances or isolated incidents, it’s crucial to look for recurring patterns or issues that may raise concerns.
One notable aspect to be aware of is that the Better Business Bureau has issued a warning regarding scammers misappropriating the name, logos, and trademarks of FreedomPlus to facilitate fraudulent loan schemes. This highlights the importance of exercising caution and conducting thorough research before engaging with any financial institution.
Understanding Loan Terms and Fees
FreedomPlus offers loans with repayment periods ranging from 24 to 60 months. The APRs start at 7.99% and can go up to a maximum of 29.99%. It’s crucial to carefully consider the terms and fees associated with any loan before making a decision.
To provide an example, let’s consider a four-year $20,000 loan with an interest rate of 15.49% and a corresponding APR of 18.34%. In this case, the estimated monthly payment would be approximately $561.60, with a total cost payable of $7,948.13.
It’s essential to be aware of the specific terms and conditions, including any pre-payment penalties that may apply. FreedomPlus does not impose pre-payment penalties, which allows borrowers the flexibility to pay off their loans ahead of schedule without incurring additional fees.
The Impact on Credit Scores
When considering a loan, it’s important to understand the potential impact on your credit score. Borrowers should consult with lenders to gain clarity on how their credit scores may be affected. It’s worth noting that allowing a lender to check your credit could potentially have a negative impact on your score. Therefore, it’s crucial to weigh the potential consequences and implications before moving forward with a loan application.
By gaining a comprehensive understanding of how loans can affect your credit score, you can make informed decisions to maintain good credit health.
FAQs
1. How does FreedomPlus determine loan eligibility and interest rates?
FreedomPlus considers various factors when determining loan eligibility and interest rates. These factors include credit score, loan amount, loan term, and other financial indicators. By assessing these details, FreedomPlus aims to provide borrowers with personalized loan options tailored to their specific financial situation.
2. What documents are required to apply for a loan with FreedomPlus?
When applying for a loan with FreedomPlus, you will typically need to provide various documents. These may include proof of income, such as recent pay stubs or tax returns, identification documents, bank statements, and any additional information that may support your loan application. By submitting the necessary documents, you help ensure a smoother loan approval process.
3. Are there any additional fees or charges associated with FreedomPlus loans?
In addition to the loan origination fee, which can range from 0% to 4.99%, borrowers should be aware of potential additional fees or charges. These can include late payment fees, returned payment fees, or fees for optional loan services. It’s important to review the loan agreement and consult with FreedomPlus to understand the complete fee structure associated with your loan.
4. How long does it take to receive the loan funds once approved?
Once your loan application is approved, FreedomPlus strives to disburse the funds as quickly as possible. In most cases, borrowers can expect to receive the loan funds within 24 to 72 hours. However, the exact timing may vary based on factors such as bank processing times and the completeness of the required documentation.
5. Can I use a FreedomPlus loan for any purpose?
Yes, FreedomPlus loans are designed to provide borrowers with flexibility in how they utilize the funds. Whether you need to consolidate debt, cover unexpected expenses, make home improvements, or finance a major purchase, FreedomPlus allows borrowers to use the loan for a wide range of purposes.
6. Is it possible to change the loan term or repayment schedule after approval?
FreedomPlus understands that borrowers’ financial circumstances may change over time. While it’s generally not possible to change the loan term or repayment schedule once the loan is approved and disbursed, it’s advisable to reach out to FreedomPlus to discuss any significant changes in your financial situation. They may provide guidance or offer alternatives to accommodate your needs.
7. How does FreedomPlus protect the privacy and security of personal and financial information?
FreedomPlus takes the privacy and security of customers’ personal and financial information seriously. They employ industry-standard security measures and protocols to safeguard data against unauthorized access, use, or disclosure. Additionally, FreedomPlus adheres to applicable privacy laws and regulations to protect the confidentiality of customer information.
8. Can I apply for a FreedomPlus loan if I have a less-than-perfect credit score?
Yes, FreedomPlus considers borrowers with a range of credit scores. While a higher credit score may increase your chances of securing a loan with more favorable terms, FreedomPlus understands that individuals may face financial challenges that impact their credit. They assess various factors beyond just credit score when evaluating loan applications, providing opportunities for borrowers with less-than-perfect credit to obtain financing.
9. What happens if I experience financial hardship and cannot make my loan payments?
If you encounter financial hardship and are unable to make your loan payments, it’s crucial to contact FreedomPlus as soon as possible. They may be able to provide assistance or explore options such as loan modification, forbearance, or repayment plans to help you navigate through temporary financial difficulties. It’s important to proactively communicate with FreedomPlus to find potential solutions and avoid defaulting on your loan.
10. Can I pay off my FreedomPlus loan early without incurring any penalties or fees?
Yes, FreedomPlus allows borrowers to make early payments on their loans without imposing any prepayment penalties or fees. This means that if you have the financial means to pay off your loan before the designated term, you can do so without incurring any additional charges. By paying off your loan early, you can potentially save on interest and reduce the overall cost of the loan.
The Importance of Responsible Borrowing
Before finalizing your decision to take out a loan, it’s crucial to consider all available options and determine whether it aligns with your financial goals and capabilities. Loans can be useful tools when used responsibly, such as for debt consolidation or financing essential expenses. However, it’s essential to assess your ability to make timely repayments and manage the associated financial obligations.
While FreedomPlus is a legitimate lending platform, it’s important to exercise caution and be vigilant about potential scams or fraudulent activities. Researching customer reviews and checking for accreditation with reputable organizations like the Better Business Bureau can provide valuable insights into a company’s credibility.
Conclusion
In conclusion, FreedomPlus is a lending platform that offers personal loans through Cross River Bank. With its range of loan options and relatively competitive interest rates, it has garnered a positive reputation within the industry. The company is accredited by the Better Business Bureau and has received an A+ rating, indicating a commitment to customer satisfaction.
However, it’s important to approach any financial decision with care and conduct thorough research. Take the time to read customer reviews, understand the terms and conditions of the loan, and assess your own financial situation before proceeding.
While FreedomPlus is a legitimate lending platform, it’s important to be aware of potential scams or fraudulent activities associated with the company’s name and trademarks. Stay vigilant and verify the legitimacy of any loan offers to protect yourself from falling victim to fraudulent schemes.
Remember, responsible borrowing is key. Evaluate your financial capabilities, consider alternatives, and choose a loan that aligns with your needs and goals. By making informed decisions, you can utilize loans effectively to improve your financial situation and achieve your objectives.
