If you are looking for an individual loan to help with consolidating debt, FreedomPlus may be the solution. FreedomPlus is different in that it offers discounted rates to those who wish to pay off debt. They also accept cosigners. The FreedomPlus review will show the way the loan company compares with other loan companies, giving you an idea of the best fit for you.
Full FreedomPlus review
The personal loan is a suitable choice for: Borrowers looking to make a commitment towards consolidating debt or are looking to add cosigners for the loan.
Pros
- Cosigners are accepted
- Special discounts for borrowers looking to settle existing loans
- No prepayment penalty
Cons
- It is difficult to qualify for the low-interest rates
- The cost of origination is a significant expense.
Top perks
Cosigners are accepted: FreedomPlus is one of the few lenders to allow cosigners on personal loans. If you have cosigners, you could get a lower rate, a bigger loan, and longer repayment terms that you would be able to get on your own. Of course, the process of finding a cosigner who is financially stable and has an acceptable credit score is usually much easier than you think however this makes it a clear choice for those searching for loans that will accept cosigners.
Special discounts: The company provides discount rates when borrowers make more than 85% of their amount of the loan to pay off existing debt. If you're in search of personal loans to consolidate debt, FreedomPlus may be worth taking a closer review. There are also discounts depending on the amount you have saved for retirement as well as the income of your co-borrower.
Alternative requirements: FreedomPlus says it will consider more than just your credit score when evaluating your application. But unlike other lenders who specialize in lending criteria that are not traditional, FreedomPlus does not state the criteria it takes into consideration.
Lower APRs FreedomPlus Loans can be offered at low-interest rates for those who meet the requirements that are comparable to the top personal loans with low interest. The best rates for loan interest are only available to those who have excellent credit.
The large loan amount can be both a positive as well as a disadvantage. FreedomPlus loans typically range between $7,500 to $50,000. This excludes borrowers who require a modest loan of several thousand dollars however, those who require more money will discover that the maximum amount is suitable for their requirements perfectly.
The longer loan term: FreedomPlus allows you up to five years to pay off the loan. Remember that longer terms come with higher interest rates.
No prepayment charges If you decide to pay an extra amount a handful of times throughout the year, and then pay off the loan in advance. FreedomPlus doesn't charge any prepayment fees which means you can decide the speed at which you wish to settle the debt, without having to pay an additional cost.
Receive funds within the next 48 hours. FreedomPlus can quickly approve new loans, and it claims the site can give a credit decision on within the same day. After uploading all the required documents and signing the contract, you'll receive the loan in as little as up to 48 hours.
What could be improved?
A high upper-end rate The higher APR band for FreedomPlus personal loans is costly. Although it's not among the most expensive on the market, however, it's a significant amount. It is difficult to convince yourself to take out a high-interest loan in order to pay for another or agree to a high-interest rate to fund the home improvement project when you have the option of waiting.
The cost could be higher than other options: The only method to secure the lowest price cost is to have a great credit score (generally around an 800 level or higher) and to borrow less than $12,000 and agree to repay it within 24 months. However, your outstanding credit might allow you to get an excellent balance transfer card that has a large credit limit as well as a lengthy initial 0% APR.
A loan of $12,000 from FreedomPlus at 7.99 percent would amount to an amount of $1,024 interest. Imagine that you transfer the credit card debt onto the balance transfer card that has an 18-month APR intro 0% instead. The balance transfer cost will likely be around $360 however, you'd pay no fees during the promotion period (although you'll need to pay the loan off faster in order to avail of this offer).
Origination charges: In order to get the FreedomPlus Personal loan for personal use, you might have to pay an origination charge that can be as high as 4.99 percent of the balance. This is an additional 499 dollars for a $10,000 loan. It will count in your annual percentage rate but it's money other lenders won't cost. It's a good idea to compare rates.
How do you qualify to receive the FreedomPlus personal loan
Before submitting your application, ensure you have the following criteria for loan approval:
- score of at least 640.
- It is important to be able to prove your earnings
- You must have a verified bank account
The application process
The FreedomPlus personal loan application is simple and quick.
- Complete an online form. FreedomPlus is going to conduct a gentle credit test that doesn't affect your score on credit.
- Contact a loan specialist. FreedomPlus will then provide you with an interest rate as well as inform you of the loan terms that are available.
- In the event that you opt to go on the credit, then you'll have to show proof of earnings, your bank account details, as well as your identification card for yourself.
- The company will then conduct an inquiry into your credit. You'll be required for a signature on the loan agreement prior to receiving your cash.
Options to think about
The choice to take out personal loans shouldn't be taken lightly. It's crucial to look around for the top personal loans prior to making the leap. There are two lenders to think about:
- Marcus can provide loans of $3500 to $40,000 to those who have good credit scores. Most importantly, this loan option allows you the option of up to six years to pay back the loan.
- Personal loans from Avant have targeted borrowers with less credit scores. They can start at 580. The loan company can provide loans starting as low as $2,000 or as high as $35,000.
The personal loans are ideal for you if you:
FreedomPlus personal loans work better for certain customers than other borrowers. If the following scenarios could be applicable to you, then it is worth considering a FreedomPlus loan may be worth considering:
- You will require cosigners. FreedomPlus is among the few lenders that permit the cosigner to be added to your account. Many other lenders make loans only on one individual.
- You have a high-interest loan to consolidate. FreedomPlus is a good consolidation loan since you are eligible for a lower interest rate if you apply a specific portion of the loan to settle other debts.
- You'll need a bigger loan. FreedomPlus offers a minimum loan of $7,500. This amount is ideal for those who have more borrowing requirements.
- There are retirement funds. People who have retirement savings get a lower interest rate from FreedomPlus.
- It is more difficult to pay off a debt. If you require only one year to pay off credit card debt then you may be better off using a zero Balance transfer at a 0% intro APR card.
Whatever you plan to do with the money you receive from the loan make sure you take the time to select the most suitable loan to suit your needs and circumstance. We know that there are many things to think about however, you are obligated to yourself to consider the advantages and disadvantages of each loan.