Freedom Finance Loans Reviews: Everything You Need To Know

If you’re looking into Freedom Finance for a personal loan, checking out customer reviews can help you determine if it’s the right lender for you Freedom Finance offers personal loans through its FreedomPlus lending platform But what do real borrowers have to say about their experiences?

In this comprehensive guide, we’ll dive into FreedomPlus reviews from across the web and provide key details on what to know before applying.

Overview of FreedomPlus Personal Loans

FreedomPlus is the online lending arm of Freedom Financial Network. They offer personal loans from $2,000 to $50,000 for borrowers with credit scores of 640 and above. Here are some quick facts:

• Interest rates from 7.99% to 29.99% APR
• Loan terms of 2 to 5 years available
• No prepayment penalties
• Minimum credit score requirement of 640
• No origination fee
• Loans not available in NV or WV

FreedomPlus offers both secured and unsecured personal loans With secured loans, you provide collateral like a savings account to help qualify

They advertise helping borrowers consolidate high-interest debt, finance home improvements, cover medical expenses, and more. Now let’s see what customers have to say.

FreedomPlus Customer Reviews on Interest Rates and Fees

High interest rates are one of the most common complaints in FreedomPlus reviews. Their rates range from 7.99% to 29.99% APR based on your creditworthiness. Here’s what some customers have experienced:

• “I have excellent credit and qualified for 10.99%. Way too high for personal loan rates today.” – Brian S.

• “My interest rate was above 25% which is absurd.” – Susan K.

• “Was approved but the 25% interest rate is outrageously high so I turned down the loan.” – Miranda D.

• “Rates are very high compared to other lenders I checked.” – Jacob R.

While people with good credit often get lower rates, some reviewers caution rates can still be much higher than alternatives:

• “Just because you have good credit doesn’t mean you’ll get a good rate.” – Kevin S.

• “With my 700 credit score, no way should my rate be 15%.” – Alyssa T.

There are also complaints about high origination and prepayment penalties that FreedomPlus says they don’t charge:

• “They charged me a huge origination fee after saying there was none.” – Deborah K.

• “I wanted to pay off balance early but they hit me with early repayment fee.” – Chris S.

However, some customers report more reasonable rates in line with their credit profile:

• “My credit score is only 640 but I qualified for a 10.99% rate which is very fair.” – Juan R.

• “With my score in the 500s, I was happy to be approved at 17.99%.” – Wendy S.

Reviews on the Application and Approval Process

Many FreedomPlus reviewers describe a quick and streamlined application process:

• “It only took about 10 minutes to complete the application online.” – Brandon T.

• “Got approved in less than 24 hrs with funds in my account the next day.” – Sara K.

• “The application was easy and they processed everything really fast.” – Devin C.

However, other customers report issues getting approved despite good credit:

• “They denied me even though my credit score is over 700. I’ve never had issues getting loans before.” – Julia R.

• “They claimed my credit wasn’t sufficient but I know it’s excellent. They are too picky.” – Steve W.

Approval amounts can also be smaller than requested or advertised:

• “I only got approved for $5k when I requested $15k.” – Brandon S.

• “They say loans up to $50k but would only approve me for $7k with great credit.” – Alicia V.

Long verification times are another common complaint:

• “It took over 2 weeks to get approved because of how much verification I had to provide.” – Taylor S.

• “The underwriting process was absurdly long. Took a month before I finally got the loan.” – Lucas D.

FreedomPlus Reviews on Customer Service Experience

Reviews on FreedomPlus customer service are decidedly mixed. Here are some of the most common complaints:

• “Customer service reps were rude, unhelpful, and lied about loan terms.” – Heather R.

• “Customer service is useless. Transferred me 5 times before I gave up.” – Devin S.

• “Good luck trying to get anyone on the phone. Email support takes days to respond.” – Sabrina V.

However, some customers report more positive experiences:

• “The customer service rep helped explain all the terms and was very patient.” – Juan R.

• “They have been very helpful anytime I’ve needed to call with questions.” – Amy L.

• “Customer service makes it really easy to manage my loan account.” – Mike D.

So experiences can vary widely when contacting FreedomPlus customer support.

Reviews on Repayment Terms and Loan Management

Difficulty managing accounts and making payments are other common FreedomPlus complaints:

• “Trying to set up autopay was a nightmare. Website didn’t work.” – Victor O.

• “Missed one payment by a day and got charged insane late fees.” – Sarah K.

• “Had to change payment date and they said I need full underwriting again.” – Taylor M.

However, some customers report easy repayment experiences:

• “Setting up autopay payments was simple. I just forget and the loan pays itself now.” – Eric S.

• “They let me adjust my payment amount when my income changed. Very helpful.” – Wendy T.

• “I pay weekly with no issues. Made paying this loan off faster.” – Juan P.

So like customer service, repayment and account management experiences vary.

The Bottom Line: Is FreedomPlus Recommended?

FreedomPlus gets very mixed reviews from customers overall. Here are some key considerations if you’re considering borrowing from them:

Pros

• Easy and fast online application process
• Approval possible for borrowers with credit scores as low as 640
• No origination or prepayment fees

Cons

• Interest rates can be very high, even for applicants with good credit
• Approval amounts may be lower than requested
• Underwriting and verification process can be lengthy
• Mixed experiences with unhelpful customer service
• Difficulties reported managing accounts and repayment

While FreedomPlus loans may make sense for borrowers with lower credit scores who can qualify for reasonable rates, those with good credit often report being able to find cheaper alternatives.

Be sure to get rate quotes from multiple lenders and read the fine print before committing to a FreedomPlus personal loan. The high interest costs reported in many reviews make comparison shopping especially important.

Top Alternatives to FreedomPlus Personal Loans

Here are a few top-rated lenders to consider if you want to check out alternatives to FreedomPlus:

LendingClub – Great for borrowers with good credit, with rates as low as 6.95% APR. Fast funding as soon as the next business day.

Prosper – Competitive fixed rates from 6.99% to 35.99% APR. No prepayment penalties.

Upgrade – Pre-qualification with soft credit check. Personal loans up to $50,000.

Lightstream – Loans from $5,000 to $100,000 for borrowers with good to excellent credit. No fees.

SoFi – Member benefits like career coaching and financial planning. Rates from 6.99% to 21.98%.

Best Egg – A+ rating with the Better Business Bureau. Loans up to $35,000.

Be sure to compare loan amounts, rates, terms, fees, qualifications, and customer service when choosing the best personal loan lender for your needs. Pre-qualifying and checking rates from multiple lenders is easy and doesn’t affect your credit score.

Summary: Do Your Research Before Borrowing from FreedomPlus

FreedomPlus personal loan reviews highlight both pros and cons for borrowers to consider. While they provide access to funds for those who may not qualify elsewhere, higher interest rates are a common complaint even from applicants with good credit. Customer service, application, and repayment experiences vary widely as well.

Be sure to understand their interest charges, fees, and fine print before borrowing. Check your personalized rate quotes and research top alternatives to make the most informed decision possible on a personal loan that fits your budget and financial situation. The hours you spend upfront reading reviews and comparing lenders can potentially save you thousands over the life of your loan.