If you're looking to improve your home, consolidate debts, buy a large property or start a new business, a FreedomPlus personal loan could be right for you.
You may be charged an origination charge up to 4.99% depending on the loan amount and term.
This FreedomPlus review will provide some information that people should know before applying for student loans or personal loans.
Review of FreedomPlus
FreedomPlus seems to be a legit institution that offers a lending experience. FreedomPlus will assign a loan advisor to help you navigate the application process.
FreedomPlus loan advisors will offer the best customer service. They will talk with you over the phone to discuss your personal loan needs and financial goals.
FreedomPlus was founded in 2014 as a lender. FreedomPlus is part of Freedom Financial Network. MetaBank and Cross River banks underwrite FreedomPlus personal loans.
FreedomPlus will not charge any payment fees but they may not be the best option for borrowers who want to avoid them. Every loan will have an origination fee and late payment fees.
FreedomPlus loans have a maximum loan amount of $7,500. LendingTree and LendingClub are recommended for loans over $1,000.
You may be interested in FreedomPlus personal loans.
What's a FreedomPlus Loan?
FreedomPlus Personal loan review
FreedomPlus Loans can be transparent. You must also meet the eligibility requirements to receive a two-rate discount.
Co-borrowers who have sufficient income to repay the loan may receive a discount. Creditors can get a 50% discount if they are earmarked for creditors.
Lenders don't often allow borrowers to pay their creditors. FreedomPlus encourages customers to pay creditors, making them more appealing options for loans.
The application process can be complicated, but it is easy to understand. After you have submitted your application, they will provide you with a personalized interest rate that is based on your credit score and a summary of your career history and payments.
Personal loan applicants for All FreedomPlus will need to undergo a soft credit evaluation and a phone interview with a customer service representative.
Borrowers are encouraged to call for a 15-minute conversation to discuss their applications and find out if there are any discounts.
FreedomPlus believes the phone interview is better than focusing on credit history.
The majority of FreedomPlus loan information is not accessible on the company's website. A phone call is the best way to get information about FreedomPlus loans. The customer service representative will be glad to talk with you.
Minimum Loan Amount
FreedomPlus requires a minimum loan amount of $7500. This is different from other lenders. FreedomPlus is not suitable for small loan applicants.
Companies such as LendingClub or Upstart offer the best option for borrowers who are looking to borrow up to $1,000.
FreedomPlus loan terms are available from 2-5 years. This allows you to pick the best loan term for your needs.
FreedomPlus Origination Fee
What's it all about?
Companies that offer personal loans often charge an origination fee. This fee is used to pay for the application and distribution.
Instead of charging a flat fee, lenders typically charge a percentage on the loan amount. It is typically between 1-8%. Let's say your loan amount is $10,000. The origination fee is between $100 and 800.
The lender may deduct this fee from the loan amount to make sure borrowers aren't paying extra.
Let's get to the math.
If you need to borrow $10,000, this is how to calculate the total loan amount. Application Fee: $5
- Divide the loan amount with.95 (100%-5 = 95%, or.95 in decimal).
- You will need $10.526.32 or $10.527 to cover all costs.
How do I calculate my loan origination fee?
Different lenders may charge different origination fees. It will depend on many factors.
- The requested loan amount
- How long is the loan available
- Credit score for the borrower
- If you have a co-borrower
- Why do you need the loan
However, a high fico score and guaranteed income may not be enough to cover you against high fees.
Consolidation loans for debt
What's a Debt Consolidation Loan?
This loan is for borrowers who want to consolidate their other debts and pay one monthly repayment.
This is an excellent way to reduce interest rates and pay off your loans quicker.
Consolidating debt with consolidation loans will not help you get rid of it. Some loans may have higher interest rates than others.
If you are having trouble paying your bills, here are some things that you should do before you apply for a consolidation loan.
Consider a consolidation loan to pay off your debts.
- Talk to your creditors about negotiating lower interest rates or accepting smaller payments.
- You can request that all your debts be paid on the same date. This will make it easier to manage multiple payments.
- Talk to your credit counselor
- Avoid companies that charge a fee for negotiating your debt
Consolidating debt is possible in a variety of ways.
If you're considering a consolidation loan, consider the following:
Balance transfer promos are offered by many credit cards at 0% for a limited time. This will reduce your monthly payments for a short time.
It is crucial to carefully read the terms and conditions of any new credit card that you use for a balance transfer. You should also find out if the 0% promotional applies to new purchases. This will help you avoid making the same mistakes in the future.
Be sure to check the credit limit to see if it covers the full amount of the transfer.
You might consider a personal loan. You can get a loan from many lenders such as banks and credit unions.
Make sure you thoroughly review the terms and conditions for your personal loan.
FreedomPlus Customer Service
These are just some FreedomPlus customer reviews:
"Quick and easy process. I received an email the next day asking for additional information. I was also provided with contact numbers to reach them if necessary. It was all exactly as it should have been. It was a high-quality business. Ron – Bealeton, VA
"Customer Service was exceptional. Daniel - Ft. Worth. TX
"My loan application was approved quickly and the whole process from applying to receiving funds was very simple." Charles, Philadelphia, PA
FreedomPlus doesn't offer loans specifically for businesses, but they do offer loans up to $40,000 to all businesses. A loan can be obtained if the applicant has a steady income.
Chuck, a friend, owns a small Local Lead Generation business that creates websites to support small businesses across the country. He would find niches in different cities and build his website. Then, he would optimize the site to rank well on search engines for people searching for the services he needs.
For example, he has a website that is purely focused on heating and air conditioning.
A person searching for heating and cooling services within the area they are targeting will dial his number, prominently displayed at the top of the screen. He will then forward the customer to a Heating & Air Conditioning provider.
You may be wondering, "How can a friend earn this much money?" "
It's very simple!
Chuck has an agreement with a local HVAC guy to take any leads he receives and pay him a small percentage (usually 10-15%) for any jobs that he gets.
Take, for example:
Let's say Chuck gets 30 calls from AC repair companies in a month. These calls are forwarded to his HVAC technician.
Let's say that the HVAC technician does 20.
The average cost to service an air conditioner unit in the United States is between $5000 and $5500 (higher-end replacement if needed). Let's say that $1,000.
$1,000 x 20 = $20,000
Chuck receives 10% ($2,000)
Chuck makes $2,000 per month through his local lead generation website. Chuck forwards only calls to his local HVAC guy. He currently has 10 websites.
Chuck had the idea of getting a personal loan to help him create 20 local lead generation websites. Then he would repeat the process.
He is now on the right track to generating income of nearly $60,000 per month through these small websites.
He has a monthly income in excess of $60,000 so I don't believe he will ever require a personal loan.