If you have a good credit score and need a loan, you are in the right place. Perhaps this has been a problem lately, as some of the lower interest options do not accept people with less than excellent scores. Those with good credit scores will certainly have an easier time with the Freedom Plus Loan.
With it, you will have good options if your credit score is 600 or higher. Using Freedom Plus Loan, you can get up to $50,000 at reasonable interest rates to use it for whatever you want. If you want to make a big investment, this can be a great option, as well as if you want a small investment of $5,000.
Are you ready to understand how to get an approval, key pros and cons of using Freedom Plus Loan? Read on to find out everything you need before trying to get a loan of your own and achieve your personal goals.
Freedom Plus Loan
TAEG 7.99-29.99% Get cash in 48 hoursHow does the Freedom Plus Loan work
FreedomPlus is an online lender affiliated with the Freedom Financial Network, founded in 2013 and known for enforcing lower qualification requirements, going as far as offering personal loans from $5,000 to $50,000 and promising fast approval and disbursement. APRs start at around 7.99%, and borrowers must pay an origination fee between 1.99% and 4.99% of the total loan amount. All loans available through FreedomPlus are made by Cross River Bank, based in New Jersey.
Freedom Plus Loan is a type of unsecured loan offered to South African citizens. The borrowed money you receive can be used for any purpose, be it renovating your house, financing a car, paying bills, holding a big event, taking a vacation, it doesn’t matter.
After your application, you can get the funds in a day or less. Approval also occurs quickly, usually within minutes of an online application. Now that you understand how this personal loan works, it’s time to see if it can help you get a little closer to your financial goals.
Advantages from Freedom Plus Loan
The Freedom Plus Loan can help you get the funding you need for a variety of purposes and with a few more perks. For starters, most of their loans have very affordable and lower rates due to the short repayment term – between 2 and 5 years repayment term. Check out some other pros of using the Freedom Plus Loan below:
- Flexible loan uses
- Get cash in 48 hours
- Various rate discounts
- Joint and co-signed loan options
- Prepayment of loans without fees
- Lower APRs than some comparable lenders
- Direct payment to creditors with debt consolidation loans
- Pre-qualification option with a smooth credit check
This is an easy-to-use system that allows anyone with a score above 600 to obtain a loan. Which can be a great way to get rid of the high interest rates of other debts or give your personal projects a boost.
Cons for Freedom Plus Loan
The Freedom Plus Loan is a good option for anyone with a good score, but there are also some issues you need to know about before taking your money.
The first negative point is that FreedomPlus does not offer the APR discount, which is usually provided by other lenders at the time of closing the loan, as a way of encouraging people to close the deal – in this case, it does not.
Another important point to mention is that FreedomPlus is only available to people where there is a licensed lender to carry out the loan. In this case, 11 states do not have this licensed lender, meaning people from Colorado, Connecticut, Hawaii, Kansas, Maine, North Dakota, Vermont, West Virginia, Wisconsin, and Wyoming cannot apply.
Finally, this loan server does not have a Mobile App, making it even more difficult to manage the loan, process monitoring format, without any doubts that will not be answered online.
Payment Terms, Conditions and Fees
FreedomPlus is popularly recognized for delivering fixed rate personal loans in amounts ranging from $5,000 to $50,000 with repayment terms of two to five years. However, there are rates that must be interpreted and known, see:
When applying for the Freedom Plus Loan, you will have to keep in mind that an origination fee of 1.99% to 4.99% of the loan amount will apply, plus the lender will likely charge a late fee of $15 or 5% of the overdue amount.
APRs are 7.99% to 29.99%, but FreedomPlus offers discounted rates to qualified applicants for some exceptions, see:
- If you use at least 85% of your loan requested by Freedom Plus Loan, they will likely reduce your rate. This is fantastic, right?
- Another interesting point is that people in retirement can qualify at the lowest possible rate – if they can prove they have at least $40,000 in retirement funds.
Feel free to make the best choice!
How to Apply
Here are the steps to apply for a Freedom Plus Loan:
- Pre-qualify on the FreedomPlus website and provide some personal information.
- Submit the application online.
- Talk to a FreedomPlus Loan Consultant
- Make a plan to repay the loan
Conclusion
In conclusion, the FreedomPlus Loan offers a compelling option for borrowers with good credit scores who need access to funds quickly and for various purposes. With competitive APRs starting at 7.99%, flexible repayment terms ranging from 2 to 5 years, and the ability to receive funds within 1 day of approval, it caters well to urgent financial needs and personal projects alike.
However, potential applicants should be aware of the origination fees ranging from 1.99% to 4.99%, as well as the limited availability in certain states where the lender is not licensed. The absence of a mobile app for managing the loan may also be a drawback for some users seeking more convenient access and monitoring.
Overall, if you meet the credit score requirements and prioritize fast funding with reasonable rates, FreedomPlus provides a solid option worth considering for your financial needs. As with any financial decision, it’s essential to review all terms, fees, and eligibility criteria to ensure it aligns with your financial goals and circumstances.
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