Personal loans can be a huge desert to walk under the sun for miles. They often involve bureaucratic and slow approval processes that make it seem like an eternity before you actually have access to the money. That’s why FreedomPlus is becoming the choice of choice for people with good or excellent credit scores looking for personal loan options.
It offers small or large loans and you can use the amount for almost anything. Additionally, it is popularly recognized for providing fixed rate personal loans in amounts ranging from $5,000 to $50,000 with repayment terms of two to five years – with fast approval and disbursement.
On the other hand, Freedom Plus Loan has APRs around 7.99% and an origination fee of 1.99% to 4.99% of the loan amount. Additionally, loans available through FreedomPlus are made by Cross River Bank, which is based in New Jersey and available to 39 states except Colorado, Connecticut, Hawaii, Kansas, Maine, North Dakota, Vermont, West Virginia, Wisconsin, and Wyoming.
Pros and Cons from Freedom Plus Loan
The Freedom Plus Loan can help you get the funding you need for a variety of purposes, and it has a few more advantages. But there are some other pros, including:
- 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.
Cons from 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 before taking your money.
The first downside is that FreedomPlus does not offer the APR discount that is normally provided, and it is not available in 11 states for lack of a licensed lender to carry out the loan.
Finally, this loan server does not have a Mobile App, making it even more difficult to manage and monitor the entire process.
How to Qualify for a Freedom Plus Loan
Freedom Plus Loan is approved or declined on the basis of many details, but it is usually 2 crucial points that weigh and make whether the loan is given or not. Generally, these 2 points step on the applicant’s credit profile, analyzing their credit score and their monthly income.
- Credit History
Applicants must have a minimum credit score of 600 to qualify for a Freedom Plus Loan. This score is considered “fair” and lower than the minimum credit score requirements of many popular lenders.
- Income Requirements
Did you know that there is a math to understand if with the applicant’s current income he will be able to pay the loan? This calculation is the DTI, basically the debt/income ratio. The maximum value to obtain approval must reach 45%.
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
There, that’s all!
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