There are many different loans available through FreedomPlus. These loans are made by Cross River Bank, which is a New Jersey State Chartered Commercial Bank. They advertise their services at freedomplus.com.
3.0 out of 5.0 stars
FreedomPlus Summary
Do you need a personal loan? You’ve probably heard of FreedomPlus, but what is it all about? Let’s take a closer look so you can make an informed decision.
We uncovered some startling information while investigating their website and terms and conditions.
Here are just a few of the things that caught our attention.
- Cross River Bank offers a variety of loans through its platform FreedomPlus.com.
- When it comes to loans and interest rates, there are a number of factors that come into play. Your eligibility, credit score, loan amount, and loan term are just some of the things that will be taken into account.
- Loans are not available to residents of all states.
- Minimum loan amounts vary due to state-specific legal restrictions.
- Repayment periods range from 24 to 60 months.
- FreedomPlus have APRs that range from 7.99% to 29.99%.
- Loan origination fees can be as low as 0% or as high as 4.99%, but most loans will have a fee of 4.99%.
What is FreedomPlus?
FreedomPlus and FreedomPlus.com are registered trademarks of Freedom Financial Asset Management, LLC. This company provides services to help people improve their financial situation and reach their financial goals. The company has been providing loans for 19 years. All of their loans are made by Cross River Bank, a New Jersey State Chartered Commercial Bank.
It is located at 1875 S Grant Street, Ste 400 San Mateo, California and you can reach them by phone at (800) 368-0061.
FreedomPlus is a top-rated company with an A+ BBB rating. Since 9/9/2021, it has been accredited by the Better Business Bureau and has received an average of 1,805 customer reviews and 41 complaints closed in the last 12 months.
How does FreedomPlus work?
Applying for a loan with FreedomPlus is a quick and easy process. Simply fill out their online application and one of their loan consultants will reach out to you to discuss your qualifications. Once approved, you’ll receive the funds you need to pay off your credit cards or use them for any other purpose.
Different loan amounts are available, from $5,000 to $50,000. You will know soon after applying whether you have been approved for the loan, and funds will be sent within 24 to 72 hours.
How to qualify for a FreedomPlus debt consolidation loan?
In order for a borrower to qualify for a loan with a 7.99% APR from FreedomPlus, they will need to have excellent credit and the loan amount must be less than $12,000. The term of the loan should also be 24 months. Additionally, origination fees for the loan can vary anywhere from 0% to 4.99%. However, most loans will have an origination fee of 4.99%. Other ways that may help a borrower qualify for the lowest rate available include adding a co-borrower with sufficient income, using at least eighty-five percent of the loan proceeds directly towards paying off existing debt or showing proof of having sufficient retirement savings.
FreedomPlus BBB Reviews
FreedomPlus is a top-rated company with an A+ BBB rating. Since 9/9/2021, it has been accredited by the Better Business Bureau and has received an average of 1,805 customer reviews and 41 complaints closed in the last 12 months.
The Better Business Bureau (BBB) has been informed that scammers are using the name, logos, and trademarks of FreedomPlus in a fraudulent loan scheme. The following is a statement from FreedomPlus regarding this matter:
FreedomPlus has learned that its company name, logos, and trademarks—along with BBB’s logo—have been misappropriated and are being used by online criminals to facilitate a fraudulent loan scam.
Here are some reviews:
Tee L 10/21/2022
5.0 out of 5.0 starsBest decision we ever made! We saved so much money in the end. Everyone we worked with was so personable, caring & understanding. They took the time to hear us & helped us make a plan. Eventually, with ******** we were eligible for new opportunities to maximize our funds & keep more money in our pocket. This company is all about helping people get out of debt. We’ve already referred ********* Hardships can happen & these guys know exactly what to do!
david h 10/20/2022
5.0 out of 5.0 starsExcellent. I was approached a few months back and wasn’t in need of their services. Time changes things so I called back and was set up and received a loan within in a matter of days. They payed off my creditors like they said they would and even put a bit in my pocket. Excellent customer service!! If needed, you can be sure this is the place I call.
CHRISTINE L 10/20/2022
5.0 out of 5.0 starsAnswered all concerns I had about refinancing. Very helpful. I was able to reduce my monthly payment which helped me a lot with the increasing prices in food and housing.
Initial Complaint 09/13/2022
Complaint Type:Billing/Collection IssuesStatus:AnsweredMore info
1.0 out of 5.0 starsI noticed that there is inaccurate account that I needed to report. Evaluate and investigate those account that is not 100% accurate. Here are the lists that indicates the company name, balance, and date last reported:Account Name FREEDOMPLUS Balance $0.00 Account Number ***********
Initial Complaint 09/13/2022
Complaint Type:Problems with Product/ServiceStatus:AnsweredMore info
1.0 out of 5.0 starsYesterday I was looking for loan options online and as I entered my I formation on an application few lenders start contact me including freedom plus, they said I was aproved for $10,000 after all the information given they said because my credit is poor they can proceed unless I was a previous customer, so they said they still can make it happen, so they send me some documents to sign through docusign and they also send me an email with a link so they can have access to my bank account, wich I did.
They deposit a check into my account for $680 and then call.me to say to send them through zelle $400 back and the other $280 tomorrow meaning today when it gets clear, it just sounds fishing but I took the risk, now the bank hold the check they deposited and I’m negative $400 on my account because ofvthe zelle sent. They been aparently trying to help, the situation is they deposited another check for $1680 and I. Just a little concern at this point. All this does not sounds good for me.
Initial Complaint 09/06/2022
Complaint Type:Problems with Product/ServiceStatus:AnsweredMore info
1.0 out of 5.0 starsAn employee by the name of ******************* (Loan Consultant II) repeatedly contacts me after I informed him that I am not interested in a loan product from FreedomPlus and instructed him to refrain. He refuses.
FreedomPlus FAQs
How much does FreedomPlus charge?
At FreedomPlus, they offer loans with repayment periods ranging from 24 to 60 months. Their APRs start at 7.99% and go up to a maximum of 29.99%. Plus, there is a loan origination fee – that ranges from 0% to 4.99%.
For Example, a four-year $20,000 loan with an interest rate of 15.49% and a corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13.
Are there any pre-payment penalties?
There are no pre-payment panalties.
How does FreedomPlus affect your credit?
Loans can have a significant impact on your credit score. Therefore, before taking out a loan, you should consult with a lender to understand the potential implications for your credit. Proceeding with a loan and allowing the lender to check your credit could negatively affect your score, so you should be aware of the potential consequences of each step before moving forward. By understanding the effect of loans on your credit score, you can maintain good credit health.
How to cancel FreedomPlus?
Before you take out a loan with FreedomPlus, it’s important to understand the terms and conditions. With a personal loan, you may get the money you need quickly, but you can’t cancel or reverse the loan once the funds have been deposited. So before making a final decision, be sure to weigh all your options and consider whether taking out a loan is the right choice for you.
What is a debt consolidation loan?
Debt consolidation loans are an excellent way to save money on interest and simplify your finances. There are two main types of debt consolidation loans: secured and unsecured.
Secured debt consolidation loans use collateral, such as your home equity, to secure the loan. Unsecured debt consolidation loans do not require collateral but typically have higher interest rates. Both types of loans can be used to pay off multiple debts with one monthly payment.
If you’re considering a debt consolidation loan, it’s important to compare offers from multiple lenders to find the best terms for you. Be sure to consider the fees, interest rates, and repayment terms before you decide on a loan.
Is FreedomPlus Legit?
FreedomPlus.com is a legitimate lending platform, their loans are from Cross River Bank. They boast an A+ rating from the Better Business Bureau, with an average of 1805 reviews. However, they do have 90 complaints against them.
Please be aware that the Better Business Bureau (BBB) has been informed that scammers are using the name, logos, and trademarks of FreedomPlus in a fraudulent loan scheme.
It is important to do your research and read customer reviews when choosing a company to do business with. This way, you can be sure you’re making the best decision for your needs.
What are your thoughts on FreedomPlus? Have you had any experiences, good or bad, that you’d like to share? We’d love to hear from you in the comments below.
Thanks for reading! We hope this article was helpful.
