![]() Once approved, you’ll receive the funds you need to pay off your credit cards or use them for any other purpose.ĭifferent loan amounts are available, from $5,000 to $50,000. Simply fill out their online application and one of their loan consultants will reach out to you to discuss your qualifications. How does FreedomPlus work?Īpplying for a loan with FreedomPlus is a quick and easy process. Since, 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. It is located at 1875 S Grant Street, Ste 400 San Mateo, California and you can reach them by phone at (800) 368-0061.įreedomPlus is a top-rated company with an A+ BBB rating. All of their loans are made by Cross River Bank, a New Jersey State Chartered Commercial Bank. The company has been providing loans for 19 years. This company provides services to help people improve their financial situation and reach their financial goals. 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%.įreedomPlus and are registered trademarks of Freedom Financial Asset Management, LLC.FreedomPlus have APRs that range from 7.99% to 29.99%.Repayment periods range from 24 to 60 months.Minimum loan amounts vary due to state-specific legal restrictions.Loans are not available to residents of all states.Your eligibility, credit score, loan amount, and loan term are just some of the things that will be taken into account. ![]() When it comes to loans and interest rates, there are a number of factors that come into play.Cross River Bank offers a variety of loans through its platform.Here are just a few of the things that caught our attention. We uncovered some startling information while investigating their website and terms and conditions. In November 2022, FreedomPlus changed its name to Achieve.3.0 out of 5.0 stars 3.0 FreedomPlus Summaryĭo 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. Interest rates are 3.75% above prime consumer debt rates. Average loan balances were greater than $15,000, and annual default rates were less than 2%. The company lent $25 million to people who had average FICO scores of 576. The parent company of FreedomPlus, Freedom Financial Network, started a pilot program in 2008 that made unsecured loans to consumers struggling with their existing debt. It will also use a significant human component and talk with borrowers to verify information and understand the goals they wish to accomplish with the loan, to try to find loans that fits borrowers' specific needs. The company will use traditional underwriting tools, such as credit scores, when underwriting loans. The maximum loan amount will be $40,000 and the maximum interest rate will be less than 29.99%, with flexible loan terms of two, three, four or five years. Both are peer-to-peer lenders.įreedomPlus will focus on “emerging prime” borrowers with FICO scores between 620 and 749, of which there are 80 million in the US. Wentworth), the former managing director at LC Advisors, Lending Club’s registered investment advisor subsidiary, and Chief Investment Officer at Prosper Marketplace. įreedomPlus was previously led by Joseph Toms (President J.G. ![]() FreedomPlus is open to accredited investors to invest in pools of loans, but it is not a peer to peer lending company. Freedom Financial Network will use the capital to grow its lending operations and to launch FreedomPlus, an online lending platform. In December 2013, the Freedom Financial Network announced it received a venture capital commitment of $125 million from Vulcan Capital, which is Vulcan Inc.'s investment company. Achieve developed a proprietary underwriting process that delivers low-cost loans to borrowers and low-risk access to consumer loan portfolios for accredited investors. Achieve is the consumer brand of Freedom Financial Network, LLC, which is headquartered in San Mateo, California. Achieve (formerly known as FreedomPlus ) is a lender that mainly focuses on underwriting loans to prime consumers.
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