Make FreedomPlus The First Lending Choice
A borrower may find benefits to consolidating major bills using a premier lender. A person with a credit score in the 700s and above will find that FreedomPlus is a great lending choice. Each applicant will get to speak to a loan advisor directly prior to getting the final approval, and this makes the online process more human for most borrowers. An ideal candidate for this lender will fall into the following criteria:
- Credit score between 700 to 740
- Income of at least $25,000
- Ability to complete online application
- Use co-signer with great credit to possibly lower interest rate
There are loan options available for people with scores from 580 to 850, and the interest rate will be higher for a person with a bad credit score. It is still possible to qualify for a loan that may be used for debt consolidation, bills or any other purpose with all credit tiers.
Start The Application While Viewing FreedomPlus Website
A new user will find that simple information needs to be entered into the online application to get started. The information needed to pre-qualify for a loan include name, email and phone number. Basic income data must also be included on the form, and the applicant has to provide their social security number. The client should be familiar with the various credit score ranges, such as:
- Excellent Credit Score (720 – 850)
- Good Credit Score (690 – 719)
- Average Credit Score (630 – 689)
- Bad Credit Score (580 – 629)
A person, who is on the borderline for a higher credit range, may want to see if they can increase their score prior to applying for a loan. The Experian Credit Bureau is used to do a soft credit check on each applicant. The client will be given information about what they may be eligible to borrow at this point. The system at this point will also request more detailed financial information. The borrower will be given the option to add a co-signer to lower the interest rate. Clients are also given the option to pay the creditor directly with the money borrowed.
Loan options are presented to the applicant at this stage, and a loan representative will also contact the customer to get the process completed. Options are based on the applicant’s credit profile. Once the customer makes their loan selection, a staff person reaches out to speak directly with the client. The call may be scheduled at the most appropriate time for the applicant.
Payment terms are reasonable, and the customer selects the date they prefer during a month to make the payment. FreedomPlus will allow clients to call in to change the payment date while paying back the money borrowed. All customers also have to provide proof of identity and their banking information.
Determine If The Lender Is A Good Fit
Most lenders specialize in helping clients who fall within certain demographics. A new customer will want to research FreedomPlus. There are certain minimum requirements that will make each person an ideal candidate for loans from this lender.
- The client should have 640 minimum credit score. (Average is about 700 for this lender)
- The applicant’s gross income should be at least $25,000, and most people make more annually.
- The individual’s maximum debt-to-income ratio should be 45% or less, and this does not include mortgage payments.
- A person will need to have an established credit history that is verifiable with the credit bureau.
An applicant, who fits the lender’s requirements, will have access to loans with annual percentage rates (APR) that range from 7% to 29%. The loan period may range from 2 to 5 years, and most people borrow a minimum of $10,000. A qualified borrower may receive money in 3 days with the approval process taking 1 day to be completed. There are penalties for paying late, such as $15 or 5% of the amount due. The borrower will want to have a clear plan for paying back all loan amounts. There is no penalty for paying money back early. Origination fees for the loans also range from 1% to 5%.
A goal of getting out of debt is an admirable undertaking,and the borrower will need to look clearly at their financial picture before taking out a loan. A person with excellent credit may want to see if there are lower interest rate options available to them. A solid plan should be in place to for paying back the loan. The borrower will also want to think about what will happen if their financial situation changes. The payment option chosen should fit comfortably into the applicant’s monthly budget.