In a Nutshell: Juggling multiple credit card payments each month can not only be confusing, but consumers can pay significant interest charges over time. A debt consolidation loan can help to eliminate headaches associated with managing numerous accounts and save money. FreedomPlus offers loans built with debt consolidation in mind. The company offers a quick and easy online application process with a focus on personalized customer service and often funds loans faster than many other lenders. FreedomPlus also prioritizes data security in an age when financial institutions are often the targets of attempted cyber attacks.
Credit card debt in the U.S. is on the rise. And if you’re the typical debt-carrying consumer, you probably have more than one credit card that you’re paying down each month.
Keeping track of multiple due dates and payment amounts can be an inconvenience, and more seriously, can lead to missed payments and damage to your credit. Chances are that your interest rates also vary from card to card. With some rates higher than others, you’re probably paying more than you would like to each month in interest charges.
In cases like this, debt consolidation can prove to be a solution that is not only logistically more manageable but can potentially save you thousands of dollars in interest over time.
FreedomPlus is a company — and loan — launched with just these consumers in mind.
“As part of Freedom Financial Network, FreedomPlus is dedicated to providing people with a smarter solution for their debt so that they can live better financial lives,” according to FreedomPlus’s parent company. “We offer interest rate discounts and customize loan terms to fit their budget and goals, and provide friendly customer support throughout the life of their loan.”
We recently had a chance to chat with Joseph Toms, the President of FreedomPlus, to learn more about his company’s approach to customer service and the benefits of securing a loan through FreedomPlus.
Putting in the Extra Time to Provide an Individualized Customer Experience
In short, FreedomPlus is a loan that enables consumers to pay off their debt or make a major purchase, Toms said. All FreedomPlus loans are unsecured — requiring no collateral — with an APR from 5.99% to 29.90% and repayment terms from two to five years.
“FreedomPlus’s unique approach to the market is our personal touch,” Toms said. “We put in extra time and attention to individualize a consumer’s experience through an in-person sales staff and human underwriters.”
This approach enables the company to reward consumers for telling them what makes them creditworthy and to treat them as more than just a credit score, he said. “Our personal touch also helps consumers choose the right loan and get their questions answered.”
While many FreedomPlus clients use the loans for debt consolidation, the company also offers fixed-rate loans with competitive rates for borrowers who want to pay for nearly any large purchase, such as vacations, weddings, or home renovations.
“We reward consumers through lower rates for doing responsible things like paying off debt with a FreedomPlus loan (where FreedomPlus sends the payoff to the creditor directly) or adding a co-applicant who has income and savings for their retirement,” Toms said. He noted that the company has been excited to see the number of consumers who have been tackling their debt problems together by taking out co-applicant loans.
“Not only do these loans typically offer lower interest rates but they signal a strong commitment by the borrowers to really consolidate and tackle reducing their debt,” Toms said. “We think this is a great sign of consumers doing the right things to get into better financial shape.”
FreedomPlus also funds faster than most other lenders by guiding consumers through key steps of the loan process, according to the company.
Combining Online and Traditional Lending to Originate More Than $2 Billion in Loans Since 2014
“Consumers apply to FreedomPlus either online or by phone,” Toms said. “In most cases, we will speak to a consumer to answer their questions and get the best information for their loan application.”
Some applicants will receive instant approvals, while others will go through a more complete review with a human underwriter. Upon approval, a consumer will receive rates for loans with terms of two, three, four, and five years. Consumers then choose their loan and provide proof of income.
“For credit card refinancing and debt consolidation loans, consumers will direct us in most cases to pay off their creditors directly,” Toms said. “From here, consumers sign their contracts and get loans funded.”
Since 2014, FreedomPlus has originated more than $2 billion in loans and has funded more than 100,000 clients.
“Our clients’ experience is extremely important to us. We regularly monitor Net Promoter Score (NPS) to measure client satisfaction with our loan consultants, communications, and their onboarding process. Our new client NPS is very strong, with client satisfaction with our loan consultants the most important driver of overall satisfaction.” — Joseph Toms, President of FreedomPlus
Toms said FreedomPlus hears consistent positive feedback about the expertise, helpfulness, and professionalism of the company’s loan consultants.
And the company responds to user needs as they arise.
“For example, we noticed many people reaching out to us on weekends for their loan needs, so we expanded call center hours to Sundays in late 2018,” Toms said. “Additionally, we use feedback from our satisfaction surveys to make improvements in our communications and transparency to make the loan process easier to understand.”
FreedomPlus Makes Sure Customer Data is Kept Safe with Top-Level Security
In today’s world, online transactions involving sensitive data are becoming increasingly common and aren’t likely to go away any time soon. And hackers often set their sites on financial services institutions.
According to Forbes, cyber attacks cost financial services firms $18 million to address, versus $12 million across all industries. And banks lost $16.8 billion in 2017 due to cyber attacks.
A number of notable financial services companies, such as JPMorgan Chase and Citibank, have become victims to cyber attacks in the past decade, exposing the personal data of millions of customers.
So, when consumers express concern about applying for loans or submitting financial data over the internet, their worries are certainly justified. But, FreedomPlus makes it a priority to stay ahead of cyber attacks with top-level security.
“We take our role in ensuring data security seriously,” Toms said. “We maintain a robust data security program that is aligned to industry standards and best practices.”
He said FreedomPlus takes a defensive, in-depth approach to implementing technical, administrative, and physical measures to protect data against unauthorized access or misuse.
“These measures include preventive, detective, and corrective controls, for example: physical measures like access badges and a video monitoring system; administrative measures like security awareness training programs and role-based access controls; and technical measures like encryption of data at rest and in transit, vulnerability and penetration testing, and security operations center monitoring,” Toms said.
Whether you’re looking for a way to gain a better hold over your finances through a consolidated payment or are simply in the market for a personal loan for a large purchase, FreedomPlus can offer personalized and secure loan options for qualified applicants.