Is a Debt Consolidation Loan Right for You?

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Working to pay off credit card debt can be an overwhelming task, however obtaining a personal loan can help some people refinance their debt, get a lower interest rate and make managing their debts easier.

Debt consolidation loans can be a key to faster debt repayment for those committed to not getting further into debt once they have more available credit as their debts are consolidated into a personal loan.

There are many options for choosing a personal loan, so it’s wise to explore your options before you consolidate your debt. If you do decide that debt consolidation is a smart option for you, here’s why you should consider the FreedomPlus loan.

The goal of the FreedomPlus loan is to make debt consolidation fast and simple, without the need for piles of paperwork or a lot of time on the part of the borrower.

How FreedomPlus Can Help

Freedom Financial Network’s FreedomPlus loans are designed to make it easier for people to consolidate their debt into one single payment and work toward getting their debt paid off faster.

FreedomPlus offers potential rate discount for borrowers who apply with a qualified co-applicant, have $40,000 or more in retirement accounts, like a 401(k), or opt to have Freedom Plus pay off their creditors directly.

What’s Different About FreedomPlus?

Obtaining a debt consolidation loan can be overwhelming, however the process for getting a FreedomPlus consolidation loan from Freedom Financial Network is easy:  

    1. Apply for the loan on their simple online application page.
    1. If you qualify, a loan consultant will contact you to complete the application.
    1. Get your application results the same day.
  1. Have funds for approved loans in your bank account, shortly after.

Some of the documentation you’ll need in order to complete the loan application process is a copy of a valid ID, your signature, and verification of your income.

With low loan rates, a consolidation loan with FreedomPlus may be your ticket to paying off your high interest debt faster than you had anticipated.

The fees for obtaining a FreedomPlus loan are clearly described in your final loan documentation in order to help you determine how much money you might save with a debt consolidation loan.

Depending on the type of individual loan product you qualify for, there is an origination fee of between zero and five percent. There is no prepayment penalty with FreedomPlus, which means you can make additional payments anytime you wish in order to pay off your debt even faster.

What Else Should I Know About Freedom Financial Network FreedomPlus Loans?

FreedomPlus loan terms can be subject to change based on your loan performance. For instance, a pattern of late payments could result in a change in your interest rate.

In order to qualify for a FreedomPlus loan you generally need to have a FICO score of 670 or higher. Loan amounts with FreedomPlus can range anywhere between $10,000 up to $40,000.

Borrowers may also qualify for loan interest rate discounts if they have FreedomPlus pay their payments directly to the creditors, if they have a qualified co-borrower, or if they have at least $40,000 in retirement funds.

Here are three important questions you can ask yourself to help determine if you should consider seeking out a debt consolidation loan to pay off your credit cards.

1. Do I Have Multiple Debt Balances?

Are you currently carrying multiple credit card balances or high interest loans? Managing several credit accounts can make it difficult to have a clear vision about how to pay your debt off quickly.

A consolidation loan can help you to streamline your debts into one easy payment, making it simpler and more convenient to manage your debt.

2. Am I Paying High Interest Rates?

The average credit card interest rate right now is approximately 16.15%, and it’s not uncommon to see interest rates of 21% or even higher on many credit cards. In fact, some store issued credit cards carry interest rates as high as 29%.

High interest rates, such as those at 16% or higher can make paying off credit cards difficult. This is because much of your minimum monthly payment goes straight to the bank in the form of interest.

If you may be able to find a consolidation loan product that helps you qualify for a lower interest rate, you may be able to get out of debt faster.

3. Am I Feeling Overwhelmed by My Debt Situation?

If you’re feeling like you’re treading water when it comes to paying down your debt balances, consolidating those debt obligations into one loan payment with one company can help ease the stress that can comes with owing money to multiple creditors and help make managing your debt balances less stressful.

Refinancing Your Debt May Help You Get Free of Debt Faster

Loan consolidation could be a positive move toward paying debt off faster in some situations.

If you are looking for a smart way to consolidate your high interest debt, consider applying for a consolidation loan from Freedom Financial Network, where great service is top priority.

A quality consolidation loan may help you get out of debt quicker. The faster you are able to pay off your debt, the sooner you can move on to reaching your other financial goals and dreams.

Freedom Financial Network is authorized to operate in 36 out of the 50 U.S. states. Qualified applicants can live in any of the 50 U.S. states with the exception of those listed below:

    • Colorado
    • Connecticut
    • Hawaii
    • Kansas
    • Maine
    • New Hampshire
    • New York
    • North Dakota
    • Oregon
    • Rhode Island
    • Vermont
    • West Virginia
    • Wisconsin
  • Wyoming


All loans available through are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 4.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 4.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $14,000.00, and with a term equal to 24 months.  Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you qualify.

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One response to “Is a Debt Consolidation Loan Right for You?”

  1. JoeHx says:

    For me, debt consolidation and refinancing is only worth it if it lowers interest rates. I’m not interested in lowering a monthly payment – if the monthly payment ends up lower, I’ll pay what the old payment was anyway – but I can see how it can help people whose expenses exceed their income.

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