If you’re extremely fortunate, you’ll get through this life without having to borrow money for things like buying a new car, renovating your home, or getting through a crisis.
For the rest of us, there’s the personal loan industry, and reading Freedom Finance reviews will show you that the UK’s largest personal loan broker is a good place to start learning about your options.
There are many banks, credit unions, and finance companies in the UK to choose from when looking for a loan. Choosing the right loan package on your own can be quite challenging and entails much diligence and research.
A personal loan broker simplifies the process by evaluating your situation and determining which lenders are going to give you the best deal. A first-rate broker has the resources, training, and experience necessary to ensure a smooth and fair loan deal that meets your needs.
So, you could spend your time looking at reviews of all the finance companies in the UK, or you could use a broker like Freedom Finance.
Freedom Finance offers a wide array of loans:
- Secured and unsecured loans
- Debt consolidation loans
- Homeowner loans
- Holiday loans
- Car loans
- Home improvement loans
- Home furnishing loans
- Business loans
- Wedding loans
- Purchase freehold loans
- Caravan or motor home loans
- Medical bill loans
- Balance transfer loans
Image source: Big Stock
Is Freedom Finance Any Good? Freedom Finance Reviews
The company began as Moneio Ltd in 2007 in Manchester and quickly became one of the largest brokers in the country. In 2014, the company changed its named to Freedom Finance Ltd and became the industry leader by anticipating regulations implemented by the Financial Conduct Authority that year. Many refer to the company as Freedom Finance UK to avoid confusion with companies with similar names operating in other countries.
Nicola Georgiou, Freedom Finance’s Managing Director, took aim at what she saw as a hazard in the way consumers shopped for loans online. “Traditional comparison sites only show headline rates — not actual quotes based on borrowers’ credit profiles,” she told loantalk.co.uk.
A “headline rate” is the lowest Annual Percentage Rate (APR) rate on offer. The catch is that the APR is also known as a “representative rate,” which means that only 51% of applicants will qualify for that rate. Many an unwitting consumer has, naturally, applied for the lowest rate among a given set of choices, not realizing that their less-than-perfect credit history would cause them to be rejected. The rejection, in turn, further damages their credit profile.
Freedom Finance’s response was to develop the “Soft search quotation” process, which determines which loans a borrower will qualify for before a formal application is made.
There’s also plenty of information to review on Freedom Finance’s website, which projects transparency and full disclosure. The company is upfront about urging customers to do their research, offering comprehensive guides that provide advice and explain various pitfalls to avoid. There are also abundant links to independent consumer advocacy organizations and government agencies that protect borrowers.
Chill out! Wait before you spend that money!
There’s a consumer protection rule that all borrowers should be aware of: the cooling off period. Customers have 14 days after an agreement is signed to change their mind about taking out a loan.
They then have up to 30 days to repay the capital and interest. Freedom Finance is no exception.
A Guide to Guides: Freedom Finance Reviews
The guides provided by Freedom Finance are written in a clear, easy-to-understand manner and provide general information and useful tips on virtually every aspect of personal borrowing.
Image source: Big Stock
One of the more important guides, if you are new to the game, is a glossary. It’s buried in the middle of the pack, but it’s worth looking over in order to familiarize yourself with the words and phrases you’ll need to fully understand in order to get the best deal for yourself.
A significant number of guides are devoted to credit ratings — that is, how to protect and improve good credit ratings as well as dealing with and repairing bad credit. The section on the high cost of having bad credit goes beyond the obvious effects of reducing one’s purchasing power to pointing out other ways in which your life may be affected, such as encountering difficulty when attempting to rent a place to live or trying to land a job.
You will also find Freedom Finance’s monthly budget planner useful, complete with a versatile, downloadable spreadsheet in which to record your monthly expenditures with an eye toward running an economically efficient household.
All-in-One Change Management Tools
Top Rated Toolkit for Change Managers.
Get Your Change Management Tool Today...
Borrowing Online “The Freedom Way”
Once you feel you’re well enough informed to apply for a loan, the company presents a streamlined, rather painless process — or as they like to put it:
“We take the hard work out of searching for a loan. One quick application enables us to search over 20 major UK lenders on your behalf to find the perfect loan for you. Your quote will be accurate, tailored to your individual circumstances and our search won’t negatively affect your credit rating. Freedom Finance offers you a safe way to search lots of lenders in one go.”
Pretty painless indeed. The application is design to be easily understood and navigated with clear, simple instructions. One pleasing aspect of the application process is that Freedom Finance promises that you will not be subject to a sudden flood of texts, emails, or calls. Once you decide to proceed with one of the offers that have been presented, Freedom Finance puts you in contact – and even then there is no obligation.
Freedom Finance Reviews
Customers appear to be very satisfied with Freedom Finance’s products and services, as reflected in testimonials posted on the company’s website.
Customer Reviews (Freedom Finance Reviews)
It says something about the company that they share a link to their review on feefo.com, which carries reviews on nearly all the finance companies in the UK. They do that because they are rated as a “Gold Trusted Merchant” with a 99% rating. Out of 1,390 Freedom Finance reviews, 1,205 were excellent, and 172 were good. There were only 16 negative Freedom Finance reviews.
Freedom Finance reviews read like a list of superlatives, the common theme being that this company delivers on its promises: “Excellent… Great service… Professional… Courteous… Polite… Informative.”
Other than the disgruntled few of feefo.com, it’s hard to find a negative Freedom Finance review on the internet. A thorough search turned up only two Freedom Finance complaints, one to the Financial Ombudsman, which was dismissed, and one customer on a financial forum who was miffed because of an apparent mix up over an application. But that seems to be it for the “cons” side of the list.
Popular Article: Prosper Reviews – All You Need to Know Before Using Prosper.com
Conclusion (Freedom Finance Reviews)
We have seen some glowing Freedom Finance reviews and a wide range of loan types on offer. However, at the end of the day, you must be confident in and comfortable with any company you choose to borrow money from.
We have painted a pretty rosy picture of Freedom Finance based on the evidence we found, but it is up to you to do your own research to make the best financial decisions for your unique situation.
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.