Question 1

How do I know if Loan Relief or loan settlement is the best option for me?

Accepted Answer

Loan Relief isn't just reducing the loans owed by you, it is about eliminating your loans and living a loan free life. If you are behind on your EMI payments and are unable to pay your loans due to a genuine hardship, chances are that you need Loan Relief.

Question 2

What types of loans can FREED help me with?

Accepted Answer

Most of your unsecured loans (not backed by a collateral) can be enrolled. If the majority of your loans consists of personal loans, credit card loans, payday loans, BNPL loans; you can expect a good result from our Loan Relief Platform.

Question 3

How does Loan Relief or loan settlement affect my credit score?

Accepted Answer

Not paying your credit dues or barely making the minimum payment on your credit cards every month impacts your credit score negatively. FREED's Loan Relief Program may or may not affect your credit score depending on the program you qualify for. FREED's Loan Settlement Program will have a negative impact on your credit score and rating, but once your loans are settled, your score will gradually improve. However, if you qualify for FREED's Loan Consolidation Program, your score would not get impacted negatively, rather your score will start to improve.

Question 4

How much does Loan Relief Cost?

Accepted Answer

The cost of Loan Relief will vary depending on the program you qualify for. Your financial profile, loan load, affordability, and goals can significantly affect the cost of Loan Relief for you. However, we fully understand that customers looking for Loan Relief should not be financially burdened any further. FREED's Loan Relief programs are structured to ensure that even after paying our fees, customers save significantly* on their total outstanding loans.

Question 5

How much will I save with FREED's Loan Relief?

Accepted Answer

Your savings on FREED's Loan Relief programs are dependent on your loans, affordability, complete financial profile, and financial goals. Depending on the Loan Relief program you qualify for, you will be able to save between 10%-30%* on your monthly EMIs or up to 50%* on your total outstanding loans load.

Question 6

Will I be totally loan-free after graduating from a program on FREED's Loan Relief Platform?

Accepted Answer

FREED's platform helps consumers with the burden of unsecured loans (Credit Card loans, Personal loans, etc.). At this point, we will not be able to help with loan that is secured by a collateral (such as home loans or auto loans). However, once you have graduated from the program, the money that you had been paying towards your loans enrolled with FREED, can now be used for paying off your secured loan comfortably and for building your financial future. The goal of this program is to drive responsible financial behaviour and to build credit awareness among our customers. While, many businesses thrive on repeat business, at FREED we do not want to see any repeat customers.

Question 7

Will I be able to use my credit card after I enrol my account in FREED's Loan Relief Platform?

Accepted Answer

If you haven't been making the monthly payments on your credit card, it is very likely that the card would be closed by the creditor. However, even if the creditor hasn't closed your card, we recommend not to use any more of the available balance on that credit card account.

Question 8

What is the difference between the Loan Settlement Program and Loan Consolidation Program?

Accepted Answer

The Loan Settlement Program and the Loan Consolidation Program are two forms of loan-relief from FREED, India's 1st and most trusted Loan Relief Platform. Both these programs cater to customers that are in different phases of their struggles with loans. FREED's Loan Settlement Program is the last resort for financially distressed customers, who are burdened by unmanageable loans. If you're unable to make payments towards your loans but have a strong intent to get rid of your loans, our loan resolution program can help you start fresh and regain your financial freedom. Our Loan Consolidation Program on the other hand is a preventive measure for customers, who is over-leveraged with loans. Living paycheck to paycheck by making minimum payments on your loans means you're one unforeseen expense away from being in a loan trap and delinquency. Our Loan Consolidation Program helps relieve your financial burden by reducing your EMI through lower interest rates and/or longer tenure.

Question 9

Are there any hidden fees?

Accepted Answer

FREED's Loan Relief Platform is completely transparent and fair and we have designed a simple and better way to deal with loans. Any program fees or subscription fees that you'll have to pay will be declared before you enroll into our program. There are no hidden fees, whatsoever!

Question 10

Can I enroll only the credit accounts I want?

Accepted Answer

Your loans and income is analysed by FREED's platform. Post the analysis, FREED will enroll you for the loans that qualify for the program, subject to your affordability and financial goals.

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