Yes, there are limits in Hotspot Shield for the free version. When the limit is reached, a message will pop-up indicating this. However, open Notepad with Administrator rights and go to File > Open then browse to the following location
C:\Windows\System32\drivers\etc. Select hosts file and add 127.0.0.1 box.anchorfree.net. Close, restart the computer and the limit will be removed, however, you will have the free version normally without the bandwidth limit.