Business Insider's personal finance team compared Achieve Personal Loans to the best personal loan companies and found it to be an a standard offering. It offers a reasonable fee structure, quick turnaround time, and several discounts.
Best for good credit borrowers, Achieve Personal Loans is more accommodating to those with less-than-perfect credit by offering solid rates without requiring excellent credit scores. It also provides home equity loan options and discounts that can help reduce borrowing costs. However, borrowers with excellent credit may find lower rates and better terms elsewhere.
Achieve Personal Loans Pros and Cons
Achieve Personal Loan Pros
- High maximum loan amount. For borrowers who want to fund an expensive project, like a home improvement or major repair, Achieve allows you to take out as much as $50,000.
- Co-borrowers allowed. If you're looking to get a better rate or increase your chances of loan approval, enlisting a co-borrower is often a great way to do so.
- Fast funding time. You should get your money within 72 hours if Achieve approves your application.
- Rate discounts are available. Achieve Personal Loans offer rate reductions for co-borrowers, proof of retirement savings, and direct creditor payoff, potentially lowering your APR by several percentage points.
Achieve Personal Loan Cons
- High minimum loan amount. The smallest amount you can take out from Achieve is $5,000, which is impractical for borrowers who only need a small amount of cash.
- Late fee. If you make a payment behind schedule, you'll pay an late fee of $15 or 5%, whichever is greater.
- Origination fee. The origination fee on Achieve loans ranges from 1.99% to 8.99%. See the best personal loans with no origination fee.
- Loans are not available in all states. You can't get a loan in Colorado, Connecticut, Hawaii, Kansas, Maine, North Dakota, Vermont, West Virginia, Wisconsin, or Wyoming.
Apply Now
8.99% to 29.99% APR
$5,000 to $50,000
640
- High maximum loan amount
- Co-borrowers allowed
- Rate discounts available
- Fast funding time
- High minimum loan amount
- Late fee
- Not available in all states
- Origination fee
- You'll receive your money within one to three business days
- Repayment periods range from 24 to 60 months
- Rate discounts disclosed during the application process
- You aren't able to get a loan in Colorado, Connecticut, Hawaii, Kansas, Maine, North Dakota, Vermont, West Virginia, Wisconsin, and Wyoming
Achieve Personal Loans Overview
Overview and Features at Achieve
Achieve is a solid choice for people with good credit scores who want a competitive APR on their personal loans. Borrowers can take out as much as $50,000 if needed for a large expense. But the minimum loan amount of $5,000 may be too high of a floor for some. The best personal loan for you depends on your credit score, which determines your eligibility and can lower your rate.
Achieve loans aren't available in all states — you can't get a loan in Colorado, Connecticut, Hawaii, Kansas, Maine, North Dakota, Vermont, West Virginia, Wisconsin, or Wyoming. Its loan range is between $5,000 to $50,000. The company's APR ranges from 8.99% to 29.99% APR.
Achieve Personal Loans offer fast funding; you'll get your money within one to three business days. The lender does have fees — you'll fork over an origination fee between 1.99% to 8.99% and a late fee of $15 or 5%, whichever is greater.
Achieve Personal Loan Eligibility Requirements
Achieve is best for borrowers who want to take out a moderate to sizeable amount of money, as the lender has high minimum loan amounts but also a high maximum. The lender is also particularly attractive to those who may want to apply with a co-borrower to get a better rate, as some companies don't allow co-borrowers. Achieve has a minimum credit score requirement of 640 for personal loans.
However, borrowers who want a smaller personal loan amount will have to go elsewhere, as you must borrow a minimum of $5,000 with Achieve loans. Additionally, you may be able to avoid origination fees, which add to the overall cost of your loan, with another lender.
Achieve Personal Loans Features and Benefits
Achieve Personal Loans is an online-only lender, meaning there are no physical branch locations for in-person assistance. Borrowers can apply and manage their loans entirely through Achieve's website, but there is no dedicated mobile app for on-the-go account management. While the online platform is user-friendly, borrowers who prefer a mobile app for loan tracking and payments may find other lenders more convenient.
Achieve personal loans can be used for various purposes, including debt consolidation, home improvements, and major purchases. However, like many personal loan providers, Achieve does not allow its loans to be used for educational expenses, gambling, or any illegal activities. Before applying, it's essential to review the lender's specific restrictions to ensure the loan aligns with your needs.
In terms of features and benefits, Achieve stands out with its potential rate discounts for autopay and direct payments to creditors, which can help borrowers save on interest.
Achieve Personal Loan How To Apply
Step-by-Step Guide for an Achieve Personal Loan
1. Check your rate. Borrowers can prequalify for Achieve loans by applying through its website. That means you'll be able to get your rate without impacting your credit score. You must input your name, email address, state of residence, desired loan amount and purpose, and other information.
2. Look over your loan offerings and choose the one that makes sense. After you submit your initial information, Achieve Personal Loans will send you potential loan terms. A shorter term means bigger monthly payments — but you'll save more in interest. You'll need to send a formal application, which may also require additional documents, like W-2s, pay stubs, or bank statements.
3. Confirm your loan terms and repayment plan. After you sign the document accepting your loan terms, your loan will be approved and funded within 72 hours. Make sure you've added your loan payments to your budget.
Required Documents at Achieve
When applying for an Achieve Personal Loan, be prepared to submit your Social Security number, proof of residency, bank account and routing numbers, a valid government-issued ID, and proof of income.
Achieve Personal Loan Interest Rates and Fees
Achieve Personal Loan Interest Rates
Achieve Personal Loans' interest rates have APRs ranging from 8.99% to 29.99% APR.
Achieve also offers three kinds of discounts:
- Co-borrower discount: Add a qualified co-borrower to your loan application.
- Retirement asset discount: Show proof of retirement funds in a 401(k), IRA, Roth IRA, or thrift savings plan.
- Direct pay discount: Achieve Personal Loans utilizes loan funds to pay your creditors directly, consolidating your debt.
Achieve Loan Terms
Borrowers can apply for loan amounts generally ranging from $5,000 to $50,000. This amount varies by state and is offered based on certain underwriting conditions, as well as the reason for your loan. Repayment periods range from two to five years.
Achieve Personal Loan Fees and Charges
Origination fees with Achieve Personal Loans vary from 1.99% to 8.99%. You will not run into any application fees or prepayment penalties with your Achieve loan. While these origination fees are fairly standard, some top lenders offer lower fees or even no origination fees at all. Comparing multiple lenders can help you find the most cost-effective option for your needs.
Achieve Personal Loans Customer Experience
Achieve Personal Loans have a strong reputation in the consumer space, with a TrustPilot score of 4.8/5 stars. Borrowers mentioned excellent customer services experiences with Achieve, noting attentiveness, timeliness, and well-maintained relationships between loan consultants and borrowers. Achieve also has 4.73/5 stars from the Better Business Bureau (BBB).
Those who had negative experiences with Achieve noted on TrustPilot higher interest rates, issues with paperwork and documentation, and poor communication with creditors. There were also complaints across TrustPilot and BBB stating that eligible applicants have been denied loans without being given adequate reasons from consultants or underwriters.
Achieve Personal Loan Alternatives
Achieve Personal Loans vs. Upstart Personal Loans
For borrowers who meet Upstart's minimum credit score, this lender could have an advantage with a wider range of interest rates and higher loan amounts.
Upstart's personal loans can have origination fees up to 12%, while the origination fee on Achieve loans ranges from 1.99% to 8.99%. However, some lenders charge no origination fees at all, so if avoiding fees is your priority, stronger options may be available.
Read our Upstart personal loans review.
Achieve Personal Loans vs. LendingClub Personal Loans
While Achieve loans has a clearly defined minimum credit score of 640 to apply for a loan, LendingClub is a little vaguer on requirements.
LendingClub charges an origination fee between 3% to 8% , compared to Achieve's 1.99% to 8.99% range. Achieve may be a better option if you qualify for a lower origination fee, but LendingClub might be worth considering if you have a stronger credit profile that could help secure a lower interest rate.
Read our LendingClub personal loan review.
Achieve Personal Loans vs. Avant Personal Loans
Both Achieve Personal Loan and Avant cater to borrowers with lower credit scores, making them accessible options for those with limited credit history or past financial challenges. Avant requires a minimum credit score of 550, which is lower than Achieve's 640 minimum, potentially making Avant more accessible for some borrowers.
Avant's personal loans come with an origination fee of up to 9.99%, while Achieve's origination fees range from 1.99% to 8.99%. If you qualify for Achieve's lower-end fees, it could be the more affordable option. However, Avant may be preferable if you have a lower credit score and need a more accessible approval process.
Read our Avant personal loan review.
Why You Should Trust Us: How We Rated Achieve Personal Loans
We rate all personal loan products in our reviews on a scale of 1-5. The overall rating included in our Achieve Personal Loans review is a weighted average that looks at seven different categories, some of which being judged more than others. These categories are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on how important it is to the borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, thus are weighed the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but aren't directly tied to a personal loan's terms, so they have less of an impact overall.
At Business Insider, our reviews are guided by editorial independence, meaning our recommendations and ratings are based on objective criteria, thorough research, and expert analysis. Advertisers do not dictate our content, ensuring our reviews remain transparent and unbiased.
See more on how we rate personal loans >>
FAQs
What is the minimum credit score required for an Achieve Personal Loan?
The minimum credit score required for an Achieve Personal Loan is 640. However, a higher credit score can improve your chances of approval and help secure a lower interest rate.
How long does it take to get approved for an Achieve Personal Loan?
Approval times vary, but Achieve typically reviews applications within a few business days. Once approved, funds are usually disbursed within one to three business days.
Are there any prepayment penalties with Achieve Personal Loans?
No, Achieve does not charge prepayment penalties. You can pay off your loan early without any additional fees.
What can I use an Achieve Personal Loan for?
Achieve Personal Loans can be used for debt consolidation, home improvement, weddings, moving costs, and other major expenses.
How does Achieve compare to other personal loan providers?
Achieve offers competitive rates, flexible terms, and potential rate discounts for eligible borrowers. However, it has a high borrowing minimum, origination fees, and limited geographic availability, which may make it less accessible than some competitors.
Is Achieve Personal Loans legit?
Yes, Achieve Personal Loans is a legitimate lender backed by Freedom Financial Asset Management, LLC. It was previously known as FreedomPlus but rebranded in December 2022 to unify its personal finance services under the Achieve name.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
