Achieve Personal Loans Review
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We often find ourselves in a situation where the only option is applying for a personal loan. You may not want to ask your friends and family for money or you might have exhausted all the sources of borrowing for multiple reasons. It is normal to find yourself in such a situation and personal loans are an ideal solution for your needs. No matter what you need the funds for, a personal loan will help you handle the financial difficulty. Given the multiple loan providers in the industry, it can become confusing to choose the best personal loan. But if you are looking for an instant approval and same day funding, you might want to consider Achieve. The lender has funded over $11 billion in loans since its inception and helps you manage debt with personalised solutions.
A personal loan provider, it announced a rebrand from FreedomPlus to Achieve in 2022. It offers personal loans ranging from $5,000 to $50,000 but does not serve residents across all the states. If you live in a state that Achieve serves, it could be a wise move to check the eligibility requirements and consider an Achieve loan whenever you are in need of funds. In this Achieve personal loans review, we dive deep in what Achieve is and how it works.
In this article
What is Achieve Personal Loans?
Achieve offers personal loans that are ideal for consolidating large amount of debt including credit card or unsecured debt. Besides debt consolidation loans, the funds can be used for credit card refinancing, medical bills, dental bills, home improvement, weddings, emergencies, vacations, funerals, business expenses and any other large purchase.
The loan is extended to borrowers with fair, good and excellent credit and it also offers a discount to borrowers which can help reduce the interest rate. The maximum loan amount is $50,000 and the annual percentage rate (APR) ranges from 8.99% to 35.99%. Achieve provides same-day approval and repayment terms of up to 60 months. You can choose from a loan term of 2, 3, 4 or 5 years. Achieve ticks all the boxes for borrowers who are in need of instant cash and have good credit. It is rated A+ on Better Business Bureau.
How does Achieve personal loans work?
In order to apply for a personal loan with Achieve, you need to head to the website and click on “Find loans” at the top of the page.
Here, you need to choose between personal loans, home equity loans and acceleration loans. Under personal loans, you will be asked to use the slider to choose the loan amount. Once you do this, you will need to choose where you want to use the money for and share an estimate of your annual income. You can also provide the co-applicant details at this stage.
Next, you provide your personal details including your Social Security number, phone number, address, proof of income and email address. Achieve will run a soft credit check to give you a rate estimate. This will not impact your credit score. However, it requires a credit score of 620 or higher.
Once you accept the offer and formally apply, it will do a hard credit pull and this can have an impact on the credit report. Achieve says it processes and approves the loan applications on the same day.
Use AmONE to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- With personal loan interest rates rising, now could be a great time to find a personal loan. Through our partner AmONE, you could get matched to a lender who could offer as much as a $50k loan with rates as low as 5.99% APR.
- Approval and loan terms vary based on applicant qualifications. Not all applicants will qualify for the full amount or lowest available rates. It takes minutes to see your results. And don't worry- filling out the form won't hurt your credit score and is free, so why not give it a try?
How much does Achieve personal loans cost?
Achieve Personal loan’s APRs range between 8.99% to 35.99%. Several factors will determine your APR including the credit score. Borrowers with a high credit score will see lower rates while those with bad or poor credit will have a higher APR. In addition to that, Achieve charges loan origination fees ranging between 1.99% to 6.99%. The origination fee will be deducted from your proceeds. It does not charge any prepayment penalties.
Features of Achieve personal loans
Hassle-free pre-qualification
It is easy to get pre-qualified and it will not impact your credit score. Simply fill out the online application form to check the rates within minutes.
Co-borrower discount
If you apply for a joint loan with a qualified co-borrower, you will enjoy a significant discount on your APR.
Retirement savings discounts
Individuals who can show proof of retirement savings in an IRA, 401(k), Roth IRA or a thrift savings plan will be able to get a discount on the APR.
Direct payment to creditors
Borrowers who use the loan for creditor payoff and set up a direct pay to creditors for their monthly payment will enjoy a reduced rate. However, the borrowers should use at least 85% of the loan amount to pay off the current debt.
Same day approval
Achieve has a fast approval and funding process. It can approve or decline the application in an hour after receiving it. Once approved, the loan funds will be transferred to your bank account on the next business day.
Flexible repayment period
Achieve allows borrowers to choose their payment date before signing a loan agreement and this date can be changed twice in a year or six times throughout the loan tenure.
Dedicated loan consultation
Borrowers will work with a dedicated loan consultant and ensure consistent support throughout the application process.
Use AmONE to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- With personal loan interest rates rising, now could be a great time to find a personal loan. Through our partner AmONE, you could get matched to a lender who could offer as much as a $50k loan with rates as low as 5.99% APR.
- Approval and loan terms vary based on applicant qualifications. Not all applicants will qualify for the full amount or lowest available rates. It takes minutes to see your results. And don't worry- filling out the form won't hurt your credit score and is free, so why not give it a try?
Who is Achieve Loans best for?
People with fair credit who need quick funds. An Achieve personal loan can be an ideal option for individuals with fair to good credit who are in immediate need of funds. You can enjoy same day funding.
People looking to consolidate debt. Achieve is a great option for borrowers who are looking to consolidate debt. It offers discounts when you set up direct payment to creditors.
Who shouldn’t use Achieve Loans?
Individuals with poor credit. If you have a poor credit, you might not enjoy the best rates on your loan.
Those living outside the states it serves. Achieve does not offer its services in all the states and if you live outside the state where it serves, you may have to look for another alternative.
Pros & cons
Pros
- Easy to get started
- Pre-qualification will not hurt your credit score
- Discounts for debt consolidation
- Dedicated loan consultant
- Borrow upto $50,000
- Same-day approval
Cons
- Origination fees
- High minimum loan amount of $5,000
- No mobile app
- Not available in all states
- High APR
Use AmONE to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- With personal loan interest rates rising, now could be a great time to find a personal loan. Through our partner AmONE, you could get matched to a lender who could offer as much as a $50k loan with rates as low as 5.99% APR.
- Approval and loan terms vary based on applicant qualifications. Not all applicants will qualify for the full amount or lowest available rates. It takes minutes to see your results. And don't worry- filling out the form won't hurt your credit score and is free, so why not give it a try?
Achieve vs competitors
Lender | Loan amount | Minimum credit score | Origination fee | APR |
Achieve | $5,000 to $50,000 | 620 | 1.99% to 6.99% | 8.99% to 35.99% |
Rocket Loans | $2,000 to $45,000 | 640 | Up to 9% | 9.11% to 29.99% |
SoFi | $5,000 to $100,000 | None | Up to 7% | 8.99% to 29.49% |
Rocket Loans
Rocket loan offers a wide range of financial products to consumers. It offers a loan amount ranging between $2,000 to $45,000 and has a minimum credit score requirement of 640. The loan proceeds can be used for any purpose and there are no prepayment penalties or late fees. Its personal loan rates range between 9.11% to 29.99% and it has an origination fee of 1% to 9%. Rocket Loans has an A+ BBB rating.
Read a full review of Rocket Loans.
SoFi
SoFi is a well known online lender. It started as a student loan provider and has expanded its offerings with time. It offers unsecured personal loans up to $100,000 and is an ideal option for individuals with good or excellent credit. It does not charge late fees, or prepayment fees. SoFi offers loans at a fixed rate ranging between 8.99% to 29.49% with a 0.25% autopay discount. The loan provider offers various loan options, investment products and a complete suite of financial services.
Read a full review of SoFi.
FAQS
Is Achieve good for bad credit?
Achieve is ideal for individuals with fair to good credit. Even if you are approved with a bad credit, you could end up with a very high interest rate.
What types of loans can I get through Achieve?
Achieve offers various loan products, including personal loans, home equity loans and acceleration loans. It also offers services of debt consolidation and debt resolution.
Is Achieve legit?
Achieve has a 4.8 rating on Trustpilot, it has served over 450 members and funded $7.5 billion+ in loans.
The bottom line
Achieve personal loans set itself apart by offering a same-day loan approval. It can be a good option for borrowers with good credit looking to borrow an amount upto $50,000. If you need a higher amount, you may have to look elsewhere. It is also an ideal option for those looking to consolidate debt since you can enjoy rate discounts. Before making a decision, make sure you compare the APR, loan terms and loan’s features to ensure they meet your requirements.
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Editor
Vandita Jadeja is a financial writer and editor at Joywallet. She loves to read and write about money and brings a decade of experience from the financial industry.
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