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Achieve Personal Loans Review

Steven Walters Steven Walters Last update:
Est. APR
7.99% - 26.99%
Max loan
$50,000
Term
24-60

Overview

Achieve (formerly FreedomPlus) personal loans are designed for debt consolidation, but can also be used to pay for large and unexpected expenses. While the rates may seem high at first glance, there are a number of lender discounts that can help reduce the APR of the loan, and thus the monthly payment. With a minimum 600 credit score required these loans are meant for fair-credit borrowers, but good credit borrowers can also take advantage of the loan programs at Achieve. Loans range from $7,500 to $50,000 and have loan terms that run from two to five years. One difference at Achieve is that after submitting an application a loan consultant connects with the potential borrower directly to discuss the loan terms and to complete the lending process.

Loan types
  • Credit Card Refinance
  • Debt Consolidation
  • Refinance Personal Loan
  • Home Improvement
  • Major Purchase
  • Wedding
  • Travel/Vacation
  • Business Expenses
  • Auto Purchase
  • Medical Expenses
  • Moving Expenses
Loan amount $7,500 – $50,000
Repayment terms 24 – 60 months
APR 7.99% – 29.99%
Minimum credit score 600
Lender type
  • Indirect lender, Loans are made by Cross River Bank or Metabank

Best for:

  • Large debt consolidation
  • Fair or good credit borrowers
  • Those able to qualify for APR discounts
  • Need money fast

Pros & Cons

Pros

  • Several ways to get interest rate discounts
  • Offers direct payment to creditors
  • Fast credit decision
  • Personal loan consultants

Cons

  • APR can be quite high
  • Minimum loan amount is high
  • Origination fee charged on loans

Application Process

The application process at Achieve is simple and can typically be completed quickly. At the Achieve website you can start the process by choosing your loan amount and term, specifying what the funds are being used for, and providing your state of residence. After that some additional questions are asked, including your name, email, social security number, and employment status. This initial application does include a soft credit pull, which is used for prequalification and does not impact your credit score. If approved, a hard credit check is performed to verify all credit information.

Terms & Requirements

As mentioned above, Achieve is designed for fair-to-good credit borrowers. They have good terms, and with the interest rate discounts borrowers can get an APR that should keep monthly payments to a minimum. Here’s a deeper look into the loan requirements, loan terms, and repayment terms.

Loan Requirements

Achieve has a number of requirements for those looking to acquire a loan. Compared with many other lenders these requirements are fairly standard:

  • Minimum credit score – 600;
  • At least 18 years of age;
  • Resident of the United States;
  • Minimum debt-to-income ratio of 45%, excluding mortgage;
  • Minimum income – None;
  • Minimum credit history – Three years;
  • Minimum number of accounts on credit history – Two;
  • No bankruptcy in the last 24 months.

Loan Terms

Achieve has terms that are comparable with other lenders in the personal loan space. APRs range from 7.99% to 29.99%, however there is ample opportunity to lower those rates with discounts. For example, borrowers can get discounted APRs for the following scenarios:

  • Joint Loans – Borrowers can get up to six percentage points off their APR by adding a co-borrower
  • Direct Pay – Borrowers who set up direct pay to their creditors for a loan consolidation loan can get up to four percentage points off their APR.
  • Retirement Savings – Achieve considers borrowers with large retirement savings as financially responsible and offers a discount of up to five percentage points for those with retirement savings above $25,000.

Loan amounts start at $7,500 and go up to $50,000. Achieve is strictly a personal lender, so they don’t do business loans, but within the personal loan space they will accept a large number of reasons. The application lists all the following as potential reasons for taking a loan:

  • Credit Card Refinance
  • Debt Consolidation
  • Home Improvement
  • Major Purchase
  • Wedding
  • Travel/Vacation
  • Business Expenses
  • Auto Purchase
  • Medical Expenses
  • Moving Expenses
  • Refinance Personal Loan

Note that other reasons will also be considered, but there is no guarantee that any loan will be approved. Besides not offering business loans Achieve does not offer student loans or student debt consolidation loans.

Repayment Terms

The repayment terms are fairly straight-forward. Loans can be taken for anywhere from 24 months to 60 months. One nice feature is that Achieve will allow you to choose your monthly payment date, and if you need to change it you can do so up to twice per calendar year, or a maximum of six times during the life of the loan. That’s something you won’t find at most online lenders.

Privacy & Security

Achieve has a perfect 5-star rating on Trustpilot that’s based on over 4,300 customer reviews. In addition, the Better Business Bureau (BBB) reviews of Achieve are also mainly positive. Achieve is an A+ BBB-accredited lender since 2021 and has a 4.78-star rating based on 1,489 reviews.

Online reviews of the lender are mostly positive and highlight the helpfulness of the customer support team, along with the fast, simple application and approval process. Borrowers have also complimented the competitive rates and the excellent repayment terms. While there are a handful of negative reviews, these are generally due to confusion around the approval process and misunderstandings regarding rates.

Customer Support

Customer support is available and has largely gained praise in online reviews. That said, there have been some complaints regarding difficult customer support members. Overall, the customer support team is viewed as helpful, friendly, and knowledgeable.

Final Thoughts

Achieve has some definite strengths, including its hands-on approach to lending and the interest rate discounts offered for things like joint pay, direct payment and even retirement savings. However there are also some negatives, which include the higher interest rate you could pay if you don’t qualify for any discounts, and the high minimum loan value of $7,500. When taking everything into account, this lender seems to serve its target demographic of those with fair-to-good credit scores quite well. If you have a decent credit score and need a personal loan for more than $7,500 Achieve is worth looking into.

Address

1875 S Grant Street, Ste 400

San Mateo, California 94402

Disclaimer: The financial solutions for which you will be evaluated are offered by service providers with which we are affiliated and/or compensated by who participates on our website. Terms and conditions apply to each, and not all are available in every state.
Achieve.com, a d/b/a of Bills.com, LLC (NMLS ID #138464) operates as a marketing lead generator for affiliates and non-affiliates, and as a broker for loans and debt resolution services offered by its affiliates. We also offer certain mobile applications that allow consumers to view and analyze their finances. We may take applications for our affiliates, but we do not make credit decisions, originate loans, process consumer loans or bill payments, or provide any other financial services. We do not collect any fees or other compensation from consumers.
Personal loans are available through Achieve Personal Loans (NMLS ID #227977), originated by Cross River Bank, a New Jersey State Chartered Commercial Bank or Pathward N.A., Equal Housing Lenders and may not be available in all states. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, credit usage and history. Loans are not available to residents of all states. Minimum loan amounts vary due to state specific legal restrictions. Loan amounts generally range from $5,000 to $50,000 (including the origination fee) and are offered based on underwriting conditions and loan purpose. APRs range from 7.99 to 29.99% and include applicable origination fees. Repayment periods range from 24 to 60 months. For example: A four-year $20,000 loan with an APR of 18.34% would have an estimated monthly payment of $561.60 and total cost of $26,956.80. To qualify for a 7.99% APR loan, a borrower will need excellent credit, a loan amount of $12,000.00 or less, and a term of 24 months. Loan origination fees vary from 1.99%to 6.99%, most loans have a fee of 4.99%. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to pay off qualifying existing debt directly; or showing proof of sufficient retirement savings, could help you also qualify for a lower rate. Average interest savings for personal loans range from 0% – 6% based on closed loans that qualified for one or more of our rate discounts in July 2022. †Times noted are estimates and can vary for a loan request from Achieve Personal Loans (NMLS #227977). Same day approvals assume that a fully completed application with all required supporting documentation is provided early enough on a day that our offices are open. Achieve Personal Loans consultants are available Monday–Friday 6AM to 8PM MST and Saturday–Sunday 7AM to 4PM MST.

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Steven Walters Steven Walters
Steve has been writing in the financial products space for over a decade, with interests ranging from personal loans to investing. He is also deeply into the blockchain space. In his free time, you can find him in the kitchen preparing delicious meals, or outside hiking and biking.
This review is based on the writer's personal opinion.