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Achieve Personal Loans Review: Good for Co-Applicants

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Achieve personal loans
3.4
★★★★★
Finder score
Go to site
Max. Loan Amount
$50,000
APR
8.99% to 35.99%
Min. credit score
620

Our verdict

A highly rated online lender that helps borrowers pay off debt and offers rate discounts, even with subpar credit.

Achieve provides personal loans with a low credit score requirement of 620. APRs start at 8.99%, and there are multiple rate discounts, including up to 6% for joint applications and 4% for sending funds directly to your creditors. However, there's an origination fee of up to 6.99% and no autopay discount.

Best for: Borrowers in need of a joint personal loan for debt consolidation.

Pros

  • Competitive APRs and multiple rate discounts
  • Co-applicants accepted with potential rate discount
  • Overwhelmingly positive customer reviews

Cons

  • Origination fee of up to 6.99%
  • Unavailable in 11 states
  • No autopay discount

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Is Achieve legit?

Achieve is a legitimate lender. Formerly named FreedomPlus, it went through a rebranding in November 2022. The company has been in business for over 20 years and is accredited with the Better Business Bureau (BBB) with an A+ rating.

A past alert on the BBB stated that scammers were posting as FreedomPlus representatives. Since the name change, that alert is no longer posted.

What makes Achieve shine?

Achieve offers personal loans at competitive rates, even to borrowers with imperfect credit. Achieve accepts co-applicants, which is a major perk because they also offer a rate reduction — up to 6% — when you apply with another person.

There are other discounts as well, such as the debt consolidation discount. This discount reduces your rate by up to 4% if Achieve sends at least 85% of the loan to your creditors. This feature makes Achieve an especially attractive option for borrowers wanting to consolidate debt.

If you qualify for the highest amount on both the co-applicant and debt consolidation discounts, you could get up to 10% shaved off your loan’s rate — and that saves you a lot of money in the long run. Plus, Achieve offers prequalification with a soft credit check, so you can view potential rates without harming your credit.

Where Achieve falls short

While Achieve offers multiple discounts, there’s no discount for setting up automated payments. Many top personal loan lenders — across most types of lending — offer a standard 0.25% rate discount for setting up autopay.

Additionally, plan on paying an origination fee. Achieve states on its website that most of its customers pay the maximum origination fee, which is 6.99% of the loan amount. While this type of fee isn’t uncommon, some lenders don’t charge an origination fee at all, such as SoFi and LightStream.

Achieve loan details

Loan amount$5,000 to $50,000
APR8.99% to 35.99%
Interest rate typeFixed
Minimum credit score/credit range620 to 630
Origination fee1.99% to 6.99%
Loan term2, 3, 4 or 5 years
Turnaround timeAs soon as same business day
Additional feesNo prepayment fees
Rate discountsCo-borrower discount
Retirement asset discount
Direct pay discount
AvailabilityAvailable in: Alabama, Alaska, Arizona, Arkansas, California, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington

Achieve contact information

Phone number833-796-1058
X (formerlyTwitter)@AchieveCom
Facebook@AchieveCom
Instagram@AchieveCom
Youtube@AchieveCom

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How to qualify for Achieve personal loans

Minimum personal loan requirements include:

  • Credit score of at least 620
  • Valid identification
  • US citizen or permanent resident
  • Be at least 18 years old
  • Maximum debt-to-income ratio of 70%, including housing
  • No minimum income requirement

While there’s no set minimum income required, you need to have some type of verifiable income. Accepted sources of income include full-time, part-time or self-employment, pension, retirement investments, social security, disability, alimony and child support.

How to apply

Head to Achieve’s website to start the process.

  1. Prequalify online. Enter the loan amount you want, what you plan to use the money for, your state and personal details to see if you qualify.
  2. Fully apply. This step requires a hard credit check before reviewing the official loan offer.
  3. Accept loan terms. Achieve typically decides on loan applications within a few hours. If you qualify and accept the loan, you can receive funding in as little as one business day — or two to three days if Achieve sends the funds to your creditors.
  4. Follow repayment plan. Repay the loan as scheduled. Achieve states that borrowers can choose their payment due date, and there are no prepayment penalties.

How Achieve compares to other lenders

Name Product USFPL Filter Values APR Min. credit score Loan amount
Best Egg personal loans
Finder Score: 3.8 / 5: ★★★★★
Best Egg personal loans
7.99% to 35.99%
640
$2,000 to $50,000
Fast and easy personal loan application process. See options first without affecting your credit score.
Upstart personal loans
Finder Score: 4.2 / 5: ★★★★★
Upstart personal loans
7.80% to 35.99%
300
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
SoFi personal loans
Finder Score: 4.4 / 5: ★★★★★
SoFi personal loans
8.99% to 29.99% fixed APR
680
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no required fees.
Upgrade
Finder Score: 4 / 5: ★★★★★
Upgrade
9.99% to 35.99%
620
$1,000 to $50,000
Check your rates with this online lender without impacting your credit score.
LendingPoint personal loans
Finder Score: 3.3 / 5: ★★★★★
LendingPoint personal loans
7.99% to 35.99%
Not stated
$2,000 to $36,500
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
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Achieve reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 4.76 out of 5 stars, based on 3,637 customer reviews
Trustpilot Score 4.8 out of 5 stars, based on 11 customer reviews.
Customer reviews verified as of 23 August 2024

Achieve gets high marks on Trustpilot and the Better Business Bureau websites. Most reviews cite fantastic customer service, with many mentioning satisfaction with Achieve’s help in debt consolidation. Other reviews reference transparent terms, fast turnaround times and an easy, straightforward process.

Negative reviews are rare, but a handful of negative reviews report too many phone calls or emails during the application process.

What do people on Reddit say?

There are only a few comments about Achieve on Reddit, but they’re all positive. Achieve was recommended by several Redditors when asked what companies would be good for debt consolidation.

Frequently asked questions

What credit score do you need for an Achieve loan?

Achieve accepts credit scores as low as 620. However, to qualify for the lowest rate of 8.99% APR, the lender states you’ll need excellent credit and to get a loan amount of less than $12,000 for a two-year term. If you don’t meet this credit score requirement you may look into lenders that accept borrowers with lower credit.

Is Achieve a bank?

No. Achieve is an online lender backed by Cross River Bank, an FDIC-insured bank chartered in New Jersey.

Who owns Achieve loans?

Achieve is owned by Freedom Financial Network, a financial services company that was founded in 2002. Achieve used to be known as FreedomPlus, but it rebranded in 2022.

What is the penalty for early payoff of Achieve loans?

Achieve doesn’t charge any prepayment fees. Borrowers can make extra payments or pay off their loans ahead of schedule without any penalties.

Does Achieve offer any financial education resources?

Yes, Achieve provides a wide range of educational resources, including articles, calculators and even a few apps to help you track your money and pay down debt.

Personal loans available through Achieve.com (NMLS #138464) or Achieve Personal Loans (NMLS ID #227977) are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, or Pathward®, N.A., Equal Housing Lenders. Loan applications are subject to credit review, underwriting criteria, and approval. Loans are not available in all states and available loan terms/fees may vary by state. Loan amounts range from $5,000 to $50,000. APRs range from 8.99% to 35.99% and include applicable origination fees that vary from 1.99% to 6.99%. Repayment periods range from 24 to 60 months. Example loan: four-year $20,000 loan with an origination fee of 6.99%, a rate of 15.49%, and corresponding APR of 19.54%, would have an estimated monthly payment of $561.60 and a total cost of $26,956.80. To qualify for a 8.99% APR loan, a borrower will need excellent credit, a loan amount less than $12,000.00, and a term of 24 months. Loan Consultants for Achieve Personal Loans are available Monday–Friday 6 AM to 8 PM AZ time, and Saturday–Sunday 7 AM to 4 PM AZ time.

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Bethany Finder

Editor, Banking

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