Achieve Personal Loans Review: Good for Co-Applicants
- 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
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Competitive APRs and multiple rate discounts
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Co-applicants accepted with potential rate discount
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Overwhelmingly positive customer reviews
Cons
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Origination fee of up to 6.99%
-
Unavailable in 11 states
-
No autopay discount
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 |
| APR | 8.99% to 35.99% |
| Interest rate type | Fixed |
| Minimum credit score/credit range | 620 to 630 |
| Origination fee | 1.99% to 6.99% |
| Loan term | 2, 3, 4 or 5 years |
| Turnaround time | As soon as same business day |
| Additional fees | No prepayment fees |
| Rate discounts | Co-borrower discount Retirement asset discount Direct pay discount |
| Availability | Available 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 number | 833-796-1058 |
| X (formerlyTwitter) | @AchieveCom |
| @AchieveCom | |
| @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.
- 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.
- Fully apply. This step requires a hard credit check before reviewing the official loan offer.
- 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.
- 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
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.
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Bethany Finder
Editor, Banking
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