Achieve Personal Loans Review for 2024

Pros Explained

• Co-borrowers are allowed: Achieve allows you to add a co-borrower to your application to improve your chances of approval, which many lenders don’t allow.
• Interest rate discounts available: Achieve offers interest rate discounts for adding a qualified co-borrower, showing proof of retirement savings, and having your loan funds paid directly to your creditors during debt consolidation.
• Low minimum APR: Achieve’s minimum APR is lower than many of its competitors, meaning borrowers with excellent credit may be able to save money.

Cons Explained

• High minimum loan amount: Achieve’s minimum loan amount is $5,000, which is higher than most lenders and disqualifies those borrowers who only want small loans.
• Charges an origination fee: Origination fees with Achieve can range from 1.99% to 6.99% of your loan amount, which can add up to thousands of dollars.
• Limited qualification details available: Though it shares the minimum credit score needed for a personal loan (which is 620), Achieve offers minimal other guidelines on what is needed to qualify.

Types of Personal Loans Offered by Achieve

Achieve offers unsecured personal loans that can be used for nearly any purpose. Though Achieve doesn’t have specific requirements as to what borrowers can use their loans for, it lists some common loan purposes:

• Debt consolidation
• Credit card refinancing
• Home improvements
• Weddings
• Large purchases
• Travel or vacations
• Medical expenses
• Moving or relocation expenses

According to Investopedia’s 2023 Personal Loan Borrower survey, debt consolidation is the most common reason cited for getting a personal loan. Paying for home improvements and large purchases were the next two most common reasons.

Achieve also offers fixed-rate home equity lines of credit (HELOCs), which allow borrowers to get a revolving line of credit of up to $150,000 for debt consolidation and large purchases.

Time to Receive Funds

In many cases, you could get approved for an Achieve personal loan the day you apply. Achieve generally disburses funds to borrowers’ bank accounts within 24 to 72 hours. It also offers an option to send the funds directly to your creditors if you’re using the loan to consolidate debt. Not only does it eliminate steps for you, but it also qualifies you for an interest rate discount.

Borrower Requirements

Achieve requires a credit score of at least 620 to qualify for a personal loan. You’ll also need the following to have your application approved:

• Proof of income
• Social Security number
• Proof of identity
• Employment status

Keep in mind that even if you provide the necessary information and meet the minimum credit score requirement, you could still have your application denied based on other factors on your credit report or in your personal finances.

Achieve Personal Loan Features

• Use a co-borrower to qualify or get better rates: If you can’t qualify on your own or you want to receive better rates and terms than what you can get on your own, you can apply for an Achieve personal loan with a co-borrower. This is a value-added feature not offered by many personal loan providers.
• Reduce your rate by paying off debt or proving retirement savings: You could get a better rate on your Achieve personal loan if you use at least 85% of the proceeds to pay off qualifying existing debt. Also, better rates are offered to individuals who can prove they have sufficient retirement savings in a 401(k), IRA, Roth IRA, etc. These features help Achieve stand out from the competition.

Co-Signers and Co-Applicants

Achieve doesn’t allow co-signers on its personal loans, but it does allow you to apply with a co-borrower. In fact, you can get an interest rate discount for adding a qualified co-borrower to your loan application.

Both co-signers and co-applicants (also known as co-borrowers) can help improve your chances of being approved for a personal loan, can increase the amount you’re approved for, and can help you qualify for a lower interest rate.

A co-applicant is someone who applies for a loan with you. They also often directly benefit and help to repay the loan. An example of co-borrowers might be a couple that applies for a loan together to fund a joint purchase.

A co-signer is someone who puts their name on the loan application to help improve your chances of qualifying. The co-signer generally doesn’t benefit from or make payments on the loan, but they promise to repay the loan if the primary borrower can’t.

Can You Refinance a Personal Loan With Achieve?

Depending on your loan eligibility, you may be able to refinance a personal loan with Achieve. Because Achieve charges no prepayment penalties, you can refinance your personal loan at any time without fees. You would simply qualify for a new loan and use those loan proceeds to pay off your existing Achieve loan.

You can also use an Achieve personal loan to refinance a personal loan you have with another lender. Simply apply for an Achieve loan, and when you receive your loan proceeds, use the funds to pay off your other loan. You can also ask Achieve to pay your loan funds directly to your other creditor, and will receive an interest rate discount for doing so.

Customer Service

You can contact the customer service team at Achieve via either telephone or online message. Achieve doesn’t offer live chat on its website, which is typical for the industry.

Customer Satisfaction

Achieve has generally positive reviews on third-party sites. Many reviews are related to the responsiveness of the customer service team and the quality of the loan product.

Some of the negative feedback is related to financial issues after the loan was originated. The responses the company provided to this type of feedback suggested that the company would be willing to provide support.

It’s worth noting that while Achieve itself hasn’t been the subject of any regulatory action or official complaints, its parent company, Freedom Financial Network, has many complaints with the Consumer Financial Protection Bureau (CFPB). Its company Freedom Debt Relief was also the subject of a 2017 lawsuit by the CFPB for misleading and deceiving its customers. 

How to Qualify For and Apply For an Achieve Personal Loan

You can apply for a personal loan from Achieve online by completing these steps:

1. Gather personal information and preliminary documentation: Before you apply, make sure you have basic personal information like your Social Security number, address, bank account number, and routing number on hand. Also, gather your current government-issued ID and income documentation.
2. Consider pre-qualifying first: Achieve allows you to pre-qualify for a loan without impacting your credit score. Doing this can give you a good idea of whether you’ll be approved for a loan and can help you avoid an unnecessary hit to your credit report.
3. Submit a quick online application: Once you have all the information you need to apply, you’ll complete a simple online application and wait to receive a loan decision.
4. Receive a loan decision: Assuming you’ve submitted your application early in the business day, your application is complete, and you respond quickly to any request for information, you may receive a loan decision on the day you apply.
5. Upload documentation: If you accept the loan, you’ll be required to upload documentation and sign a contract online.
6. Get funded: After your loan is approved and you’ve received and accepted your terms, your funds will be deposited electronically into your bank account. You can also opt to have your loan funds sent directly to your credits if you’re consolidating debt. Loans are generally funded between 24 hours and 72 hours after you sign the contract.

Loan consultants are available throughout the application process to answer your questions and help you.

Other Banking Services and Loans Offered by Achieve

In addition to its personal loans, Achieve offers home equity lines of credit (though it refers to them as home equity loans). Its HELOCs are fixed-rate revolving lines of credit of from $15,000 to $150,000. 

You can borrow against the credit line as many times as you want, as long as you repay it. The draw period—meaning the period during which you can borrow from the HELOC—is five years. Once the draw period has ended, you’ll repay your HELOC as you would any other loan.

HELOCs through Achieve can be used for many purposes, including debt consolidating or refinancing, home improvements, or major purchases.

Compare Achieve With Other Personal Loan Lenders

The Bottom Line

Achieve personal loans have some major benefits, including a low minimum APR and interest rate discounts to help you save even more money. Achieve also allows co-borrowers, which many personal loan lenders don’t.

Achieve does have a high minimum loan amount and charges an origination fee (which is common in the industry). However, if you’re planning to borrow at least $5,000, the discounts and interest savings available with Achieve might balance out the origination fee.

Is Achieve Good for Personal Loans?

Achieve can be a good option for personal loans for borrowers who qualify for the best interest rates or interest rate discounts. Achieve is also worth considering if you need to apply with a co-borrower, since many other lenders don’t allow that.

What Credit Score Do You Need for an Achieve Loan?

Achieve requires a credit score of at least 620 to qualify for a personal loan, but you could still be disqualified with the minimum score if you have other negative marks in your credit history.

How Long Does It Take to Get Funds From an Achieve Personal Loan?

Once your loan has been approved, which can happen as soon as the same business day, it takes between 24 and 72 hours to have your loan funded.

Is Achieve Personal Loans Legit?

Yes, Achieve is a legitimate lender that offers a legitimate product in its personal loans. You don’t have to worry about getting scammed by Achieve, but you should run the numbers to see how it stacks up to other personal loan lenders based on your financial situation.

Methodology

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

• Loan costs (advertised APR, fees, and six other factors): 29.25%
• Loan terms (loan amount, repayment term, and three other factors): 22.25%
• Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
• Additional features (online application, pre-qualification, and eight other factors): 20%
• Learn more about how we evaluated personal loans in our complete methodology.