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Achieve Personal Loans Review: Top Pick for Debt Consolidation

Review Updated
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If you're looking for a lender that uses unique strategies to lower the cost of your loan, an Achieve personal loan may be the answer. Here, we dig into all that Achieve has to offer, what could be improved, and ultimately, help you determine whether it's the right lender for you.

Achieve

Great for: Debt consolidation and loan customization

Logo for Achieve
Rating image, 4.5 out of 5 stars.
4.5/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
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Minimum Credit Score
620
Loan Amounts
$5,000 - $50,000
APR Range
8.99% - 35.99%
Term Length
24 - 60 months

An excellent loan option for borrowers with a high enough credit score to qualify for the lowest interest rates, lowest origination fees, and best terms for consolidating expensive, high-interest debt. If your own credit score isn't up to snuff, Achieve allows you to apply with a cosigner.

  • Competitive interest rates
  • Borrowers with poor credit may gain loan approval
  • No prepayment fee
  • Significant variation in origination fees
  • Not available in all states
  • High minimum loan amount

Compare the best personal loans

Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.

Lender APR Range Loan Amount Min. Credit Score Next Steps
Fixed: 8.99%-29.99% APR (with all discounts)
$5,000 - $100,000
680
7.99% - 24.99%
$2,500 - $40,000
660
7.80% - 35.99%
$1,000 - $50,000
300

Full Achieve personal loans review

Borrowers with a strong credit score can qualify for loans with rates as low as 8.99%, perfect for consolidating higher-interest debt, making home improvements, paying off unexpected medical bills, or meeting another important financial need.

Borrowers should also check with other personal loan lenders, as it's possible to land a lower rate elsewhere. But at 35.99%, Achieve's highest rate means those with lower credit scores should shop around.

I would suggest that anyone seeking a loan compare interest rates only after all discounts have been taken into account.

Opinions from across the web

Because I've never personally borrowed from Achieve, I wanted to learn what actual borrowers have to say about their experience.

What social media says

Borrowers report being pleased, with nearly 3,400 customers giving the lender an overall score of 4.76 stars out of 5. They mentioned how easy customer service is to work with and the thrill of being on track to becoming debt free. While loans can be used for anything from home remodeling to debt consolidation, debt consolidation appears to be the most common use of an Achieve loan.

Borrowers with lower credit scores report being unhappy with high interest rates and expensive fees. There were also complaints about poor customer service.

What other review websites say

Average review site rating: 4.3 / 5.0 stars

We looked at five top review sites to learn more about what they think of Achieve. Overall, they appear to agree with us that Achieve's strong points include the ability to bring on a cosigner and the number of rate discounts the lender offers.

In a case of going above and beyond what's expected, borrowers consolidating high-interest debt can count on Achieve to reach out to their creditors to pay off their existing debt.

While the lack of a mobile app may not bother us like it does some reviewers, we understand how convenient it would be for borrowers to manage their accounts on the go.

What we love about Achieve personal loans

While no lender is suitable for everyone, here's why Achieve may be right for you.

Cosigners accepted

Achieve is one of the very few lenders that allow a cosigner on a personal loan. When you add a cosigner, you may qualify for a lower rate, larger loan size, and a longer repayment term than you could on your own. Of course, finding a cosigner who has sufficient income and a good credit score is often easier said than done, but this option makes it a clear winner for those who are looking for loans that accept cosigners.

Special discounts

The company offers rate discounts when borrowers use over 85% of the loan amount to pay down existing debt. You can also get discounts based on your retirement savings and your co-borrower's income.

Low APRs

Achieve loans can be obtained at low APRs for qualifying borrowers, which is in line with the top low-interest personal loan options. Its best loan interest rates are only available to borrowers with excellent credit.

Large loan amounts

This is both a pro and a con. Achieve loans are typically sized between $5,000 and $50,000. That rules out borrowers who need a small loan of only a few thousand dollars, but applicants who need a larger loan will likely find that its maximum fits their needs just fine.

Longer loan terms

Achieve allows you up to five years to repay your loan. However, its longer terms also come with higher interest rates.

No prepayment fees

Let's say you make an extra payment a few times a year and pay the loan off early. Achieve does not charge a prepayment fee, meaning you can customize how quickly you want to retire that debt without factoring in an extra fee.

Get funds quickly

Achieve is quick to underwrite new loans, suggesting on its website that it can make a credit decision the same day. After uploading relevant documents and signing your contract, you may get your loan in as little as 24 to 72 hours.

What Achieve personal loans could improve

These four improvements could make an Achieve loan even better.

Reduce the upper-end rate

The upper APR range for Achieve personal loans can be expensive. Although it is not the highest in the market, it is extremely high. It would be tough to justify taking out one high-interest loan to pay off another or commit yourself to a high interest rate to pay for a home improvement project if you can wait.

Lower overall borrowing costs

The only way to snag the lowest APR is to have excellent credit (generally, near the 800 mark or better), borrow no more than $12,000, and agree to pay it back in 24 months. However, your excellent credit might qualify you for a great balance transfer card with a high credit limit and a long introductory 0% APR period.

A $12,000 loan through Achieve at 8.99% would cost a total of $1,155 in interest over 24 months. Instead, let's say you transferred your credit card debt to a balance transfer card with an 18-month 0% intro APR offer. The balance transfer fee (3%) would likely cost $360, but you'd pay nothing in interest during the promo period (although you'd need to pay off the loan faster to take advantage of this option).

Reconsider origination fees

To take out an Achieve personal loan, you may have to pay an origination fee of up to 6.99% of your loan balance. That represents an extra $699 on a $10,000 loan. The cost will be included in your APR, but it's money some other loan providers won't charge. It pays to shop around.

Increase availability

Achieve personal loans aren't available in Colorado, Connecticut, Hawaii, Kansas, Maine, North Dakota, Vermont, West Virginia, Wisconsin, and Wyoming.

How to qualify for an Achieve personal loan

Before applying, make sure you can meet the following loan qualifications:

  • Have a credit score of at least 620
  • Be able to verify your income
  • Have a verifiable bank account

Application process

The Achieve personal loans application is quick and easy.

  1. Fill out an online form. Achieve will conduct a soft credit check that won't impact your credit score.
  2. Speak to a loan consultant. Achieve will then offer you an interest rate and inform you of available loan terms.
  3. If you decide to proceed with the loan, you'll need to provide proof of income, your bank account information, and personal ID.
  4. The company will then run a hard credit check. Before you receive your money, you'll be asked to sign a loan contract.

Is an Achieve personal loan right for you?

No matter what you intend to do with the proceeds of your loan, take the time to choose the very best loan product for you and your specific situation. We realize that there is a lot to consider, but you owe it to yourself to weigh the pros and cons of each loan. This personal loan option could be right for you if:

  • You need a cosigner.
  • You have high-interest debt to consolidate.
  • You need a larger loan.
  • You have retirement savings.
  • You need more time to pay off a balance.

FAQs

  • Yes, Achieve is a legitimate digital personal finance company. Formerly known as FreedomPlus, Achieve is now a part of the Freedom Financial Network.

  • The minimum credit score for an Achieve loan is a 620. Higher credit scores, however, may result in more favorable APRs.

  • Achieve offers a wide range of educational materials. Borrowers can learn about everything, from how personal loans work to managing debt.