Achieve, formerly known as FreedomPlus, is a reputable online lender that offers personal loans to borrowers with fair and good credit scores. With loan amounts ranging from $5,000 to $50,000 and competitive interest rates starting at 8.99% APR, Achieve provides borrowers with the flexibility they need to consolidate debt, make major purchases, or cover other financial needs.
Achieve Personal Loans at a Glance
Before diving into the details, let’s take a quick look at the key features of Achieve personal loans:
- Loan amounts: $5,000 to $50,000
- APR range: 8.99% to 35.99%
- Minimum credit score: 620
- Loan terms: 24 to 60 months
- Funding time: 1 to 3 business days
- Loan availability: Not available in CO, CT, HI, KS, ME, ND, VT, WV, WI, and WY
- Origination fee: 1.99% to 6.99%
Where Achieve Personal Loans Stand Out
Achieve personal loans offer several standout features that make them a competitive option for borrowers. Here are some key highlights:
Multiple Ways to Get Rate Discounts
Achieve provides borrowers with three ways to get rate discounts, making their loans more affordable:
- Joint loan discount: By adding a co-borrower to your application, Achieve can lower your interest rate by up to 6 percentage points. Both co-borrowers must meet Achieve’s minimum loan requirements.
- Retirement savings discount: If you have sufficient retirement savings in a 401(k), IRA, Roth IRA, or thrift savings plan, Achieve allows you to reduce your interest rate by up to 5 percentage points.
- Direct pay discount: Borrowers who use their Achieve loan for debt consolidation can receive a rate reduction of up to 4 percentage points if the loan proceeds are sent directly to their creditors. To qualify for the full discount, at least 85% of the loan funds must be sent to another creditor.
Fast Approval and Funding
One of the major advantages of Achieve personal loans is their fast approval process. Most borrowers receive a loan decision on the same day they apply. Once approved, the lender can disburse the funds within three business days, ensuring quick access to the loan amount.
Pre-Qualify with a Soft Credit Pull
Achieve allows borrowers to pre-qualify for a loan without impacting their credit score. By completing a simple online application, you can preview potential loan offers, including loan amounts, interest rates, and monthly payments. This feature helps you assess your options and make an informed decision before moving forward with the application process.
Option to Choose and Change Your Payment Date
Achieve offers borrowers the flexibility to choose their preferred payment date before signing the loan agreement. Additionally, borrowers can change the payment date twice in a calendar year or up to six times throughout the life of the loan. This feature is particularly useful for individuals who experience changes in their income or prefer aligning their loan payments with their pay schedule.
Where Achieve Personal Loans Fall Short
While Achieve personal loans have many advantages, there are a few areas where they may fall short for some borrowers:
Origination Fee
Achieve charges an origination fee, which is a percentage of the loan amount. The fee ranges from 1.99% to 6.99% and is deducted from the loan proceeds. While origination fees are common among lenders, some borrowers may prefer to explore alternatives that do not charge such fees.
High Minimum Loan Amount
Achieve has a minimum loan amount of $5,000, making it less suitable for individuals looking to cover small expenses or consolidate a smaller amount of debt. If you only need a few thousand dollars, it may be worth considering other lenders that offer more flexible loan amounts.
No Mobile App
Unlike some online lenders, Achieve does not have a dedicated mobile app. This may be a drawback for borrowers who prefer managing their loan accounts and payments through mobile devices. However, Achieve’s online platform is still accessible through mobile web browsers.
Do You Qualify for an Achieve Personal Loan?
To determine whether you qualify for an Achieve personal loan, you need to meet certain requirements set by the lender. While meeting these requirements does not guarantee approval, they serve as a guideline for eligibility:
- Minimum credit score: 620
- Maximum debt-to-income ratio: 45%, excluding mortgage
- Minimum income: None specified
- Minimum credit history: Three years and two accounts
- Not actively delinquent on debt
- No bankruptcy in the last 24 months
It’s important to note that Achieve’s average borrower has a credit score of 700, an annual income of $110,000, and borrows an average loan amount of $22,000 with a three-year term. These figures provide insight into the profile of successful Achieve borrowers but do not serve as strict requirements.
Before You Apply
Before applying for an Achieve personal loan, there are a few steps you can take to ensure you make an informed decision:
Calculate Your Monthly Payments
Use a personal loan calculator to determine the APR and repayment term that would result in affordable monthly payments for your desired loan amount. This will help you assess whether the loan is financially feasible within your budget.
Make a Repayment Plan
Review your budget to understand how the monthly loan payments will impact your cash flow. If necessary, adjust your expenses to accommodate the additional payment. It’s crucial to have a clear plan for repaying the loan to avoid any financial strain.
Gather Required Documents
Achieve may require documentation to verify your income, employment status, identity, and Social Security number. To expedite the application process, gather these documents beforehand, such as pay stubs and bank statements.
How to Apply for an Achieve Personal Loan
Applying for an Achieve personal loan is a straightforward process. Follow these steps to complete your application:
- Pre-qualify on Achieve’s website: Provide basic information about yourself, such as your name, birthday, phone number, and email address. You’ll also need to input details about your income and employment. Pre-qualification involves a soft credit pull, which does not impact your credit score.
- Preview loan offers and select one: After pre-qualifying, you can review potential loan offers, including loan amounts, interest rates, and monthly payments. Take your time to compare options and choose the offer that best fits your needs and budget.
- Complete the application process: If you’re satisfied with a particular loan offer, you will need to submit additional documentation, such as pay stubs and bank statements, to verify the information provided during pre-qualification. Achieve may also require a hard credit check at this stage, which can temporarily impact your credit score.
- Receive funds and start making payments: Once your loan application is approved, Achieve will disburse the funds to your designated bank account within 1 to 3 business days. Set up automatic payments or make manual payments according to the agreed-upon terms.
Comparing Achieve to Other Lenders
When considering personal loans, it’s essential to compare Achieve with other lenders to ensure you’re getting the best deal. Here are a few comparisons to help you make an informed decision:
Achieve vs. Happy Money
Happy Money specializes in credit card consolidation and offers similar loan amounts and repayment terms as Achieve. However, Achieve’s loans provide more versatility, allowing borrowers to consolidate various types of unsecured debt and make other purchases. Achieve also offers multiple rate discounts, making it a more flexible and cost-effective option for borrowers.
Achieve vs. Upgrade
Upgrade offers a fully online application process, which can be more convenient than Achieve’s email or phone-based finalization process. However, Achieve offers more rate discounts, making its loans potentially more affordable. Consider your personal preferences and the importance of rate discounts when choosing between Achieve and Upgrade.
Achieve vs. LightStream
LightStream offers higher loan amounts, ranging from $5,000 to $100,000, compared to Achieve’s $5,000 to $50,000 range. LightStream also does not charge origination fees, while Achieve has origination fees between 1.99% and 6.99%. Depending on your loan amount and preferences, either lender may be a suitable choice.
Final Thoughts
Achieve personal loans offer competitive rates, flexible terms, and various rate discounts for borrowers with fair or good credit scores. With a simple application process, quick approval, and funding, Achieve provides borrowers with the financial support they need for debt consolidation, major purchases, and other financial goals.
