If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.
If you want a personal loan for debt consolidation, Achieve may be the answer. Achieve is unusual in that it gives discounted rates to borrowers who want to pay off existing debt. It also accepts cosigners. This Achieve review will outline how the loan company stacks up against other loan providers to give you a good idea of whether it's the right fit for you.
Achieve uses unique strategies to lower the cost of your loan even if you don't have excellent credit.
This personal loan is a good fit for: Borrowers who are serious about debt consolidation or want to add a cosigner to the loan.
Cosigners accepted: Achieve is one of 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. If you're looking for personal loans for debt consolidation, Achieve may be worth a closer look. You can also get discounts based on your retirement savings and your co-borrower's income.
Alternate criteria: Achieve says it will use more than just your credit score to evaluate your application. However, unlike other lenders that specialize in non-traditional lending criteria, Achieve does not state what factors it takes into account.
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 $7,500 and $50,000. That rules out borrowers who need just 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. Bear in mind that 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 in 48 hours: 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'll get your loan in as little as 48 hours.
High 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.
Potentially more expensive than other options: The only way to snag the lowest 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 7.99% would cost a total of $1,024 in interest. Let's say you transferred your credit card debt to a balance transfer card with an 18-month 0% intro APR offer instead. The balance transfer fee 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).
Origination fees: In order to take out a Achieve personal loan, you may have to pay an origination fee of up to 4.99% of your loan balance. That represents an extra $499 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.
Before applying, make sure you can meet the following loan qualifications:
The Achieve personal loans application is quick and easy.
The decision to take out a personal loan should not be entered into lightly. For that reason, it's important to shop around the best personal loans before taking the plunge. Here are two alternative lenders to consider:
*Marcus by Goldman Sachs Disclaimer
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. Rates range from 6.99% to 24.99% APR, and loan terms range from 36 to 72 months. For NY residents, rates range from 6.99%-24.74%. Only the most creditworthy applicants qualify for the lowest rates and longest loan terms. Rates will generally be higher for longer-term loans. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.
Achieve personal loans will work better for some borrowers than others. If the following situations apply to you, a Achieve loan is worth considering:
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.
Our Loans Expert
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Copyright © 2018 - 2023 The Ascent. All rights reserved.