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Achieve Personal Loans Review: Top Pick for Debt Consolidation

Review Updated
Dana George
Steven Porrello
By: Dana George
Dana George
Dana George
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Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she's still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And though she finds the color orange unflattering on most people, she thinks they'll enjoy Champaign tremendously.

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 and  Steven Porrello
Steven Porrello
Steven Porrello
Writer

Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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Eric McWhinnie

Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.

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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 have a co-borrower on their application, want to pay off existing debt, or have retirement savings. It also accepts cosigners. This Achieve personal loans review will outline how the company stacks up against other loan providers to give you a good idea of whether it's the right fit for you.

Achieve

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
= Good
= Fair
= Poor
Minimum Credit Score
620
Loan Amounts
$5,000 - $50,000
APR Range
7.99% - 35.99%
Term Length
24 - 60 months

Achieve uses unique strategies to lower the cost of your loan even if you don't have excellent credit.

  • Competitive interest rates
  • Allow borrowers with poor credit to get approved
  • No prepayment fee
  • Significant variation in origination fees
  • Isn't 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
7.99% - 24.99%
$2,500 - $40,000
660
7.80% - 35.99%
$1,000 - $50,000
None
8.99% - 35.99%
$2,000 - $50,000
550
Apply Now for Best Egg

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Full Achieve personal loans review

This personal loan is a good fit for: Borrowers who are serious about debt consolidation or want to add a cosigner to the loan.

Top perks

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. 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 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 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 could be improved

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 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 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.

Not available in every state: 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.

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

This personal loan is right for you if:

  • You need a cosigner. Achieve is one of the few lenders who will allow you to add a cosigner to an account. Most other lenders underwrite loans based only on one person.
  • You have high-interest debt to consolidate. Achieve works well as a debt consolidation loan because you can qualify for a lower rate when you use a certain percentage of the loan amount to pay off other debt.
  • You need a larger loan. Achieve's $5,000 minimum loan amount will suit those with larger borrowing needs.
  • You have retirement savings. Borrowers with retirement savings will score a lower interest rate from Achieve.
  • You need more time to pay off a balance. If you need only a one-year loan to consolidate credit card debt, you might be better off with a 0% intro APR balance transfer card.

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.

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.