Achieve Personal Loans Review: Get Discounts on Your Interest Rate

Quick Answer

Achieve offers personal loans with competitive interest rates and gives borrowers several ways to reduce their rate. If you're approved, your loan can be funded in as little as 24 hours.

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Achieve personal loans are available to consumers with good and excellent credit, as well as to some fair-credit borrowers. The lending service offers incentives to borrowers who have a cosigner, have money in retirement accounts and use most or all of their loan proceeds to pay off debt.

The lending service's minimum loan amount is relatively high compared to many other personal loan companies, however. If you're thinking about applying for a personal loan, here's what to know about Achieve and its offerings.

Pros Cons
Available to some fair-credit borrowers Charges an origination fee
Allows cosigners High minimum loan amount
Transparent about how to secure a lower rate Not available in all states

Experian Review

Achieve, previously named FreedomPlus, was founded in 2014 as part of the Freedom Financial Network. The lending service offers personal loans ranging from $5,000 to $50,000 with competitive interest rates. What's more, Achieve also offers a few different interest rate discounts to eligible borrowers.

You can get funding as quickly as the next day, and repayment terms are relatively flexible, ranging from two to five years. However, the lending service does charge an origination fee. If you have good credit and don't need a cosigner, you may get a loan that doesn't charge an origination fee from another lending service.

Competitive Interest Rates and Large Loan Amounts

Achieve offers a starting annual percentage rate (APR) of 8.99% for those with optimal credit. While that's not the lowest rate on the market, it's close. Its maximum APR is 35.99%, which is lower than some competing lending services.

To qualify for the lowest APR available, the lending service states that you'll need to have excellent credit, borrow less than $12,000 and choose a two-year repayment term.

Achieve's minimum loan amount is $5,000, which is high compared with other lending services, some of which offer loans as low as $1,000. However, if you're looking for a large loan, its $50,000 maximum is higher than what you can get with many lending services and can give you enough to consolidate large debts, make significant home improvements or finance other important financial goals.

Keep in mind, though, that your loan amount may be limited based on your eligibility and financial situation.

Interest Rate Discounts

Achieve discloses three ways you can qualify for a lower interest rate, including:

  • Adding a qualified cosigner to your application with sufficient income
  • Using at least 50% of your loan proceeds to pay off debt from another lending service
  • Showing proof of sufficient retirement savings

The lending service doesn't specify how high your cosigner's annual income must be or how much you need in your retirement accounts. But these guidelines can at least give you an idea of what the lending service considers and whether you're in a good position to score a lower rate with Achieve compared with other lending services.

Same-Day Approval and Fast Funding

Achieve may approve your loan application on the same day you submit it, as long as you submit the required documents in time. Once you're approved and accept the loan, the money will usually be deposited into your bank account within 24 to 72 hours.

Just keep in mind that, unlike some other online lending services, you need to communicate with an Achieve loan consultant by email or over the phone before you can get approved. That's not necessarily a bad thing, though. This process may allow the lending service to look beyond your credit report to determine your eligibility for a loan and a favorable interest rate.

How to Qualify for an Achieve Personal Loan

Achieve doesn't offer personal loans in all states, but the lending service doesn't disclose upfront which states are excluded. The lending service's minimum credit score is 660. Beyond that, the lending service doesn't disclose specific eligibility criteria.

When you apply, Achieve will determine your qualifications based on your credit history, income, debt-to-income ratio and other factors. To assess your application, Achieve will also run a hard credit check, which can temporarily lower your credit score by a few points. If you're unsure whether you're eligible, you can go through the prequalification process to gauge your approval odds.

Achieve Personal Loan Fees

  • Origination fee: 1.99% to 6.99% of the loan amount; most loans have a 4.99% fee
  • Application fee: None
  • Prepayment penalty: None
  • Late fee: Not disclosed

How to Apply for an Achieve Personal Loan

Before you apply for an Achieve personal loan, make sure you shop around and compare loan options with other lending services.

With Achieve, you'll start with the prequalification process, which requires you to provide the following information:

  • Full name
  • Date of birth
  • Phone number
  • Email address
  • Address
  • How you'll use the funds
  • Homeownership status

You may also need to provide a Social Security number. To determine whether you're prequalified, how much you'd be approved for and your potential loan terms, Achieve will run a soft credit check that doesn't affect your credit.

Once you choose one of the offers you're prequalified for, an Achieve loan consultant will reach out to you to complete the application process. Alternatively, you can call to speak with someone about any questions you may have.

If you decide to go through with an application, you may need to provide a copy of your driver's license, proof of income and other verifying documents.

Depending on when you complete this process, you may be able to get approved on the same day, and funding typically takes between 24 and 72 hours after approval.

Personal Loan Calculator

The information provided is for educational purposes only and should not be construed as financial advice. Experian cannot guarantee the accuracy of the results provided. Your lender may charge other fees which have not been factored in this calculation. These results, based on the information provided by you, represent an estimate and you should consult your own financial advisor regarding your particular needs.

Is an Achieve Personal Loan Right for You?

Achieve can be a great place to get a personal loan if you need more than its $5,000 minimum and plan to use the loan to consolidate other debts. The lending service has flexible loan amounts and repayment terms, and you can get your money fairly quickly.

However, the lending service's upfront origination fee may be a deal breaker for some, especially if you can qualify for a loan with a lending service that doesn't charge one. And the high minimum loan amount will make it less appealing for borrowers who don't need to borrow that much cash.

Before you apply for a loan with Achieve or any other lending service, take your time to research all of your options and compare rates, terms and other features to determine the right fit for you. With Experian CreditMatch™, you can get matched with personal loan offers from multiple lending services at once based on your credit profile.