Achieve Personal Loans Review

Achieve offers low-rate personal loans for debt consolidation and major purchases plus discounts if you have a qualified co-applicant, use direct pay, or have an eligible retirement savings account. Unlike many other lenders, loan consultants are available by phone seven days a week. Achieve considers borrowers with fair credit or better but may charge origination fees.

In our Achieve personal loans review, we’ll cover what kind of borrowers Achieve loans are best for, pros and cons, and how Achieve stacks up against similar lenders.

Best for rate discounts

Achieve offers stackable discounts for applying with a co-borrower and for debt consolidation loans when the money is sent directly to your creditors. It also offers a discount if you can show proof of sufficient retirement savings (you don’t have to use your account as collateral). The best part? Multiple discounts could be applied to the same loan if you qualify.

Great for applicants with a co-borrower

One way that Achieve stands apart from many competitors is by offering loans with co-borrowers, also known as joint personal loans. A co-borrower or co-applicant is someone who applies for a loan with you, shares responsibility for repayment, and has access to the loan funds. Plus, Achieve offers a rate discount of up to 5.5% if you add a qualified co-borrower to your loan. 

Because it lowers the risk for the lender, you could improve your chances of approval, get a lower interest rate, and qualify for a larger loan amount if you apply with a qualified co-borrower. 

Compare: Co-applicant vs. Cosigner

Great for debt consolidation 

Personal loans can be used for a variety of purposes, but one of the best ways to use Achieve personal loan funds is to consolidate existing high-interest debts into a single loan. A debt consolidation can save money on interest if you can get a lower interest rate, especially if you have multiple high-interest debts.

One of the reasons Achieve is a great choice for debt consolidation is because the lender can directly pay your creditors and discounts your rate for doing so. Choosing direct creditor payoff saves you some hassle and could earn you an interest rate discount of up to 4.5%.

Debt consolidation can be a game-changing strategy when you’re trying to improve your financial outlook by paying down debts and boosting your credit score.

Pros and cons of Achieve personal loans

Achieve personal loans offer borrowers a number of advantages (particularly in terms of rate discounts), but there are also some drawbacks to consider.

Pros

• Discounts: You could get an interest rate discount for using a qualified co-borrower, using at least 50% of a debt consolidation loan to pay your creditors directly, or having a qualifying amount of retirement funds in a 401(k), IRA, Roth IRA or Thrift Savings Plan.
• Fast funding: Achieve can offer same-day loan approval if you complete your application early enough on a business day, and loans are generally funded in 24-72 hours.
• Personal loans up to $50,000: Although it doesn't offer the largest loan amounts, Achieve's $50,000 loan maximum is higher than other lenders, such as Discover, Reach Financial, and Happy Money.
• Annual percentage rate (APR): APRs for Achieve loans start at 8.99%, but to qualify for that rate, you would need to have excellent credit and borrow less than $12,000 with a two-year repayment term. Otherwise, APR can range as high as 29.99%.

Cons

• High minimum loan amount: Achieve might not be the best option for small loans. Personal loans start at $5,000, higher than lenders such as Best Egg ($2,000) and LendingClub ($1,000).
• Fair or good credit needed: Achieve's credit score requirements don't make it an ideal choice for personal loans for bad credit. If you need to borrow $35,000 or more, you'll need a credit score of at least 660.
• Origination fees: Achieve charges origination fees ranging from 1.99% to 8.99%. Some lenders don't charge origination fees for personal loans, such as LightStream.
• Not available in all states: Achieve personal loans aren't available nationwide.

How to qualify for an Achieve personal loan

To qualify for an Achieve personal loan, you'll need to meet certain credit and income requirements.

Your credit score and financial history

The minimum credit score needed for an Achieve personal loan is 640, according to the first page of Achieve's prequalification journey. However, you'll need a 660 if you want to borrow $35,000 or more. Adding a co-borrower with a strong credit score and sufficient income can improve your chances of approval (and help you qualify for a larger loan amount and/or a lower rate).

While Achieve doesn't publish its debt-to-income (DTI) ratio requirements, personal loan lenders tend to prefer a DTI of 36% or less. DTI measures how much of your monthly income before taxes goes to monthly debt payments, such as credit cards and loans.

Your income and employment

Achieve doesn't publish minimum income requirements to be eligible for a personal loan, but the lender does request proof of identity, proof of income, proof of employment, and your Social Security number during the application process.

Achieve personal loan purposes

You can use a personal loan for almost anything. While Achieve loans are great for borrowers who want to consolidate other debts, you can also use an Achieve personal loan for:

• Home repairs and renovations
• Medical emergencies for your family and pets
• Unexpected expenses, such as a car repair or funeral
• Moving costs
• Vacations and weddings
• Major purchases

Achieve and other lenders commonly prohibit using personal loans for purposes such as gambling, illegal activity, and making a down payment on a home. Check lender websites and loan agreement terms before accepting a loan offer.

Achieve personal loans fees and penalties

Achieve personal loans aren't free. In addition to interest, you might incur some fees.

Loan origination fees

Achieve charges origination fees ranging from 1.99% to 8.99%. Personal loan origination fees are typically deducted from the amount you borrow. For instance, a 6.99% origination fee on a $15,000 personal loan would cost $1,048.50, and would mean you'd receive $13,951.50 instead of the full $15,000 borrowed.

Early repayment penalties

Achieve does not charge early repayment penalties. If you have partially repaid your Achieve personal loan repayment but have the cash on hand to pay it off ahead of schedule, you can do so without incurring a fee.

Other fees

Achieve does not disclose late fees on its website.

How Achieve compares to other lenders

How Achieve compares to more lenders: The Best Personal Loans

How to contact Achieve

You can contact Achieve by sending a message online or calling to speak to a customer service representative:

• Online messaging: Fill out a form to contact Achieve online.
• Call: 833-435-2021 to speak to a loan consultant. Loan consultants are available 7 days a week, from Monday through Friday 6 a.m. to 8 p.m., and on Saturday and Sunday 7 a.m. to 5 p.m. Times are MT time. Call 800-920-0045 for general inquiries.

About Achieve personal loans

Achieve started as FreedomPlus, a part of Freedom Financial Asset Management, in 2002. The company rebranded to Achieve and expanded its offerings in September 2022. Achieve was co-founded by its co-CEOs, Andrew Housser and Brad Stroh.

Achieve personal loans are primarily designed for borrowers who want to consolidate their debt, but you can use Achieve loans for a variety of purposes.